Bitcoin lost 20% of its value in a month. It’s great for speculation, but it seems like a shitty thing to use as a currency.
Its counter cyclical like gold is. In a market crash where aggregate demand drops and interest rates fall it can be used as collateral to fund bailouts as it rises in value. At least I assume that’s why central banks historically buy gold for undergoing Keynesian economics.
Bitcoin actually goes up far more than gold during QE as well in its short history, and the supply will soon rise dramatically slower than gold, as each 4 years the new supply halves.
Wouldn’t this give it stability?
That’s not what makes a currency stable. The Fed wouldn’t need to work so hard if that’s all it took.
I’ve said it before, and I’ll say it again. Russia probably has a shitload of BTC to get around sanctions, and are going to rug this stupid Bitcoin reserve.
Why? Because a whole bunch of it is locked up somewhere? That’s already the case for bitcoin. Only a tiny fraction of the total supply actually moves. The vast majority is either in abandoned or lost wallets, or being held.
Its only great for speculation if you can find more suckers to buy in. Apparently the public are going to be forced to be the suckers.
It’s likely you already are bought in if you have a typical 401k investment setup as several large firms have btc on their books. Small as it may be, it’s likely there.
Last checked he doesn’t have that money. Am I missing something? Congress controls funding.
You mean that rubber-stamp fanboys club called congress?
Yeah, I don’t know why we get these comments full of legalistic hope about congress for every thread about Trumps doings. He owns congress.
Last I heard was that instead of selling the crypto they seize from illegal activities/arrests, they’re going to hold it in this reserve. So it’s not new spending, but it will be a reduction in income for the government.
The article mentions and notes “reserve” vs “stockpile”, but my gut take is that he has no idea of the difference and just thought “reserve” sounded better in the moment.
There is no way a crypto investment will out pace debt growth.
Have they not historically done that? Not a guarantee, but it’s possible.
Wow, a state backed scam and grift reserve. Surely this will turn out great.
This can’t possibly go wrong. Crypto is so stable and guaranteed to just keep going up in value. /s
Both at once is very impressive.
“Bitcoin is dangerous because it’s trying to create a level of credibility to unreliable and wholly unfounded value”
-Trump
Fundamentals haven’t changed, Donny. Why the flip-flop?
edit: but I sold my BTC @ $20k so I guess I’m the dumb one.
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Maybe he gets a kickback when Russian hackers steal it.
LOL!!! Not so fast…
Trump Crypto Rally Fizzles After Skepticism on Reserves Plan
Coins picked by Trump gave back some initial gains Monday Crypto experts are questioning the benefits of Trump stockpileWelp. I look forward s to hearing about how our strategic reserve was hacked away from us by a dozen coders in China who found an open wallet on an unsecured PC.
Or it’s made to look like hackers and somehow gets funneled to Donny.
All NEW!!! strategic money laundering scam featuring CRYPTOCURRENCY!!!
And shortly after, hackers stole the US government’s unsecured crypto wallet
Russian hackers. Based in Florida.
Also shortly after, unrelatedly Trump begins claiming his personal wealth is exactly the missing amount higher than it used to be.
The password was B1tcoin!
Considering Trump can’t stop bringing him up, you missed a prime opportunity to make a hunter2 joke.
What ******* joke? Please explain.
https://knowyourmeme.com/memes/hunter2
One of Trump’s favorite talking points is Hunter Biden. He even found a way to start talking about Hunter during his debacle with Zelensky.
Also, you’re allowed to say “fucking” on the internet.
whoosh
He wouldn’t be able to think of Hunter while thinking about bitcoin. Have to focus when coming up with a password!
Aren’t strategic reserves meant for material resources that support industry and military that can be made inaccessible by foreign actors?
Or materials that take a while to manufacture, but which may be needed in large quantities relatively quickly. Even if it’s not a case of foreign actors, some things just take a while to start coming off of production lines in large quantities.
Shelf-stable food is a good example. You can’t just grow more wheat overnight. Sure, you may be able to reallocate where resources are going to use them more efficiently or start converting more into shelf-stable versions, but your overall food production levels are going to take a long time to actually ramp up, as new crops and livestock take time to grow.
This one is meant to pay back all the cryptobros who supported his campaign. Still gotta get Congress to authorize funds for it, but the cryptobros have been pumping money into those campaigns, too.
Cryptoclones/clowns deserve love too, doncha know??
If you start trying to buy your meme coin with funds no longer going to federal worker wages, I’m pretty sure that you’re going to have a pretty irate Congress.
I’d think you’d have a pretty irate populace by now, but I guess not.
lol this is going down on history books as one of the biggest scams of the 21st century.
😂 the title somehow failed to mention the 2nd most valuable crypto but named all the others. Wtf
The ticker is ETH!
You are looking at a price and thinking you’re seeing value.
Oh yeah… that’s a great idea especially since Bitcoin has cratered in the last few weeks and people have lost over $2 billion on trumps scam meme coins.
Sure… what could go wrong?
Not $2bn.
$12bn.
You just watch.
“Strategic crypto reserve” of several billion in taxpayer funds, and then in several months “oops where did it go? It’s all been moved to several different wallets now, gosh how did this happen” and the news cycle will just glaze over it as another Trump blunder while he and his cronies pocket it.
