Trump to recommend backing USD with Bitcoin?

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I am personally increasing my holdings in case the rumor pans out. If it becomes a reality, sovereign investment will drive it to $1M.
 
No power no asset. And with the way the grids worldwide are being decimated and base load generation NOT being replaced...

At least FRN fiat in paper and coin form has tangibility.
 
If he did that BTC would need to be about 1.6 million to cover the debt. Why do that when we have Fort Knox full of gold? Nixon took us off the gold stand with an EO. Trump can put us back on it with an EO. Would also need an EO saying no gold could leave the US.

I still say we could have a dual currency system. One for international trade where they get our current paper and one for internal trade within the US that is either metallic or backed by metals.
 
I expect he will just be repeating things he's already said about supporting crypto. I doubt he says anything that dramatic.
 
It's not a full backing, but a reserve (like the current gold reserves). As I understand it, the US Government already owns $5B in Bitcoin. It would be a simple maneuver to add it to our currency reserves.
 
Bitcoin is too volatile to back a reserve currency.
 
Related.

Cryptoverse: Trump's bitcoin stockpile plan stirs debate​

Aug 6 (Reuters) - "Never sell your bitcoin," Donald Trump told a cheering crowd at a crypto convention in Nashville, Tennessee in late July.

The Republican presidential candidate's speech was the latest overture in his effort to court crypto-focused voters ahead of November's election and offered a bevy of campaign promises, including a plan for a state bitcoin reserve.

"If elected, it will be the policy of my administration to keep 100% of all the bitcoin the U.S. government currently holds or acquires into the future," Trump said, adding the funds would serve as the "core of the strategic national bitcoin stockpile."

Indeed, Trump isn't the only one with such a proposal. U.S. Senator Cynthia Lummis, opens new tab has introduced legislation that would see the U.S. government purchase one million bitcoin, around 5% of total supply, while independent candidate Robert F Kennedy Jr has suggested a government stockpile of four million bitcoin.

A strategic reserve would be one use for the massive amount of bitcoin held by the U.S. government. The jury's out on what it would be used for, whether it's feasible, or if it's even welcome for the broader crypto market, though.

More:

 
Bill Holter's Commentary:

"Our pal Pastor Stanley checks in regarding Trump's bitcoin proposal. In my opinion, the proposal is a joke, and one where the math does not add up. First off, US gold (supposedly held) is currently worth less than $700 billion, yet the Treasury is borrowing over $1 trillion every 4 months. The only thing it does is leverage (borrow from) the gold that probably no longer exists. A short term accounting trick and nothing more..."

Bitcoin Will Not Save America​

WASHINGTON, D.C. – Following her announcement of a historic proposal to supercharge the U.S. dollar and pay down the national debt by establishing a strategic Bitcoin reserve, today U.S. Senator Cynthia Lummis (R-WY) officially introduced the Boosting Innovation, Technology and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act in the U.S. Senate.’…(Lummis Press Release)

According to the proposed bill, the 1st $6 billion of net earnings of the Federal Reserve in any year will be utilized for the purpose of funding BTC purchase for the Bitcoin Purchase Program. This will not apply if the Federal Reserve does not remit net earnings for any fiscal year during the years of 2025 to 2029.

Read more here...
 
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