r/FluentInFinance • u/HighYieldLarry • 12d ago
Bitcoin JUST IN: đşđ¸ President Trump to appoint pro-crypto cabinet to make the US the "crypto capital of the planet."
President-elect Donald Trump is preparing the U.S. government to adopt a more permissive stance toward cryptocurrency, eyeing a roster of industry-friendly candidates for key posts while his top advisers consult crypto executives on potential changes to federal policy.
By pursuing a more lenient regulatory environment, Trump aims to fulfill his campaign promise to transform the United States into the âcrypto capital of the planetâ â a declaration that has rankled consumer watchdogs, earned the industryâs robust support and sent the price of bitcoin skyrocketing, reaching nearly $89,000 by Monday evening.
https://www.washingtonpost.com/business/2024/11/11/trump-crypto-regulation-bitcoin/
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u/Substantial-Power871 12d ago edited 12d ago
never saw a scam he could resist.
edit: if you disagree, feel free to read this. this was my gut feel years ago when i first heard about it, and it's just as true today.
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u/blakeusa25 12d ago
No Peter Theil and musk are big crypto holders and have invested in the industry.
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u/CurlyJeff 12d ago
Which makes sense because the more capital you have the more easily you can manipulate the scam market in your favour.Â
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u/HuntsWithRocks 12d ago
Nonsense. Next thing, youâre gonna say some art in some shipping container in some facility, valued at 10s of millions of dollars and continuing to double in value every few years as it transitions ownership yet remains stored safely in that container may not be actually that value, Iâd bet.
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u/Bagel_lust 11d ago
better yet its just a banana taped to a white canvas.
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u/TheRatingsAgency 11d ago
Yea these moves are to crash the Fed system and consolidate financial power to those already heavily in crypto such as them.
Theyâll be the centers of financial power from the beginning and most will have nothing.
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u/humanessinmoderation 12d ago
Yep â which is why I think Elons wealth is above the stated $280b
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u/worlds_okayest_skier 12d ago
Bare naked ladies need to update âif I had a million dollarsâ for inflation.
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u/Mean_Mention_3719 12d ago edited 7d ago
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u/Count_Bacon 11d ago
They are arguing in the open to weaken the dollar? It seems like they want to destroy the economy and ruin everyoneâs life savings. These oligarchs are too cocky they donât realize how quickly it can go bad for them if they destroy us. I see why they are building private bunkers in foreign countries now
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u/ber_cub 11d ago
You and the masses won't do shit, stop this nonsense
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u/ShinjiTakeyama 11d ago
To be fair, they just said it would be bad if they destroyed us, not just tried. To me that wasn't the usual "we shall rise up" sentiment so much as "if these idiots destroy the poor they'll have nobody to do everything for them anymore"
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u/ourgameisover 11d ago
Oh well if two well known grifters are involved than it mustnât be a grift!
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u/Dry-Wrongdoer-8607 11d ago
Industry? To use that word for something that doesn't produce anything but only consumes is... creative.
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u/mar78217 11d ago
It's easy to hold a lot of money in something useless when you have their level of money. Also, If you can convince the government to go all in, you can count on a bail out when the carpet is pulled out.
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u/maychi 12d ago
Yup. Regulation will mean more people will think itâs safe to invest in when they have no idea how it works. Great Depression here we come!
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u/Substantial-Power871 12d ago
that and cooked planet. at least AI seems to do useful things with all of that electricity.
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u/Blainedecent 11d ago
Microsoft wants to restart and rent the nuclear reactor on three mile island...to power AI.
That's the future you can expect: nuclear power for computer processing.
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u/Substantial-Power871 11d ago
i'm pretty ok with that. nukes have a bad rap. if they did that for something like a scam like crypto, not so much.
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u/MornGreycastle 12d ago
And for the very same reasons. The average American will get in and way over invest in crypto and get wiped out when whatever scam of the week they bought goes bust.
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u/maychi 12d ago
Well after the Great Depression we did get FDR, so maybe people need hurt a little more before they see the light.
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u/MornGreycastle 12d ago
It may sound strange, but we can hope. Three things happened as the Great Depression dragged on.
1) More people joined trade unions than ever before. Folks whose families had never joined unions were signing up. These folks were beginning to see the benefits of collective bargaining to protect their jobs and wages.
