“Maybe we’ll pay off our $35 trillion dollars, hand them a little crypto check, right?” Trump said. “We’ll hand them a little Bitcoin and wipe out our $35 trillion.”
Sen. Cynthia Lummis (R., Wyo.) has proposed having the U.S. government buy one million Bitcoin—5% of the total Bitcoin supply—to “firmly secure the dollar’s position as the world’s reserve currency.” At a the July Bitcoin conference, she previewed a bill that would compel such a move.
To the extent such a push had any momentum at all, it seems even more far-fetched today. Consider: If the U.S. already owned one million Bitcoin at the time Lummis spoke at the conference, its investment by this morning would have lost about 19% of its value, or $13 billion.
There is NO WAY such an inherently volatile asset class should serve as a reserve for the United States.
So much for converting our debt to bitcoin.
Federal Government spent $6 Trillion this fiscal year. If you spend $1000 every day, it would take 16 Million years to spend $6 Trillion.
Cunning,sly,intutive,fierce,confident,camouflaged and deadly. Sound like any dominant animals in the wild? Oh and a heck of golf swing too.
I owned Bitcoin until the government decided they wanted to tax it.
I bailed, ut seeing where it is now (I had one when it was $1,800.00) maybe it was a mistake.
I would agree. I like to point out using verbs like tumble and crash assaults the credibility of the article. The Dow is down about 4% the last week after gains most weeks of the year. 4% should be noted as a correction.
When the finance articles say “traders” they mean “speculators”.
Kamala’s Black Monday has been coming for a long time.
Proof that you can’t spend your way out of debt, even with other people’s money. (especially the unborn’s money when your killing them as fast as you can)
Are the markets reacting to a brain dead commie with the possibility of becoming President?
A good time to buy?
Trump may well get in, and then it could then all come soaring back. If he doesn’t, it won’t matter much anyways, as most of the world will economically collapse.
What possible investments would withstand a worldwide economic collapse, other than things like seeds, stored food, and ammo? These kinds of things just last so long, except seeds. Protecting gardens is another whole lost subject.
Might as well invest in some lasting kinds of investments that have gone very low, having possibility to come roaring back, should Trump get in again. He well may.
This is how some folks got very rich during the great depression, they bought low, buckled down, and rode it out.
If YOU would like to be on a CRYPTO PING LIST, please pm me.
The Crypto Ping List covers the following:
Bitcoin
Ethereum
Other coins built on the Ethereum blockchain mining
etc.
Thanks! For it - or ag'in it, it'll be a wild ride.
Do we really want a professional knob polisher as President when Israel/Iran/Ukraine/Russia is about to set off WW3?
Whoever buys BTC and ETH now will likely be very happy a year from now.
You would think the opposite for BTC. I’m going to keep stacking and holding.
Warren Buffett buying short term treasuries spooked markets - and the fact silly word salad Kamala is moving up in polls...
When Buffett buys short term treasuries it means he’s concerned about our ‘reserve currency’ standing...
We might not pay our other debts but we’ll keep paying on the national debt because if we don’t - and other countries start pulling out - it’s over. So it’s a safe investment for Uncle Sam.
Uncle Sam will keep paying it... and rates might even go up if inflation continues the degradation of our currency. Hope for the best - plan for the worst.
PING
I bought Bitcoin yesterday. Already seeing a return.