5 ms·

Trump Confirms Bitcoin Reserve Plans–$15T Price Boom Predicted

10 points by latchkey 2y ago

withinboredom 2y ago
I predict it won't actually happen and shortly before it is announced that it won't, I suspect many people will be quite rich.
- latchkey 2y ago
  Whether it happens or not, the cat is out of the bag. Other countries will dive in. El Salvador is a great example of this. https://nayibtracker.com/ https://nayibtracker.com/ Don't forget, $MSTR is buying up all the supply they can get their hands on. https://saylortracker.com/ https://saylortracker.com/
  - peutetre 2y ago
    El Salvador has been mismanaged for centuries. The only good example it provides is what not to do.
    - latchkey 2y ago
      Past performance is no guarantee of future results. Today, Nayib Bukele is clearly changing things up.
      - peutetre 2y ago
        That's true. The US is about to enter a phase of mismanagement, just like El Salvador. It's very unfortunate.
        latchkey 2y ago
        Are you suggesting that Nayib Bukele is mismanaging things? I'd like to see some evidence of that. While I'm not a supporter of who got elected for US president. I do think that there is some real potential for change that wouldn't have happened otherwise. It won't be easy or clean, but I'm open to seeing how it plays out.
        peutetre 2y ago
        Bukele is an authoritarian. Authoritarianism never leads anywhere good. Right now El Salvador has the sugar high of his strongman image. But it's a bad diet. It will feel good right up until it doesn't: https://time.com/7015598/nayib-bukeles-iron-fist-el-salvador/ https://time.com/7015598/nayib-bukeles-iron-fist-el-salvador...
        latchkey 2y ago
        > Bukele has made a series of gambles that have not been well received by many foreign investors and creditors, including adopting Bitcoin as legal tender and investing some of the country’s reserves in the cryptocurrency. Unsurprisingly, this is what the article boils down to and unless Bitcoin goes to zero, this is turning out to be one of the best decisions, financially, that he could have done. He's clearly using those finances to make his country safer for the people who live there. Let's also not forget that Time just made Trump man of the year. I'd argue that isn't the best source for these things.
        peutetre 2y ago
        > this is what the article boils down to It isn't. > Let's also not forget that Time just made Trump man of the year. I'd argue that isn't the best source for these things. And Adolf Hitler, Joseph Stalin, Nikita Khrushchev, and Ayatollah Khomeini. You don't understand what Time is saying. Read more: https://en.wikipedia.org/wiki/Time_Person_of_the_Year https://en.wikipedia.org/wiki/Time_Person_of_the_Year
        latchkey 2y ago
figassis 2y ago
I would understand creating a reserve in a stable asset. Maybe the goal here is to stabilize bitcoin by attaching it to the US economy, in which case it skyrockets and billionaires can now exit, leaving all taxpayers as bag holders without any of the potential upside of holding actual btc. But, if all of a sudden the US govt holds BTC, then it becomes cash equivalent, and all banks will start letting people cash out and bitcoin will then fully enter the economy as a first class citizen. Banks will put a ledger in front of their btc deposits and give you BTC credit/debit cards that run on Visa/Mastercard's network and let you pay for stuff without actually moving anything on the blockchain.
- latchkey 2y ago
  As far as I understand it, the goal is to frontrun other counties from doing the same exact thing.
talldayo 2y ago
A 15 trillion dollar boom prediction is the sort of thing that should end with an "or I'll castrate myself on live television" sort of collateral. Guess they all took notes from McAfee.
Finnucane 2y ago
So, it seems like the plan is to let crypt-bros cash out their holdings at the expense of the US Treasury, then when the fed support ends, the price will crash, leaving the Fed holding worthless assets.
- EA-3167 2y ago
  We were the bag holders all along, who knew?
- latchkey 2y ago
  Isn't the US Treasury is already doing a good enough job of sending $USD to zero? https://fred.stlouisfed.org/series/M2SL https://fred.stlouisfed.org/series/M2SL
- cm2187 2y ago
  And given recent announements I suspect this is David Sacks idea. Sacks has been consistently equating any perceived conflict of interest with evidence of corruption. In this case he wants US citizens to pay taxes to push up the price of his crypto holdings? How is it not total corruption? How is that going to benefit the average american?
bediger4000 2y ago
Is there any serious justification for this? I can see the need for a strategic reserve of oil, or food, or heck, tantalum. But we use those things, and we can foresee circumstances where they might be useful. Someone educate me.
- deleted 2y ago
  [deleted]
- npoc 2y ago
  It's the perfect store of value. Even gold's above ground supply doubles every 3 or 4 decades. It's optimised for storing large amounts of value for long periods of time. Nothing else has the fundamentals that come close. As more and more people/countries realise this, the demand and therefore value will continue to increase. The earlier adopters will have a large advantage over the late adopters. It's the perfect savings technology for people/companies/nations. Just as TCP is the digital protocol for the internet, bitcoin is the digital protocol for money. It's quite something. https://x.com/SimplyBitcoinTV/status/1868035093178056803 https://x.com/SimplyBitcoinTV/status/1868035093178056803
  - bediger4000 2y ago
    But we already can stockpile the single universal store of value, dollars. Dollars, unlike Bitcoin, is completely under USA control.
    - npoc 2y ago
      But the value of dollar is halved every decade through supply inflation. That's why the price of houses doubles every decade while their value is relatively stable.
    - wwwtyro 2y ago
      Do you mean medium of exchange? I think it's difficult to make the claim that the USD is a good store of value.
deleted 2y ago
[deleted]
switch007 2y ago
Talking up bitcoin before Christmas? It's quite predictable at this point Trying to get people to put their end of year bonus into BTC?
- npoc 2y ago
  Why wouldn't you? Before we had physical hard money (gold) Then we had paper tokens (dollar/euro/yen etc) Now we have digital hard money. Bitcoin is the digital hard money protocol. It's the ultimate savings tool. Mankind has never seen a liquid asset with fixed (and pre-defined) issuance, independent of demand before. The issuance ultimately becomes 0. Even gold's above ground supply doubles every 3 to 4 decades. Everything is tending and will continue to tend to zero against bitcoin.
  - switch007 2y ago
    Yeah thanks for a copy/paste of your previous numerous, unrelenting pushing of bitcoin on this site. I'd already seen your comment history lol
    - npoc 2y ago
      Great rebuttal. It's not even copied and pasted. Lol HFSP
      - switch007 2y ago
        > HFSP I'm rich enough thanks. The world would be a better more humane place if it were full of people who appreciate what they have and don't forever chase more power and riches. The nicest, most genuine and caring people I've met in my life are those with less money. The most deranged, out of touch, psycho people have been the super wealthy So, have fun being rich
        npoc 2y ago
        It's not about being rich. It's about making the right people powerful - not those who steal from the masses through monetary debasement. Our money is toxic. Having the most powerful people in the world being the biggest scammers is far from ideal. Money must be proof of work, and now bitcoin is here, it will be whether you support it or not. > The nicest, most genuine and caring people I've met in my life are those with less money. The most deranged, out of touch, psycho people have been the super wealthy Bitcoin fixes this. This is the exact reason for bitcoin existing.

