Trump Confirms Bitcoin Reserve Plans–$15T Price Boom Predicted | Hacker News Reader

Trump Confirms Bitcoin Reserve Plans–$15T Price Boom Predicted

forbes.com

10 pointslatchkey32 comments

So, it seems like the plan is to let crypt-bros cash out their holdings at the expense of the US Treasury, then when the fed support ends, the price will crash, leaving the Fed holding worthless assets.

We were the bag holders all along, who knew?

Isn't the US Treasury is already doing a good enough job of sending $USD to zero?

https://fred.stlouisfed.org/series/M2SL

And given recent announements I suspect this is David Sacks idea. Sacks has been consistently equating any perceived conflict of interest with evidence of corruption. In this case he wants US citizens to pay taxes to push up the price of his crypto holdings? How is it not total corruption? How is that going to benefit the average american?

A 15 trillion dollar boom prediction is the sort of thing that should end with an "or I'll castrate myself on live television" sort of collateral. Guess they all took notes from McAfee.

Is there any serious justification for this?

I can see the need for a strategic reserve of oil, or food, or heck, tantalum. But we use those things, and we can foresee circumstances where they might be useful. Someone educate me.

It's the perfect store of value. Even gold's above ground supply doubles every 3 or 4 decades.

It's optimised for storing large amounts of value for long periods of time. Nothing else has the fundamentals that come close.

As more and more people/countries realise this, the demand and therefore value will continue to increase. The earlier adopters will have a large advantage over the late adopters.

It's the perfect savings technology for people/companies/nations.

Just as TCP is the digital protocol for the internet, bitcoin is the digital protocol for money. It's quite something.

https://x.com/SimplyBitcoinTV/status/1868035093178056803

But we already can stockpile the single universal store of value, dollars. Dollars, unlike Bitcoin, is completely under USA control.

Do you mean medium of exchange? I think it's difficult to make the claim that the USD is a good store of value.

Money has the property of medium of exchange, yes. It's also a store of value, and a unit of accounting. I took econ 101.

Flowers are also a store-of-value, but like the dollar, not a very good one.

But the value of dollar is halved every decade through supply inflation. That's why the price of houses doubles every decade while their value is relatively stable.

> Even gold's above ground supply doubles every 3 or 4 decades.

Citation needed. In particular, Wikipedia says 201,296 tons exist above ground as of 2020. It also says the annual production is 1,480 tons. So, no, the gold above ground absolutely does not double every 3 or 4 decades.

More: Look at the price of gold and the price of bitcoin. Which has been the more stable store of value?

Gold supply increases at a rate of around 1.5-2% per year. Last year gold supply increased by 4899 tons which gives 4899/212582 = 2.3%

2% annual increase means it doubles every 3.5 decades.

https://www.lbma.org.uk/alchemist/issue-100/gold-production-...

As for the price, here's bitcoin priced in gold: https://imgur.com/a/xFDJ0Wq

I predict it won't actually happen and shortly before it is announced that it won't, I suspect many people will be quite rich.

Whether it happens or not, the cat is out of the bag.

Other countries will dive in. El Salvador is a great example of this. https://nayibtracker.com/

Don't forget, $MSTR is buying up all the supply they can get their hands on. https://saylortracker.com/

El Salvador has been mismanaged for centuries. The only good example it provides is what not to do.

Past performance is no guarantee of future results. Today, Nayib Bukele is clearly changing things up.

That's true. The US is about to enter a phase of mismanagement, just like El Salvador.

It's very unfortunate.

Are you suggesting that Nayib Bukele is mismanaging things? I'd like to see some evidence of that.

While I'm not a supporter of who got elected for US president. I do think that there is some real potential for change that wouldn't have happened otherwise. It won't be easy or clean, but I'm open to seeing how it plays out.

Bukele is an authoritarian. Authoritarianism never leads anywhere good.

Right now El Salvador has the sugar high of his strongman image. But it's a bad diet. It will feel good right up until it doesn't:

https://time.com/7015598/nayib-bukeles-iron-fist-el-salvador...

> Bukele has made a series of gambles that have not been well received by many foreign investors and creditors, including adopting Bitcoin as legal tender and investing some of the country’s reserves in the cryptocurrency.

Unsurprisingly, this is what the article boils down to and unless Bitcoin goes to zero, this is turning out to be one of the best decisions, financially, that he could have done. He's clearly using those finances to make his country safer for the people who live there.

Let's also not forget that Time just made Trump man of the year. I'd argue that isn't the best source for these things.

> this is what the article boils down to

It isn't.

> Let's also not forget that Time just made Trump man of the year. I'd argue that isn't the best source for these things.

And Adolf Hitler, Joseph Stalin, Nikita Khrushchev, and Ayatollah Khomeini.

You don't understand what Time is saying. Read more:

https://en.wikipedia.org/wiki/Time_Person_of_the_Year

Wow, I admit I didn't. Thanks for that!

Talking up bitcoin before Christmas? It's quite predictable at this point

Trying to get people to put their end of year bonus into BTC?

Why wouldn't you?

Before we had physical hard money (gold) Then we had paper tokens (dollar/euro/yen etc) Now we have digital hard money.

Bitcoin is the digital hard money protocol. It's the ultimate savings tool. Mankind has never seen a liquid asset with fixed (and pre-defined) issuance, independent of demand before. The issuance ultimately becomes 0. Even gold's above ground supply doubles every 3 to 4 decades.

Everything is tending and will continue to tend to zero against bitcoin.

Yeah thanks for a copy/paste of your previous numerous, unrelenting pushing of bitcoin on this site. I'd already seen your comment history lol

Great rebuttal. It's not even copied and pasted.

Lol

HFSP

> HFSP

I'm rich enough thanks. The world would be a better more humane place if it were full of people who appreciate what they have and don't forever chase more power and riches.

The nicest, most genuine and caring people I've met in my life are those with less money. The most deranged, out of touch, psycho people have been the super wealthy

So, have fun being rich

It's not about being rich. It's about making the right people powerful - not those who steal from the masses through monetary debasement.

Our money is toxic.

Having the most powerful people in the world being the biggest scammers is far from ideal. Money must be proof of work, and now bitcoin is here, it will be whether you support it or not.

> The nicest, most genuine and caring people I've met in my life are those with less money. The most deranged, out of touch, psycho people have been the super wealthy

Bitcoin fixes this. This is the exact reason for bitcoin existing.

I would understand creating a reserve in a stable asset. Maybe the goal here is to stabilize bitcoin by attaching it to the US economy, in which case it skyrockets and billionaires can now exit, leaving all taxpayers as bag holders without any of the potential upside of holding actual btc.

But, if all of a sudden the US govt holds BTC, then it becomes cash equivalent, and all banks will start letting people cash out and bitcoin will then fully enter the economy as a first class citizen. Banks will put a ledger in front of their btc deposits and give you BTC credit/debit cards that run on Visa/Mastercard's network and let you pay for stuff without actually moving anything on the blockchain.

As far as I understand it, the goal is to frontrun other counties from doing the same exact thing.

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