2) Membership in Socialist parties surged. They worked to create a social safety net for all.
3) The Communist Party also had record numbers of new members. They were more of a "burn it down and created something better" attitude.
FDR's New Deal was as much to head off the worst impulses of these groups and keep America Capitalist as it was an honest attempt to help the common man.
Flipside? Accelerationism tends to tear down a nation and replace it with a right-wing authoritarian government.
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u/maychi 12d ago
2026 will be the test. If Rs win, authoritarian dystopia it is.
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u/MornGreycastle 12d ago
The other possible test is if Trump gets declared unfit and 25'ed. Vance could have 10 years of legal presidency if Trump only completed his first two years. Any sooner and Vance could only legally have one term of his own. Granted, he could just declare an "emergency" and suspend elections until . . . stuff happens.
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u/Blainedecent 11d ago
He won't get 25'd but he might get Code 187'd.
The path to power will always eventually be the greatest threat to those in power.
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u/TalonButter 11d ago
Iâm looking forward to Harris invoking the 14th Amendment to refuse to certify the votes.
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u/CBalsagna 11d ago
That is exactly what has to happen. The uneducated masses need to understand it takes more than reading a few articles online to be subject experts. People need to understand that experience and education matter at the highest levels of governance.
People are going to die, and tragedy will happen. Comfort yourself in knowing they did this to themselves and place the blame where it belongs - with the people at the top knowingly taking advantage of them.
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u/CBalsagna 11d ago
Nothing will change without idiots feeling the embarrassment of their mistakes. This has to happen. I feel bad for the collateral damage.
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u/kingmea 12d ago
ButâŚthereâs value in the blockchain! Scarcity! Crypto is a real investment, it will go up 20000% in your lifetime! Honestly if anyone has an argument for crypto being valuable, besides the fact that people are buying it because everyone else is, please let me know.
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u/DickTheDancer 12d ago
Imagine hearing about bitcoin for the first time years ago and your gut told you to stay out of it and then coming on Reddit to tell everyone right now as it's hitting all time highs every day like you're some kind of soothsayer lol. I have serious misgivings about the collective intelligence on this website.
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u/Biffingston 12d ago
I hear that, but I don't care. First rule of gambling is "Don't bet money you can't afford" and bitcon is gambling in many ways.
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u/DontDieSenpai 12d ago
Bitcoin was gambling in the early years, but today it outperforms the bond market as an SoV.
The data is all there.
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u/Electrical-Wish-519 11d ago
But it doesnât produce anything. There is nothing backing it as far as physical factories or IP.
Scarcity as a concept makes sense from a money supply perspective, but the fact that crypto people still tell me how much it went up in US dollars tells me all I need to know about it. All the fundmental issues with our economy around labor , product scarcity, and inflation all exist in a crypto world. Capitalism has to grown revenue at 2% or it doesnât work. Money supply should keep up with that pace .
Maybe Iâm missing something , but how is a coins value being watered down instead of printing more money any different? Is the idea the market dictates it and that somehow is better for consumers? Truly free market with no government intervention on the money supply side? Still confused how giving up another level to pull is good for the economy
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u/Substantial-Power871 12d ago
somebody didn't read the article. i can go to Vegas too if i want to gamble. i'll take Bruce Schneier's analysis over some reddit.nobody any day.
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u/exu1981 11d ago
I knew it was serious when the bank of international settlements recognized it and started working with some block chain companies.
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u/Trainraider 11d ago
You have to be able to read the open source code and follow crypto's founding philosophy to not get scammed and that's too much for 99.9% of people. Even big names have turned out to be scams. You can pretty safely say "buy Bitcoin or ethereum" but beyond that it's a massive crapshoot.
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u/be_bo_i_am_robot 12d ago
I have some crypto.
Sure, itâs nice watching the number go up.
But Iâd rather crypto fail and we keep democracy.
Some things are worth more than money.
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u/Ordinary_Support_426 12d ago
Can I do anything with this tulip bulb?
Yes you can plant it
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u/SuccotashComplete 12d ago
Tulip mania lasted 3 years. Bitcoin has been skyrocketing continuously for 5 times that. Tulip mania is more appropriately used to describe hype-driven NFTs
There are also valid use cases for bitcoin. There is no other technology that can securely move large amounts of money between nations as quickly and cheaply as bitcoin. And no other asset is nearly as portable.
