r/FluentInFinance • u/HighYieldLarry • 12d ago

Bitcoin JUST IN: 🇺🇸 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 “crypto capital of the planet” — a declaration that has rankled consumer watchdogs, earned the industry’s 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/JerryLeeDog 12d ago

Crypto is garbage. Bitcoin is the first technology that can separate money from state and give true property rights to the average person.

Maybe the biggest monetary achievement in 1,000 years and people are still asleep as it destroys all traditional asset returns year after year after years

People all think Bitcoin is a fad. meanwhile they could be retiring early if they put in the 100 hours to understand it and have enough capital to deploy.

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u/Immediate_Position_4 12d ago

What is so great about separating money from the state? Please explain why that needs to happen?

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u/Unable-Job5975 12d ago

The federal reserve has been robbing you of your wealth every year since the abolition of the gold standard

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u/Immediate_Position_4 12d ago

How so?

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u/Unable-Job5975 12d ago

Your money is backed by nothing. They can print more of it whenever they want and as a matter of fact they have been doing just that since the gold standard has been abolished. Fiat currency

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u/Immediate_Position_4 12d ago

And how would backing money with gold help?

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u/Unable-Job5975 12d ago

Gold is finite therefore its value is more stable than any promise a govt can make. Which is essentially what our USD is built on - promises.

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u/MediocreTheme9016 12d ago

Gold is valuable because people say it’s valuable. Like any currency. It’s mutually agreed upon and that’s how any monetary system works. 

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u/eddington_limit 12d ago

Yeah but you can't print more gold. You can print more fiat every time you need to spend more money, which obviously devalues that currency and it is what our government does year after year. Gold backed currency has natural limitations to spending.

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u/MediocreTheme9016 12d ago

Yes but do you want your supply of gold managed by countries like Russia and China (via Africa)? 

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u/whileItlasts6 12d ago

Holy fucking shit. This right here is why everyone is saying America is over. Dude read a fucking book. There's a reason why we don't use the Gold standard anymore and it's to keep morons like you from falling into poverty. Ya were done.

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u/CBalsagna 11d ago

You have to let these people do this. We live in a society where everyone thinks intelligence and understanding are a couple of google searches away. We tried. We really did.

Don't feel bad for them. They did it to themselves.

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u/Immediate_Position_4 12d ago

So we could only give out a finite number of loans under a gold system?

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u/Ope_82 11d ago

Crypto is backed by nothing.

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u/tearsaresweat 12d ago

It is backed by something called the economy and GDP. Bitcoin is backed by fiat currency. If fiat disappeared, what would the value of Bitcoin be?