Bitcoins/Litecoins/Virtual Currencies
- Thread starter Tripamang
- Start date
Edaw
Banne̶d
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I can see Sol and maybe ETH, but they have to be trolling with XRP and ADA. Could see it now, 0.00001% of reserve would be allocated to them. Regardless this is a good first step for Crypto if it actually happens. Looking forward to the White house crypto Summit (just hope it's not a total shit show of useless information).
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Flobee
Vyemm Raider
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You're half way there. Everything but Bitcoin is controlled by someone with the ability to print more. Holding them as a "strategic reserve" is the same as holding Argentine pesos, Turkish lira, or even Monopoly money (from the star wars version though!). Worthless and holds 0 strategic value for the US. Only valuable to the bag-holders and especially the ones that have the ability print more for for 0 cost.
ETH isn't decentralized but at least they put up the charade. The rest don't even pretend
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Arden
Blackwing Lair Raider
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Don't think it was a pnd. People are just spooked about the economy right now, and crypto (including BTC) is still a speculative asset, so it's going to get hit hardest. Lots of people waiting to get out of the asset, and they saw the pump as a great opportunity to do so. You should check the outflows on the BTC etfs.
Frankly, we've had nothing but positive catalysts in the crypto news cycle for the last month- otherwise, I think the drops would be way worse.
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Tmac
Adventurer
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vGrade
Potato del Grande
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Arden
Blackwing Lair Raider
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Frankly it's still good news for crypto, any way you slice it. People wanted some kind of EO about buying a million btc over the next year, but that was a wildly optimistic expectation.
Key provision of the EO: "The Secretaries of Treasury and Commerce are authorized to develop budget-neutral strategies for acquiring additional bitcoin, provided that those strategies have no incremental costs on American taxpayers."
Lots and lots of room for creative acquisitions of BTC. Wouldn't be surprised if we see a conversion of other assets into BTC.
Key provision of the EO: "The Secretaries of Treasury and Commerce are authorized to develop budget-neutral strategies for acquiring additional bitcoin, provided that those strategies have no incremental costs on American taxpayers."
Lots and lots of room for creative acquisitions of BTC. Wouldn't be surprised if we see a conversion of other assets into BTC.
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Flobee
Vyemm Raider
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Saylor has been pushing for selling US Gold holdings for Bitcoin. Logic being that US 'enemies' hold lots of gold (Russia, China, Arguably India... BRICS really) and it would effectively demonetize their biggest holding while monetizing BTC. I'm not sure if its really that simple, or a good idea even if it is, but the logic is sound enough. Personally I prefer this moving slower than that. Would like to see people gradually understand and get on board rather than watch it hit $1m overnight.
BTC is going to do its thing with or without USA being on board. Just a matter of how fast it happens and who ends up holding how much
BTC is going to do its thing with or without USA being on board. Just a matter of how fast it happens and who ends up holding how much
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