Posted on 06/07/2021 11:11:09 AM PDT by xzins
President Donald Trump took Bitcoin into his crosshairs on Monday, calling the blockchain-based cryptocurrency a “scam” that threatens the greenback’s dominance as the world’s chief reserve currency.
“Bitcoin, it just seems like a scam,” Trump told Fox Business’s Stu Varney in an interview.
“I don’t like it because it’s another currency competing against the dollar … I want the dollar to be the currency of the world. That’s what I’ve always said,” Trump added.
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Investment managers have warned that a key risk to cryptocurrencies as a viable asset class is that the government could simply ban them.
(Excerpt) Read more at theepochtimes.com ...
The Chinese Communist Party are firing up more coal fired plants to compute the World’s supply of Bitcoins
Better to own a coalfield in the long run.
Sounds like a scam to me.
Greg Abbott, Governor of Texas, has announced plans to expand the state’s blockchain industry.
In a tweet issued on June 5 on his personal account, Gov. Abbott opined that, “Blockchain is a booming industry that Texas needs to be involved in.
“I just signed a law for Texas to create a master plan for expanding the blockchain industry in Texas.”
The governor, who took office in 2015, has long been a crypto supporter. He even welcomed “the bitcoin community” to his election campaign way back in 2014. And more recently, he voiced support for a cryptocurrency law in Texas, saying to “count him in” back in March.
Of cryptocurrencies, he said “It is increasingly being used for transactions and is beginning to go mainstream as an investment. Texas should lead on this like we did with a gold depository.”
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Chinese mining operations move to Texas In light of the country’s recent crackdown on bitcoin mining operations, cryptocurrency miners from China started moving their operations overseas. Reports indicate that they started to eye North America – the U.S. especially – as a potential site. Beforehand, the States accounted for 11% of the bitcoin hash rate. Since China announced its crackdown, that figure has now increased.
Texas is one of the states reportedly favored, on account of its advantageous energy prices. In addition, a considerable percentage of Texas’ energy generation comes from renewable sources. More specifically, wind and solar power account for more than 25%.
Reports show that several major mining companies, including Bitmain, Blockcap, Argo Blockchain, Great American Mining, Layer1, Compute North, Riot Blockchain, and Whinstone, have since set up operations in Texas.
Investment managers have warned that a key risk to cryptocurrencies as a viable asset class is that the government could simply ban them.
And one day the fishermen decide to pull up the net and collect their haul.
It wouldn’t be needed if the dollar was still the... gold standard.
No way I’d buy at this or any price. 35 bucks for a thousandth of a share of one bitcoin, and it could be 15 bucks tomorrow... or 75. That is the sign of something terribly wrong.
The only thing threatening USD Reserve Currency status is Fed.gov itself.
bitcoin has its uses
however
bitcoin is not what most people think it is
I agree with you.
👍
“I want the dollar to be the currency of the world”
Joe Biden, AOC and Modern Monetary Theory are likely to sink the American dollar.
There is no good reason why the US dollar will not follow in the footsteps of the Argentine peso or the Venezuelan bolivar.
Bitcoin isn’t anywhere near being able to become the world reserve currency as it currently stands. But one thing is certain. If the Fed keeps inflating USD as it has been, something will be replacing it.
Bitcoin down more than $1400 today.
The belief is the CCP is clamping down on bitcoin because they cannot control it.
Or a gas well. A friend's grandfather in PA had two wells drilled on their property in the 1950s, for $200 each. Those things are still producing....
Is Bernie Madoff in charge of Bitcoin?
Massive deficit spending says the establishment intent is to have a real bankruptcy or a hyper inflation cycle that does the same as a bankruptcy. That would result in a huge devaluation of the dollar.
And that means you are absolutely correct.
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