Post
Topic
Board Bitcoin Discussion
Re: What if the US Govt. buys circulating Bitcoin Supply and $ is backed by $BTC ?
by
ultrloa
on 23/11/2021, 12:00:29 UTC
Hillary Clinton is alarmed by the rise of BTC.

Crypto was looked upon as some kind of a weird speculative currency/asset in the past. BTC is getting more and more mainstream now.

With the rise of Defi's crypto is pretty much detaching itself from the Govt. and it looks like it cannot be stopped. If the govt knew about crypto and its implications years ago they could have stamped it out. Now, it is too late for them.

The US Govt has a right to be concerned because BTC is acquiring "trust" among the masses.

Just like El Salvador, US could also try and capture the entire BTC circulating supply. And, if the US Govt. doesn't then Kremlin or other countries might. We never had "One Currency" through out the world. In US $BTC = 1 Canadian $BTC = 1 Nigerian $BTC.

So, the US Govt. can easily print out $1 Trillion Dollars which is not really all that much when you compare it to gold and then capture the entire circulating supply and use it as a reserve.

Then they can pretty much make dollar reign in supreme again by backing $BTC to the dollar just like how they backed it to the gold standard in the past.

My point is we could see major Govt. could rush in and buy as much BTC as possible if it becomes mainstream. Major institutions are already starting to use BTC as a hedge. Only a matter of times before the really Big Boys will step in. This way the US could actually control the Global Financial System.

That's not gonna happen knowing the US government is so skeptical about bitcoin existence and maybe you shouldn't think about deeper which almost impossible to happen. For sure they will never go to bitcoins and back their dollars unto it since they have gold option which already happen to them before. Maybe there are sort of adoption will happen but for sure they will never give a huge priority on its acceptance knowing the volatility of it can be manipulated.