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<blockquote style="position: relative; padding-left: 55px;"><section><a href="https://hachyderm.io/users/molly0xfff/statuses/113489690040324315">Molly White (molly0xfff@hachyderm.io)'s status on Saturday, 16-Nov-2024 09:00:46 JST</a><a href="https://hachyderm.io/@molly0xfff" title="molly0xfff@hachyderm.io"><img src="https://gnusocial.jp/avatar/34789-48-20230824095227.webp" width="48" height="48" alt="Molly White" style="position: absolute; left: 0; top: 0;">Molly White</a><div><a href="https://hachyderm.io/@molly0xfff/113489679219387623" rel="in-reply-to">in reply to</a></div></section><article><p>In this issue I also address the topic of a “Bitcoin strategic reserve” — a talking point that keeps coming up with crypto advocates fantasizing about Trump’s future plans, but which seems to be broadly being confused with promises made by his one-time opponent, RFK Jr.</p><p><a href="https://hachyderm.io/tags/crypto" rel="tag">#crypto</a> <a href="https://hachyderm.io/tags/cryptocurrency" rel="tag">#cryptocurrency</a> <a href="https://hachyderm.io/tags/USpolitics" rel="tag">#USpolitics</a> <a href="https://hachyderm.io/tags/USpol" rel="tag">#USpol</a></p></article><footer><a rel="bookmark" href="https://gnusocial.jp/conversation/4008637#notice-7832524">In conversation</a><time datetime="2024-11-16T09:00:46+09:00" title="Saturday, 16-Nov-2024 09:00:46 JST">about 9 days ago</time> <span>from <span><a href="https://hachyderm.io/@molly0xfff/113489690040324315" rel="external" title="Sent from hachyderm.io via ActivityPub">hachyderm.io</a></span></span><a href="https://hachyderm.io/@molly0xfff/113489690040324315">permalink</a><h4>Attachments</h4><ol><li><label><a rel="external" href="https://gnusocial.jp/attachment/3497718">Bitcoin strategic reserve
Bitcoiners, but also some mainstream media articles, have been making much of the potential for a Trump win to usher in the creation of a “Bitcoin strategic reserve”, to the point that I think the idea has earned some debunking. It hearkens back to the Bitcoin Conference this past July, although it was not Trump who first brought it up — it was his then-opponent Robert F. Kennedy Jr. To quote from issue 63:[Robert F. Kennedy Jr.’s] biggest promise by far, announced to thunderous applause, was that he would establish a strategic reserve of 4 million bitcoins — $225 billion at today’s prices, and amounting to around 20% of the total bitcoin supply — which he did not disguise as a promise to pump the audience’s bags. “The cascading impact from these actions will eventually move Bitcoin to a valuation of hundreds of trillions of dollars,” he concluded.
(Note that the $225 billion estimate was July prices — with recent price movements, 4 million bitcoins would be priced at around $350 billion today.)RFK Jr. so thoroughly upstaged Trump the day before Trump was scheduled to speak that Trump seemed to shoehorn in his own promise of a “Strategic National Bitcoin Stockpile” in order to try to keep up. However, I think many who are picturing a “strategic reserve” now are picturing not what Trump described, but rather RFK Jr.’s fever dream.</a></label><br><a href="https://media.hachyderm.io/media_attachments/files/113/489/681/930/236/040/original/9e97d575fae2e9da.png" rel="external">https://media.hachyderm.io/media_attachments/files/113/489/681/930/236/040/original/9e97d575fae2e9da.png</a></li><li><label><a rel="external" href="https://gnusocial.jp/attachment/3497719">Trump’s version was a far cry from RFK Jr.’s plan to spend 5% of the national budget pumping bitcoin, but it was still weird: he proposed that the “Stockpile” would consist of the crypto assets seized as a result of various law enforcement activities, which they normally sell in batches once the assets have been formally forfeited — a practice Trump says he would stop.I am announcing that if I am elected, it will be the policy of my administration, United States of America, to keep 100% of all the Bitcoin the US government currently holds or acquires into the future. We'll keep 100%. I hope you do well, please. This will will serve in effect as the core of the Strategic National Bitcoin Stockpile. As you know... as you know, most of the bitcoin currently held by the United States government was obtained through law enforcement action. You know that. They took it from you. “Let's take that guy's life, let's take his family, his house, his Bitcoin, we'll turn it into Bitcoin.” It's been taken away from you. Because that's where we're going now, that's where this country is going. It’s a fascist regime. And so as I take steps to transform that vast wealth into a permanent national asset to benefit all Americans.It’s not entirely clear to me whether Trump was merely acknowledging that many of these seized crypto assets are seized from crypto thieves who themselves wrongly stole crypto from the types of people likely to be in the audience at Bitcoin 2024,</a></label><br><a href="https://media.hachyderm.io/media_attachments/files/113/489/686/886/893/745/original/db43099fae8d5de4.png" rel="external">https://media.hachyderm.io/media_attachments/files/113/489/686/886/893/745/original/db43099fae8d5de4.png</a></li><li><label><a rel="external" href="https://gnusocial.jp/attachment/3497720">or if he was stating that law enforcement had no right to, say, seize assets from the perpetrators of the 2016 Bitfinex hack.Either way, he fails to acknowledge that much of the time when the government seizes crypto assets and then sells them later on, the proceeds are returned to the victims of the crime. Trump’s plan, at least as elucidated on stage in July, is to put a stop to this practice, and instead hold on to those assets that he himself stated had been stolen from people like those in the audience.It’s a weird plan, but I also hold a lot more skepticism that he will follow through with it than many in the crypto industry (who are in turn being heavily quoted by media with little scrutiny of their claims). To me, it seems like a hastily tacked-on promise likely to fall by the wayside with many others made by presidential candidates as they seek to court voters and donors on the campaign trail.</a></label><br><a href="https://media.hachyderm.io/media_attachments/files/113/489/688/878/577/342/original/2ae2865656b642a4.png" rel="external">https://media.hachyderm.io/media_attachments/files/113/489/688/878/577/342/original/2ae2865656b642a4.png</a></li></ol></footer></blockquote>

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Molly White (molly0xfff@hachyderm.io)'s status on Saturday, 16-Nov-2024 09:00:46 JST Molly White
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In this issue I also address the topic of a “Bitcoin strategic reserve” — a talking point that keeps coming up with crypto advocates fantasizing about Trump’s future plans, but which seems to be broadly being confused with promises made by his one-time opponent, RFK Jr.
#crypto #cryptocurrency #USpolitics #USpol
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