The new Trump admin seems to be heavily invested and interested in Bitcoin, and responsibly so.

Crypto Czar is appointment is rumored to be Brian Armstrong of Coinbase

I'm very fascinated with Lummis plan as listed here for Strategic Bitcoin Reserves, especially #3:

Senator Cynthia Lummis unveils her #Bitcoin Act of 2024: a 7-point plan, including purchasing 200,000 BTC annually for five years to establish a 1 million BTC Strategic Reserve. pic.twitter.com/lPZqQ8ZQYm

— TFTC (@TFTC21) November 21, 2024

Jason Lowery, who's been identified by RFKjr in speeches for administration role publicly applied to assist the admin on military plans for Bitcoin. He speaks heavily about Mutually Assured Preservation as the new military protocol in lieu of Mutually Assured Destruction, and the implementation of global "Hash Force" designed to protect Bitcoin infrastructure and participants, or at least DETER harm upon them.

Jason Lowery, author of Softwar, has applied to advise the U.S. government on Proof-of-Work technology, #Bitcoin stockpiles, and a national "Hash Force." pic.twitter.com/r6FEfSZ2lP

— TFTC (@TFTC21) November 19, 2024

JUST IN:🇺🇸 US Space Force Major Jason Lowery releases US #Bitcoin National Defense Policy proposal pic.twitter.com/ZD6TE14FCP

— Simply Bitcoin (@SimplyBitcoinTV) November 7, 2024

Majority of global governments and US States are scrambling to assemble their own strategies around bitcoin adoption and growth (note: the opposite of destruction).

El Salvador has been an excellent steward for how to crack down hard on crime, implement a bitcoin standard, drive innovation and excitement and there's good reason why Buekele and Miele (Argentina) are heralded by the GOP and looked to for references.

🇸🇻 El Salvador is purchasing 1 #Bitcoin every day as part of its strategic #BTC reserve.

The country now holds 5,900 $BTC, fully verifiable by any Salvadoran on the #Blockchain.

With a national debt of $30 billion, its Bitcoin reserves—currently worth $575 million at a $97,000… pic.twitter.com/dNsoUhFBXs

— Simon Dixon (@SimonDixonTwitt) November 21, 2024

This tweet is important as Trump has publicly stated "Maybe we'll pay off the Debt with Bitcoin (jokingly serious)." It's a real possibility that it's our way out.

China just legalized it officially (again)

🇨🇳 China is buyin #Bitcoin and adopt it as a strategic reserve asset.

They are buying 1.2 million BTC 👀 pic.twitter.com/q7E0xUkYHj

— Catch The Latest (@CatchTheLatest) November 17, 2024

Bitcoin is very quickly sizing up the Federal Reserve with more ferver and ferocity than ever. What an upswelling of global demand. Burn out the Rot, get to a hard standard of money, distribute the incentives to maximize humanity's growth.

You couldn't have written a better script of the past 15 years since Ron Paul ran for President.


What say you F16?

Only 21M will ever be created. Closing in on 20M

I just took a look at the price and hadn't realized it jumped 27k in a month in value, but makes sense with stuff like this.

I heard it was on the path to irrelevance.

Sazerac said:

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Only 21M will ever be created. Closing in on 20M

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about 1MM of that is lost forever

Elon would be perfect as crypto czar.

AggieVictor10 said:

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Elon would be perfect as crypto czar.

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....And he promised he'd have no conflicts of interest. On another note, Tesla stock about to go thru the roof with sudden gov't contract awards in January.

How does that work?
Isnt it all in the ledger?

I've heard about 4 Million are lost

Aren't they just "lost" as they are in storage with no key?

Nah I trust him

Sazerac said:

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Aren't they just "lost" as they are in storage with no key?

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Correct, they are lost in the sense that they are in some computer, or wallet in which no one remembers their seed phrase to get in. There's a story out there of a guy who paid millions to search a landfill to find an old hard drive worth many millions of BTC. Those address will remain dormant forever.

donkeykick90 said:

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Sazerac said:

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Aren't they just "lost" as they are in storage with no key?

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Correct, they are lost in the sense that they are in some computer, or wallet in which no one remembers their seed phrase to get in. There's a story out there of a guy who paid millions to search a landfill to find an old hard drive worth many millions of BTC. Those address will remain dormant forever.

