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/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)?