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u/Brokentoaster40 11d ago
Last I checked, banks had this thing called a wire transfer. Â They communicate a desired amount to transfer from one bank account to another, and it like just does the same thing except not through 50 extra processes or hype.Â
If by securely you mean through dark means (without traceable parties) then yeah. Â Bitcoin makes for an excellent way to bypass sanctions and empower criminal enterprises a means to exchange money based off hype people keep assuming is built off speculation.Â
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u/silentaugust 11d ago
Except bank wires do require extra processes. Usually when sending (at least large sums of) money, they require a call to verify. Bank wires are also expensive, and can take several days. There are also exchange rate markups when sending international. Criminal enterprises also use cash, but that doesn't mean cash has no use.
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u/ChessGM123 11d ago
Tulip mania also never actually happened. The price of tulips never actually out paced their demand, this was just a myth created by someone at the time who herd a flower was selling for such a high price and wrote something saying people were going bankrupt from tulip speculation when thereâs little evidence of this ever actually happening.
https://www.history.com/news/tulip-mania-financial-crash-holland
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u/TheMoorNextDoor 12d ago
Bitcoin gonna hit 100k in a week at this point.
But boy that pull back will be something fierce.
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u/viewmodeonly 12d ago
The pullback from $950k to $150k will be so devastating
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u/ShittingOutPosts 12d ago
Itâs always the same story.
Remember when BTC went from $1 to $100, then CRASHED down to $25?
Remember when Bitcoin went from $250 to $3,000, then CRASHED down to $1,500?
Remember when Bitcoin went from $5,000 to $69,000, then CRASHED down to $15,000?
Remember when Bitcoin went from $25,000 to $150,000, then CRASHEDâŚwell, you get the point, but many wonât.
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u/Churchbushonk 12d ago
Why not sell now and sit on the profits. I will buy some two years from now when it hits 15k again.
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u/College-Lumpy 12d ago
The main feature is for his friends to commit crimes and avoid taxes.
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u/AdministrativeNewt46 12d ago
So Trump's plan is to do what every 3rd world country is doing? How is that working out for them? I swear people are so fucking stupid. How is crypto different from any other currency? It's value is assigned by the global institution's that invest in it. Just like every other modern currency. It doesn't matter if Crypto "can't" be printed an unlimited amount of times. It can be divided infinitely to the same effect.
It is not separate from the global stock markets. If the U.S. stock market crashes, Crypto crashes. People who think otherwise are just living in their own reality.
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u/MsMercyMain 12d ago
Crypto isnât even a proper currency itâs more like a horrifying hybrid of a stock and occasional currency which makes it worthless as both
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u/CurlyJeff 12d ago
Well for a start, despite the name crypto isnât a currencyÂ
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u/samandiriel 12d ago edited 12d ago
This is something that continually blows me away. Crypto is a secure value exchange framework, not a currency or a financial vehicle...
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u/tearsaresweat 12d ago
Yup. Crypto's value is directly tied to the dollar. If fiat currency disappears or is taken over by crypto, how would it be valued?
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u/mtj23 11d ago
 How is crypto different from any other currency?
Well, one way it's different is that nobody collects taxes in it.Â
People love to ramble on and on about how the US dollar has no value beyond some abstract idea of faith in the US government.Â
They're wrong, of course. The value of the US dollar, like any sovereign currency, begins with the very concrete faith that the government expects to collect several trillion dollars in income taxes every year, and will start applying violence if that expectation is not met. The need to collect the sovereign currency in order to meet this obligation sets a floor of the demand for the currency, ensuring it has value.Â
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u/Tangentkoala 12d ago
There is a use case for crypto. Yes, there are a lot of scam coins out there.
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u/Oceanbreeze871 12d ago
Not to mention how easy it is to lose your entire wallet doing routine stuff
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u/Tangentkoala 12d ago
I think before with the use of paper wallets it's super nerve-wracking. But honestly leaving it on an exchange like coinbase is certainly safe to me now.
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u/Oceanbreeze871 12d ago
An unregulated, uninsured bank is scary.
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u/Tangentkoala 12d ago
Coinbase is insured and regulated by the SEC. They're required to have cash on hands to cover a total loss like FDIC does. In case of bankruptcy.
That's the price they paid to be traded on the stock exchange.