10 points by latchkey 2y ago

I predict it won't actually happen and shortly before it is announced that it won't, I suspect many people will be quite rich.

latchkey 2y ago
Whether it happens or not, the cat is out of the bag. Other countries will dive in. El Salvador is a great example of this. https://nayibtracker.com/ https://nayibtracker.com/ Don't forget, $MSTR is buying up all the supply they can get their hands on. https://saylortracker.com/ https://saylortracker.com/
- peutetre 2y ago
  El Salvador has been mismanaged for centuries. The only good example it provides is what not to do.
  - latchkey 2y ago
    Past performance is no guarantee of future results. Today, Nayib Bukele is clearly changing things up.
    - peutetre 2y ago
      That's true. The US is about to enter a phase of mismanagement, just like El Salvador. It's very unfortunate.
      - latchkey 2y ago
        Are you suggesting that Nayib Bukele is mismanaging things? I'd like to see some evidence of that. While I'm not a supporter of who got elected for US president. I do think that there is some real potential for change that wouldn't have happened otherwise. It won't be easy or clean, but I'm open to seeing how it plays out.
        peutetre 2y ago
        Bukele is an authoritarian. Authoritarianism never leads anywhere good. Right now El Salvador has the sugar high of his strongman image. But it's a bad diet. It will feel good right up until it doesn't: https://time.com/7015598/nayib-bukeles-iron-fist-el-salvador/ https://time.com/7015598/nayib-bukeles-iron-fist-el-salvador...
        latchkey 2y ago
        > Bukele has made a series of gambles that have not been well received by many foreign investors and creditors, including adopting Bitcoin as legal tender and investing some of the country’s reserves in the cryptocurrency. Unsurprisingly, this is what the article boils down to and unless Bitcoin goes to zero, this is turning out to be one of the best decisions, financially, that he could have done. He's clearly using those finances to make his country safer for the people who live there. Let's also not forget that Time just made Trump man of the year. I'd argue that isn't the best source for these things.
        peutetre 2y ago
        > this is what the article boils down to It isn't. > Let's also not forget that Time just made Trump man of the year. I'd argue that isn't the best source for these things. And Adolf Hitler, Joseph Stalin, Nikita Khrushchev, and Ayatollah Khomeini. You don't understand what Time is saying. Read more: https://en.wikipedia.org/wiki/Time_Person_of_the_Year https://en.wikipedia.org/wiki/Time_Person_of_the_Year
        latchkey 2y ago

