Donald Trump Backs ‘Strategic Bitcoin Stockpile’ in Speech to Crypto Faithful
Donald Trump Backs ‘Strategic Bitcoin Stockpile’ in Speech to Crypto Faithful
Appearing onstage at the Bitcoin 2024 conference, Trump also promised to “fire” SEC chair Gary Gensler, set up a crypto advisory council, and make the United States the “crypto capital of the world.”
Trump doesn't believe in anything. He's just at the conference to jangle keys in front Crypto crowd in the hopes he can buy votes by promising that Bitcoin will be more relevant. Just look at what he did with coal.
So the federal government will hold a substantial amount of Bitcoin? Presumably by the Treasury? Who will make policy decisions and regulations about how the bitcoin can be held and distributed across the government? And this will be different than our current system because the money is in the computer now?
With USD, the government can print as much of it as they want. With BTC, nobody has that ability. What this means is that if you have USD as a result of your labor, someone else can print as much as they want, which robs you of your labor. Wealthy people know this very well, so they hold their value in businesses or real estate or other things that only the wealthy have access to, but absolutely not USD or other fiat currencies. Anyone can hold their labor in BTC, and nobody, not even the government, can print it privately to rob you of your value.
That alone is enough to make it an excellent currency, but it goes way beyond that. Anyone can send any amount of BTC to anyone else in the world instantly for almost no fee. BTC can be divided down as small as desired, making it useful for many things that USD isn't. The list goes on from there. This is why, a decade ago, when people were ridiculing btc as never being worth "real" money, so many intelligent people were able to predict just how useful and popular it would become.
This is one of the most ignorant bonerjams for crypto I think I've ever read. What you're saying is why a government would want crypto...from your own perspective.
Governments have a Treasury and print currency for a reason, whether you like that or think it's fair or not. One surefire way to fuck up control of your own currency system is putting it on a system with public accounting and access. Never going to happen. If anything, they would make their own digital currency, which then nobody will use for obvious reasons.
Wealthy people know this very well, so they hold their value in businesses or real estate or other things that only the wealthy have access to
Anyone can buy fractional shares.
Anyone can hold their labor in BTC,
I notice you didn't say "value", which is smart.
nobody, not even the government, can print it privately to rob you of your value.
Everyone can print it privately. And it's insanely easy to get robbed.
Anyone can send any amount of BTC to anyone else in the world instantly for almost no fee.
That is amazingly, blatantly and intentionally false. Bitcoin transactions are horribly expensive in real life.
How is there no Trump Coin yet? Can he not skim enough from that?
He's done NFTs, reason there is no trump coin is likely due to his having DJT on the stock market which basically covers the same grift.
There are a bunch of MAGA themed tokens too just none that go back to trump directly.
New headline: Buttface backs Buttcoin
Oh I hope Steve Carell stars in another workplace comedy about this.
Almost as much as I hope it doesn't actually happen in the real world.
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