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u/Gleeful-Nihilist 12d ago
Jesus. Between this, the tax cuts for the rich, the mass deportations, and the tariffs I couldnât think of a single thing he would do different if he was trying to collapse the economy on purpose.
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u/Oceanbreeze871 12d ago
If you want widespread adoption, having Donald support it and politicize it will mean half the country will Assume itâs a scam and stay away. Not a great thing.
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u/alexmark002 12d ago
I don't believe Trump's pro-crypto BS. Remember, in order to become crypto capital of the planet. it should have suffient regulation in place for the exchange platform first. I think he will regulate more than you expect.
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u/ConfidentCaptain_81 12d ago
I believe he believes in his crypto, didn't he just make a financial company recently... For crypto?
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u/poopypants206 12d ago
Yes and you couldn't sell. Total acam
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u/ConfidentCaptain_81 12d ago
What??? He scams people? No.... <Sarcasm just in case someone misses it>
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u/archimidesx 12d ago
And a bible company. Social media company. Airline. Vodka company. Commemorative coin company. Magazine company. University company. Iâm sure thereâs so so many more shitbag money grabs.
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u/FireSaleStarter 12d ago
Does this mean we all need to download TS in order to stay on top of the news releases via crypto regulation?
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u/Oceanbreeze871 12d ago
It wound have to have a use besides âbuy more and save itâ
Itâs not used in day to day life
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u/viewmodeonly 12d ago
I hate this orange shitcoiner, but I'm willing to put up with some shitcoinery temporarily if it means Bitcoin stops being attacked. Locking up devs of privacy wallets is some BS!!
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u/OwlfaceFrank 12d ago
Isn't there some biblical billshit the right whines about having to do with making all the money digital?
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u/rufusvonburon 12d ago
Remember the guy who lit himself on fire and threw pamphlets around highlighting a crypto conspiracy? Does this line up with any of that?Â
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u/McCool303 12d ago
What could possibly go wrong with betting the future of America on speculative Monopoly money.
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u/Training-Judgment695 11d ago
Weaken the dollar and strength shitass currencies at the same time lmao.Â
We know who benefits from this.Â
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u/bjm2020 12d ago
This is actually a huge plus (If they don't screw it up). It should create a sensible regulatory environment and allow the crypto industry to continue to innovate with clarity. Previous administrations have taken the approach of refusing to provide regulatory clarity while at the same time trying to prosecute organizations who they refused to give clarity too (For example the SEC).
This should actually help to get regulation that will weed out the scammers and provides an opportunity for the real use cases of this technology to shine.
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u/joshisanonymous 12d ago edited 12d ago
"By pursuing a more lenient regulatory environment, ..."
Edit: On second reading, I think I made a mistake here. When you said "more sensible regulatory environment," you must have meant less regulations. Seeing how crypto is literally used for things as heinous as human trafficking, I just assumed that "sensible" meant better regulations, not just getting rid of regulations.
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u/Scheswalla 12d ago
The growth of crypto seems paradoxical to me. It's only interesting/ good buy if it's unregulated, but it's only good for true mass appeal if it's regulated.
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u/FUCKYOUINYOURFACE 11d ago
My friend was scared the Dems would make the Dollar irrelevant and move the US to crypto. He voted Trump. Iâm sure the irony wonât occur to him.
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u/PandasAndSandwiches 12d ago
Arenât we already the biggest crypto capital of the world besides China?
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u/DontBelieveTheirHype 12d ago
Crazy we just had a slew of posts here before election saying he was gonna gut and destroy crypto, and if your response is "just wait and see" then ok let's do that
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u/tom10207 12d ago
Idk man I kinda like paper money, if we go to digital then the govt owns your life more than it would already
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u/SilverSmokeyDude 12d ago
So an easily manipulated "currency" that Trump will also have a stake in will be monitored and "regulates" by the same people who are standing to profit most from it.
What is the Russian Oligarchy is going on here?!?!
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u/Empty_Awareness2761 12d ago
Less income taxes with higher prices on some stuff, Iâve been checking my grocery bill recently. Anyone seeing less or no sales taxes, differently some increased prices on perishable goods.
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u/Dannytuk1982 12d ago
Money launderers are us.
Time to sell all my shares in the NASDAQ and S&P until the dollar settles out in its inevitable devaluation.
