The sceptical chymist, I know you are either a US citizen or a resident. You should understand the country better. I have so much positive inclination to the article you shared. If I were to be the government of any country, let alone a powerful country like US, I'll use bitcoin to my advantage.
Check this;
Bitcoin remains limited in supply;
If America buys huge and make waves about it, so many countries will buy into the idea and bitcoin will surge so high. They can pay debt with it and repeat same in next circle.
Before the end of next year, wait for bitcoin at $175k+. I am no longer skeptical.
Topic: US national bitcoin reserve fund....? - page 3. (Read 452 times)
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Emphasizing bitcoin's rarity, Tung states, "There’s just not enough to go around,"
This is the part of the article I disagree with the most.
With governments of different countries buying Bitcoin and trying to outbuy each other, the price of Bitcoin will only keep rising. If the US buys 5% and China decides to buy more, the price of bitcoin will only keep rising. if they could buy 1000btc at 100k, they wouldn't be able to buy the same amount of bitcoin at $1 million. So there will always be enough to go around.
The same applies to normal people. The worth of our $100 while bitcoin is $89k would still be the same worth when it's 1 million dollars.
The point is, that the higher the price, the more difficult it would be for people to purchase more of it.
Fiat is not the best as a reserve or store of value not to mention the government creating more debt by printing more money.
Yes a scenario like this would be very bullish for Bitcoin and could create a kind of a ceiling that prices wouldn't fall lower than.
If a country starts something especially one as big as the US is successful
Other countries would want to do the same but all this are possible if US truly chooses to make Bitcoin a strategic reserve.
Yes a scenario like this would be very bullish for Bitcoin and could create a kind of a ceiling that prices wouldn't fall lower than.
If a country starts something especially one as big as the US is successful
Other countries would want to do the same but all this are possible if US truly chooses to make Bitcoin a strategic reserve.
Buying 5% of the total Bitcoin supply and expecting other countries to join in and see it as a competition to know who can out buy the other smells like them trying to control the market to me. If you buy such an amount with the aim of making a reserve where you can pay off your debts is not only risky but foolish as well. What if these countries you are expecting to catch the bait and panic buy don't fall for it and Bitcoin being a volatile coin does what it knows how to do best keeps fluctuating in price? That would be utterly foolish but since it's a plan senator Cynthia Lummis is trying to pitch to president Trump, I just hope it ends there; as a plan and not a reality.
There is going to be more changes in views about bitcoin and the peoples mindset over it this year, this is starting from the narrative of how the presidential election make it more faster to have the all time high, this alone has signal a lot of interpretation on US, now they are on the complacent zone and cant help themselves over the basic decision they are taking on bitcoin, while knowing that other countries are still there waiting for their action or inaction to determine what moves they are also going to take, for now, we may go with whatever decision or name they called it, as long as its what makes the positive vibes within the bitcoin network.
Anything that makes them feel better in the future because of BTC price going up is worth entertaining even if its almost impossible. It didn't stop them from entertaining the thought of it.
Trump is quite an odd old man but anything that pulls our leg can become serious at some point after we see how congress today discussing alien technology that made the Flight MH370 disappear. We're all in for a surprise of our life. Wherever this Bitcoin Reserve funds goes I'm down with it.
Has anyone seen this article? Bitcoin has been getting a lot of mention on Yahoo Finance, some of it interesting, some of it not--but this write up had me scratching my head.
There's a senator apparently proposing this, but then there's an explanation by some guy George Tung from CryptosRus, which I've never heard of (and I've not googled it). In any event, this so-called reserve fund is supposed to be earmarked for repayment of the US's debt, something I'd find extremely risky at best given how volatile bitcoin is.
In order to justify the clickbait-y headline, there's some speculation that other countries might also start buying in an act of global keeping-up-with-the-Joneses, which in the media constitutes an arms race. As to why those countries would need to follow the US's bitcoin buying spree, who knows? No need to explain that when the writer of this can then add in corporate purchases and make the leap to this:
I'm curious as to what you all think about this article, this idea, or anything related to it. Me? I think it's total BS (though definitely bullish), but I tend to scoff at most crap that gets published online, especially if it's financial news--but I never rule out the possibility that I'm being a moron.
There's a senator apparently proposing this, but then there's an explanation by some guy George Tung from CryptosRus, which I've never heard of (and I've not googled it). In any event, this so-called reserve fund is supposed to be earmarked for repayment of the US's debt, something I'd find extremely risky at best given how volatile bitcoin is.
In order to justify the clickbait-y headline, there's some speculation that other countries might also start buying in an act of global keeping-up-with-the-Joneses, which in the media constitutes an arms race. As to why those countries would need to follow the US's bitcoin buying spree, who knows? No need to explain that when the writer of this can then add in corporate purchases and make the leap to this:
Quote
he scenario Tung describes grows even more intense if corporations join the race, such as BlackRock's speculated involvement. He asserts, "If four entities try to buy 40% of the supply...that alone will drive bitcoin into the millions." He highlights how limited the global supply of bitcoin is, mentioning that even smaller countries, like Bhutan and El Salvador, have already started acquiring significant amounts of bitcoin.
Fundstrat analyst Sean Farrell recently used the same logic to say he may need to adjust his $115,000 price target higher.
Fundstrat analyst Sean Farrell recently used the same logic to say he may need to adjust his $115,000 price target higher.
I'm curious as to what you all think about this article, this idea, or anything related to it. Me? I think it's total BS (though definitely bullish), but I tend to scoff at most crap that gets published online, especially if it's financial news--but I never rule out the possibility that I'm being a moron.
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