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I suspect there will be treasure hunters one day that attempt to figure out the seeds of these wallets. While likely futile, many will try and perhaps it can be done once computing power reaches a certain point.

ac04 said:

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but i was told governments would 100% definitely ban bitcoin.

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China already did once but now they are buying it

It's still banned for citizens.
Just the state is buying.

Who's going to hold the keys to the government wallet? That's the question. The end game of Bitcoin is not the government keeping a store but everyone owning a piece themselves.

ETA: nice to see you back AE!

Sazerac said:

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It's still banned for citizens.
Just the state is buying.

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incorrect, a shanghai court just ruled that bitcoin is property and ownership by individuals is legal. and by just ruled i mean like within the last 24 hours

Wow

The gov can just call up Larry Fink at any point and it's game over for BTC. The largest holder dumps, over leveraged holders like Saylor get margin calls, forced sells, panic, crash, gameover.

Not saying that is going to happen. But that's how fragile it is. It ends in a rat tail chart, only question is how high it goes for how long before that.

and in the process they eliminate an enormous base of tax revenue. oh and they also bust out tether, who is one of the largest buyers and holders of US treasuries in the world. hmm

there was a time governments might have been able to kill bitcoin. that time has passed. bitcoin is antifragile. the sooner you figure that out the better off you'll be

ac04 said:

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but i was told governments would 100% definitely ban bitcoin.

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only after they buy it all up, then use it to pay off their debts...

Can the govt just build that reserve by seizing the coins from criminals? Kills two birds with one stone.

I say they need to do it asap

BlueTaze said:

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The gov can just call up Larry Fink at any point and it's game over for BTC. The largest holder dumps, over leveraged holders like Saylor get margin calls, forced sells, panic, crash, gameover.

Not saying that is going to happen. But that's how fragile it is. It ends in a rat tail chart, only question is how high it goes for how long before that.

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Black isn't owning the bitcoin. It's their clients. And do you have any idea how much blackrock is making in fees selling btc etf?

Ya I think they'd tell the government to pound sand. And yes they have that kind of power.

If you have Bitcoin, sell it now. I just loaded up on it and I have a solid history of buying high and selling low with this POS sucker bet.

I sold a good bit at 88k, looking to load up when it pulls back. I'm trying to remain calm, but very hard this go around.

Blackrocks 25 bps rake on their current holdings has already exceeded $100 million annually. That figure will only grow.

To the guy who sold Bitcoin and is waiting for a dip, I'm sorry that happened to you and I recommend you study Bitcoin more so you understand what you own(ed). Brutal.

Why not just take what the fbi has confiscated? Why buy new?

BlueTaze said:

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The gov can just call up Larry Fink at any point and it's game over for BTC. The largest holder dumps, over leveraged holders like Saylor get margin calls, forced sells, panic, crash, gameover.

Not saying that is going to happen. But that's how fragile it is. It ends in a rat tail chart, only question is how high it goes for how long before that.

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No they cant.

Lots of articles out there of how the U.S. buying a bunch of Bitcoin is a bad idea. Here is one:

https://thehill.com/opinion/finance/4824059-senator-lummis-proposal-bitcoin-reserve/amp/

Basically that using US taxpayer's money to support foreign and domestic Bitcoin owners, helping support Bitcoin's price is hard to justify. Including an old trick of this type of proposal that the U.S. would not be able to sell for 20 years and that finding the source of funds to buy the Bitcoin is problematic.

However, The crypto super PACS threw about $130 million at politicians this election cycle and they are expecting those politicians to now repay them:

https://amp.cnn.com/cnn/2024/11/17/politics/crypto-industry-donald-trump-reelection

Bitcoin is currently the 8th most valuable asset in the world.

It's going to be crazy when smaller companies start to buy huge corporation simply because they had BTC on the books early.

Definitely Not A Cop said:

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Bitcoin is currently the 8th most valuable asset in the world.

It's going to be crazy when smaller companies start to buy huge corporation simply because they had BTC on the books early.

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Can't sell too much Bitcoin to buy something super big, that would drive down the Bitcoin price. Bitcoin's value is extremely dependent on HODL…nobody sell, everybody buy.

if the US bought millions of Bitcoin and then like a year later said 'we are selling now to pay off national debt!' Just imagine the price crash of Bitcoin as a bunch of people fled for the exits while the US dumped its holdings.

The btc maxis are an odd odd crowd. They sneer at you for taking profits saying it will only ever go up. Doesn't matter one bit how high it goes if you never take profit

Every asset is dependent on demand, yes.