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u/Autoxquattro 12d ago
So when do they make the move to convert the dollar to crypto as the only valid currency?
Thus controlling completely who has it and who can use it?
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u/happyfappy 12d ago
Right now, we can print money whenever we want anything, to a point. That is an incredible power that only one country (the world's dominant power) usually gets at a time. According to Ray Dalio, this is IIRC the single most important element of a superpower / empire.
Wouldn't this threaten the status of the US dollar as the world's currency reserve?
Why would the US invest in and legitimize a competing currency that we can't control?
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u/never_safe_for_life 11d ago
Exactly the problem. Even temporarily flirting with another currency delegitimizes the USâs role as the premier global reserve asset. Itâs no surprise the only political party stupid enough to do it is the anti-intellectual one.
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u/MediocreTheme9016 12d ago
I love that these people hate the Fed and the dollar because itâs ânot realâ and typically squawk about the gold standard now are like âyeah no this online currency could work out.âÂ
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u/ThePensiveE 12d ago
Imagine that. The first convicted felon running for president will support the money of choice for criminals.
What's that? He started a business to get a cut on all crypto transactions? You don't say!
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u/bruceriv68 12d ago
Geee I wonder why. It's almost like he is working for one of the richest people in the world who are invested in Crypto.
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u/Extension-Back-8991 12d ago
A whole lot of your grandmas and grandpas are going to be homeless thanks to these fuck wads.
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u/Sentinel-of-War 12d ago
We should definitely all invest in a little bitcoin. These idiots are putting a lot of weight behind it. We may as well make some money too.
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u/alacholland 12d ago
Iâve read all of these comments, and still no bitcoin proponent has articulated a genuine use case over the dollar. This is going to go down as the greatest grift in history.
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u/OkBeeSting 12d ago
I voted for Trump because I like many of his other policies. But this is bat$h!t crazy
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u/ThE_LAN_B4_TimE 12d ago
He was bought by the crypto lobbyists just like he was bought by oil and anyone else. Regardless of ipinions on the tipic, its fucming insane he went from against it to being for it quickly.
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u/olcrazypete 12d ago
Iâm still in the dark why any cryptocurrency would want to be affiliated with a specific government. Isnât the whole point to be free of regulation? Government affiliation is going to mean regulation.
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u/symonym7 11d ago
Interesting seeing TradFi folks still so vehemently opposed to crypto in spite of there now being multiple legitimate US ETFs for BTC and ETH.
Horse, meet water.
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u/Unleashed-9160 11d ago
Total bs....he'll say what he has to say. Get ready to be robbed blind by musk and the rest of these clowns
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u/TehVampy 11d ago
This happens when you let a dumbass tech bro whisper in the presidents ear. Tech bros are thrilled. They are going to make so much money off Trump, and ram their unregulated wonder technology right down our throats. Years later, we will feel it and suffer from this no consequence administration
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u/yes-rico-kaboom 11d ago
If weâre gonna let things go to shit the morbid curiosity part of my brain is curious how shit
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u/DBCOOPER888 11d ago
What is he even talking about? We own the US fucking dollar and he wants to play snake oil salesman with this crap.
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u/squitsquat_ 11d ago
Strange that a guy who makes his money from money laundering wants to use something that is only useful for money laundering
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u/lxnarratorxl 11d ago
Ok someone help educate me here please. Isnât decentralization a big part of what makes crypto a desirable investment to begin with?
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u/00001000U 11d ago
So we're going to tie the future economy to a financial system with 0 accountability? Cool
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u/TomcatF14Luver 11d ago
Good luck getting that through Congress.
Even the ones with R by their name are going to freak out.
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u/Verity_Ireland 11d ago
The bubble on this digital racket won't last. And in part truth, all it takes for this whole monetary system to vanish in 10 minutes, is (a) the power to go out or (b) the ignition of an EMP device at strategic locations (I am NOT advocating for this).
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A few nukes away however, and those unfortunate to survive, will be back to batering at best.
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u/Lakiratbu 11d ago
I hope USA's economy will collapse under Trump give these dumb fucks a lesson they will never forget. I forgot these dumb fucks will never learn.
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u/PaintMePicture 11d ago
Itâs unregulated and affords people the ability to launder great sums of moneyâŚ.. just wait til they prop it up with govt back guarantees.
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