Sure, in regards to Trump, you can criticize that all you want, but it doesn’t detract from cryptocurrencies becoming more legitimate per your own criteria.
The US uses its military to enforce the US dollar status as the global reserve currency. Libya tried to sell oil outside the US dollar market and look what happened to them.
Unless Trump starts using the military to enforce Bitcoin value it still won’t have the same status as a currency.
You make some interesting parallels. While Bitcoin is not mined from the Earth like oil, it is similarly mined all-around the world and not just in US jurisdictions. If another country tried manipulating Bitcoin to crash or pump-and-dump after the US becomes a major stakeholder it would be interesting to see how the US responds.
Again, I’m not speaking in favor or against Trump, just exploring the facts.
Yes, but even if the US started militarily enforcing bitcoin mining, is the US trying to control the value of Bitcoin, or is it trying to control the value of Bitcoin in USD? Is the US treating bitcoin like a commodity that it needs to control (oil, gas) or like a currency?
Those are both great questions. Of course, I can’t predict how all that will shake out. However, to bring it back to my original point, I think either hypothetical will increase the legitimatecy of Bitcoin and other cryptocurrencies.
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Sure, in regards to Trump, you can criticize that all you want, but it doesn’t detract from cryptocurrencies becoming more legitimate per your own criteria.
Not exactly?
The US uses its military to enforce the US dollar status as the global reserve currency. Libya tried to sell oil outside the US dollar market and look what happened to them.
Unless Trump starts using the military to enforce Bitcoin value it still won’t have the same status as a currency.
You make some interesting parallels. While Bitcoin is not mined from the Earth like oil, it is similarly mined all-around the world and not just in US jurisdictions. If another country tried manipulating Bitcoin to crash or pump-and-dump after the US becomes a major stakeholder it would be interesting to see how the US responds.
Again, I’m not speaking in favor or against Trump, just exploring the facts.
Yes, but even if the US started militarily enforcing bitcoin mining, is the US trying to control the value of Bitcoin, or is it trying to control the value of Bitcoin in USD? Is the US treating bitcoin like a commodity that it needs to control (oil, gas) or like a currency?
Those are both great questions. Of course, I can’t predict how all that will shake out. However, to bring it back to my original point, I think either hypothetical will increase the legitimatecy of Bitcoin and other cryptocurrencies.
It certainly increases the legitimacy of Bitcoin and other crypto assets as investment vehicles, I won’t argue with that.
But the original point seemed to be that these are legitimate currencies, and I just don’t see it.