Support for making Bitcoin legal tender in the USA?

[pmbug]

This surprised me...

A new poll by research and data analytics company YouGov has shed some light on the U.S. population’s approval rate for the government to recognize bitcoin as legal tender. The poll found that 27% of Americans support the move, with younger generations leading the way with a 44% approval rate. Baby boomers, on the other hand, despise the idea most often.

YouGov found that 11% of respondents “strongly support” an eventual law turning bitcoin a legal tender in the U.S., while 16% said they would “somewhat support” it. The survey demographics were especially interesting, as there appeared to be a firm but expected correlation between age and approval rate.
...

More:

https://bitcoinmagazine.com/culture/yougov-finds-americans-want-bitcoin-legal-tender-in-the-us

If the youth are the future, Bitcoin appears poised for future growth.

 

[Casey Jones]

I don't see how "approval" in a poll - which is suspect, given the source, the mediuh in general, and Agenda-Journalism...I don't see how that matters when judging the practical utility and soundness of digital code as currency.

People approved, or at least acquiesced, to fiat banknotes as a substitute for sound money, from 1971. We're still in a world of excrement from that foolish, history-denying decision.

 

[TheRealZed]

It would end credit, wanting something and realizing the full impact of it are two different things. Maybe if the way the system would function was fully described they'd think again. BTC is sooooooo deflationary it is a major problem for any credit system.

I think there is an answer there somewhere with a crypto of some sort but I can't see that BTC is it.

2c
JMO etc

 

[pmbug]

... BTC is sooooooo deflationary it is a major problem for any credit system. ...

That's a feature, not a bug with respect to having a dual legal tender system like Zimbabwe has with gold or - somewhat like - El Salvador has with BITC and the Dollar. The constraint on credit/inflation in the anchor (BTC/gold) puts a practical (soft) constraint on central bank malfeasance IMO.

 

[Casey Jones]

That's a feature, not a bug with respect to having a dual legal tender system like Zimbabwe has with gold or - somewhat like - El Salvador has with BITC and the Dollar. The constraint on credit/inflation in the anchor (BTC/gold) puts a practical (soft) constraint on central bank malfeasance IMO.

It's not a feature if you're a bankster.

Deflation is Kryptonite to investors and banksters.

And, like it or not, they control the puppet-politicians.

 

[TheRealZed]

Gresham's Law. So long as BTC isn't prohibited it will be functionally the same as now despite any legal tender designation. You can't run a soft currency with a hard one where people have free choice. BTC will be a savings vehicle and will not circulate while the USD will function as the medium of exchange.

 

[shinnosuke]

If you don't like the concept of BTC, perhaps you can appreciate its regular runs in which it hits a new ATH. How to be a BTC hero? Buy now and wait. Simply wait. Waiting long enough means its price will go higher -- eventually -- and you can cash it in to purchase precious metals. APMEX accepts BTC payments. Not financial advice...but not wrong either.

 

[TheRealZed]

If you don't like the concept of BTC

I like the concept, but that doesn't change the way it will actually function given real world parameters.

 

[searcher]

• In a recent announcement, the IMF opposed conferring the "official currency or legal tender status" to cryptocurrencies.
• According to the financial authority, such a tag could threaten the superiority of legal currencies as we know it.
• Nevertheless, Coinbase thinks otherwise, lauding crypto for driving money forward.

IMF cautions against crypto as legal tender, Coinbase disagrees

Coinbase has rebutted a statement by the International Monetary Authority (IMF), taking the side of crypto as a necessary driver for the evolution of

www.fxstreet.com

 

[pmbug]

... According to the financial authority, such a tag could threaten the superiority of legal currencies as we know it.
...

Lulz. Go free markets!

This is the point I've been making since forever about dual legal tender systems - whether with crypto or unpegged gold. Competition effects a soft constraint on central bank monetary policy (and indirectly, on government fiscal policy).