figassis 2y ago

I would understand creating a reserve in a stable asset. Maybe the goal here is to stabilize bitcoin by attaching it to the US economy, in which case it skyrockets and billionaires can now exit, leaving all taxpayers as bag holders without any of the potential upside of holding actual btc. But, if all of a sudden the US govt holds BTC, then it becomes cash equivalent, and all banks will start letting people cash out and bitcoin will then fully enter the economy as a first class citizen. Banks will put a ledger in front of their btc deposits and give you BTC credit/debit cards that run on Visa/Mastercard's network and let you pay for stuff without actually moving anything on the blockchain.

latchkey 2y ago
As far as I understand it, the goal is to frontrun other counties from doing the same exact thing.

talldayo 2y ago

A 15 trillion dollar boom prediction is the sort of thing that should end with an "or I'll castrate myself on live television" sort of collateral. Guess they all took notes from McAfee.

Finnucane 2y ago

So, it seems like the plan is to let crypt-bros cash out their holdings at the expense of the US Treasury, then when the fed support ends, the price will crash, leaving the Fed holding worthless assets.

EA-3167 2y ago
We were the bag holders all along, who knew?
latchkey 2y ago
Isn't the US Treasury is already doing a good enough job of sending $USD to zero? https://fred.stlouisfed.org/series/M2SL https://fred.stlouisfed.org/series/M2SL
cm2187 2y ago
And given recent announements I suspect this is David Sacks idea. Sacks has been consistently equating any perceived conflict of interest with evidence of corruption. In this case he wants US citizens to pay taxes to push up the price of his crypto holdings? How is it not total corruption? How is that going to benefit the average american?

bediger4000 2y ago

Is there any serious justification for this? I can see the need for a strategic reserve of oil, or food, or heck, tantalum. But we use those things, and we can foresee circumstances where they might be useful. Someone educate me.

deleted 2y ago
[deleted]
npoc 2y ago
It's the perfect store of value. Even gold's above ground supply doubles every 3 or 4 decades. It's optimised for storing large amounts of value for long periods of time. Nothing else has the fundamentals that come close. As more and more people/countries realise this, the demand and therefore value will continue to increase. The earlier adopters will have a large advantage over the late adopters. It's the perfect savings technology for people/companies/nations. Just as TCP is the digital protocol for the internet, bitcoin is the digital protocol for money. It's quite something. https://x.com/SimplyBitcoinTV/status/1868035093178056803 https://x.com/SimplyBitcoinTV/status/1868035093178056803
- bediger4000 2y ago
  But we already can stockpile the single universal store of value, dollars. Dollars, unlike Bitcoin, is completely under USA control.
  - npoc 2y ago
    But the value of dollar is halved every decade through supply inflation. That's why the price of houses doubles every decade while their value is relatively stable.
  - wwwtyro 2y ago
    Do you mean medium of exchange? I think it's difficult to make the claim that the USD is a good store of value.

deleted 2y ago

[deleted]

switch007 2y ago

Talking up bitcoin before Christmas? It's quite predictable at this point Trying to get people to put their end of year bonus into BTC?

npoc 2y ago
Why wouldn't you? Before we had physical hard money (gold) Then we had paper tokens (dollar/euro/yen etc) Now we have digital hard money. Bitcoin is the digital hard money protocol. It's the ultimate savings tool. Mankind has never seen a liquid asset with fixed (and pre-defined) issuance, independent of demand before. The issuance ultimately becomes 0. Even gold's above ground supply doubles every 3 to 4 decades. Everything is tending and will continue to tend to zero against bitcoin.
- switch007 2y ago
  Yeah thanks for a copy/paste of your previous numerous, unrelenting pushing of bitcoin on this site. I'd already seen your comment history lol
  - npoc 2y ago
    Great rebuttal. It's not even copied and pasted. Lol HFSP
    - switch007 2y ago
      > HFSP I'm rich enough thanks. The world would be a better more humane place if it were full of people who appreciate what they have and don't forever chase more power and riches. The nicest, most genuine and caring people I've met in my life are those with less money. The most deranged, out of touch, psycho people have been the super wealthy So, have fun being rich
      - npoc 2y ago
        It's not about being rich. It's about making the right people powerful - not those who steal from the masses through monetary debasement. Our money is toxic. Having the most powerful people in the world being the biggest scammers is far from ideal. Money must be proof of work, and now bitcoin is here, it will be whether you support it or not. > The nicest, most genuine and caring people I've met in my life are those with less money. The most deranged, out of touch, psycho people have been the super wealthy Bitcoin fixes this. This is the exact reason for bitcoin existing.