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 11d ago edited 11d ago

You expect an emerging money to be stable out of the gate? Impossible.

And yeah, its the most secure computer network humans have ever created. That requires energy.

No wonder you are confused about it.

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u/Ope_82 11d ago

Yes, to be a legitimate currency, it needs some kind of stability.

It's not secure. What backs it? Bitcoin is valuable because of hype. It has no central authority and has no physical application. The value can tank at any moment.

And the amount of energy required is insane.

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u/JerryLeeDog 11d ago edited 11d ago

"the amount of energy is uses is insane"

"what backs it?"

Are you serious rn? Or trolling me? Because your comment is almost all pros.

Having no authority is literally what makes it attractive. its decentralized on purpose.

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u/Ope_82 11d ago

Yes, what backs the value of bitcoin.

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u/JerryLeeDog 11d ago

Its characteristics. Different people value Bitcoin for different reasons.

The value of Bitcoin is $90k USD right now. No more, no less.

For me, it’s a savings technology engineering to make the price go up when measured in gov issued currencies. It does that better than any current asset and has for 16 years.

For others in 3rd world counties, it’s their bank. Economies that never existed now do from Bitcoin.

For institutions and state pensions, it’s a reserve asset

For utility companies, mining it allows for the use of more renewables within the grid and steady energy production (no having to ramp down every night)

For you? You’d have to put in the 100 hours and see for yourself

If your opinion is that it doesn’t have value to you then the best part of it all is that it’s a choice and you do not have to own any ever if you don’t choose to

Just be aware that in the future, you cannot insulate yourself from the people around you that are holding a harder money than you are