I agree. Her thinking, superficial as it is, stems from the school of thought that "government should be run like a business" plus wanting some good publicity for herself. Businesses have to make a profit in order to survive...you don't want your government making a profit. You don't want it running huge losses either. If Trump or anyone else does establish a BTC reserve it is an admission that your currency and your financial predicament have spun out of your own control. Stop spending, spur economic growth, watch long term rates ease as a result and the Bitcoin speculative mania will subside. Then BTC would have a chance at being a real medium of exchange. Today it's a volatile psuedo-dollar index.
And a $TRUMP meme coin govt reserve would be even worse.
Yet a stable coin $USD$ crypto coin, backed by and controlled by the US Treasury might be Useful to stimulate the use cases of crypto, and have an official quarterly review of uses.
I’m willing to bet that I have a better chance of regrowing my hair than Senator Loomis knows anything about Bitcoin. I’m a conservative Republican and I don’t know anything about this Republican Senator. What I do know is that a great number of politicians don’t know a damn thing when they propose legislation regarding, taxes, healthcare, economics, etc and I am willing to bet she is even less informed about Bitcoin.
While you probably don't recall reading my assessment of the industry ,I have zero doubt whatsoever that it will lead to a reduction in street-level crime, as well as contribute to an overall improvement in carbon footprints and overall efficiency compared to paper and metal currency.
Yes, it uses a lot of electricity but the overall energy output pales in comparison to what is generated by all the associated industries in bringing about the manufacturing of paper and coin currency.
Also, the inner city single mother of three coming home from her second job late at night who walks home from the subway and gets mugged for the cash she tucked in her brassiere won't have that same experience if it's in crypto.
Yes, really and you have to think outside the box and be willing to understand consequences of actions three and four and five steps down the road, because this is a chess match; not a checkers are backgammon game.
I do agree with you at the moment about not establishing a national Bitcoin or crypto reserve. Given that most stable coins are tied to the US dollar, it would be counterproductive and unnecessary, almost redundant at best.
I always got the feeling it was some type of weird Pyramid scheme where only the people at the top really had any chance of making money but arranged so it looked like others could also make a lot. Kind of like State Lotteries. A tax on the mathematically challenged. Bitcoin is even worse.
Newt banned Congress from being exempt from inside trading rules. The D's hated him for it. So did the R's. As soon as he left it came back along with Earmarks. You'd have to make it a law and it would not be possible unless the R's had a huge majority and even then, iffy.
I figured the government would make it illegal. So far, I’ve been wrong. I bought a small amount when the first ETF was issued. I think it was at $10k then, and made a little bit of money on it. I got scared. Should’ve kept it I guess.🤷🏼♂️
The last several days have shown that the crypto industry is a complete and total scam. Including Bitcoin. Makes the sports book industry look honest.
I can see why you would say that.
Please elaborate
Stablecoin, also scamcoin. Backed by Trump's commerce secretary.
https://www.bloomberg.com/news/features/2025-01-18/trump-commerce-nominee-lutnick-is-backer-of-outlaws-favorite-cryptocurrency
Professional scammers take advantage of gullible marks.
https://www.investopedia.com/terms/s/shitcoin.asp
I agree. Her thinking, superficial as it is, stems from the school of thought that "government should be run like a business" plus wanting some good publicity for herself. Businesses have to make a profit in order to survive...you don't want your government making a profit. You don't want it running huge losses either. If Trump or anyone else does establish a BTC reserve it is an admission that your currency and your financial predicament have spun out of your own control. Stop spending, spur economic growth, watch long term rates ease as a result and the Bitcoin speculative mania will subside. Then BTC would have a chance at being a real medium of exchange. Today it's a volatile psuedo-dollar index.
And a $TRUMP meme coin govt reserve would be even worse.
Yet a stable coin $USD$ crypto coin, backed by and controlled by the US Treasury might be Useful to stimulate the use cases of crypto, and have an official quarterly review of uses.
I’m willing to bet that I have a better chance of regrowing my hair than Senator Loomis knows anything about Bitcoin. I’m a conservative Republican and I don’t know anything about this Republican Senator. What I do know is that a great number of politicians don’t know a damn thing when they propose legislation regarding, taxes, healthcare, economics, etc and I am willing to bet she is even less informed about Bitcoin.
It is time to evolve your thinking Mr Carter 😄
While you probably don't recall reading my assessment of the industry ,I have zero doubt whatsoever that it will lead to a reduction in street-level crime, as well as contribute to an overall improvement in carbon footprints and overall efficiency compared to paper and metal currency.
Yes, it uses a lot of electricity but the overall energy output pales in comparison to what is generated by all the associated industries in bringing about the manufacturing of paper and coin currency.
Also, the inner city single mother of three coming home from her second job late at night who walks home from the subway and gets mugged for the cash she tucked in her brassiere won't have that same experience if it's in crypto.
Yes, really and you have to think outside the box and be willing to understand consequences of actions three and four and five steps down the road, because this is a chess match; not a checkers are backgammon game.
I do agree with you at the moment about not establishing a national Bitcoin or crypto reserve. Given that most stable coins are tied to the US dollar, it would be counterproductive and unnecessary, almost redundant at best.
You are exactly right Jeff. Early gov't intervention in developing industries never makes sense. Thanks for this clear piece!
I always got the feeling it was some type of weird Pyramid scheme where only the people at the top really had any chance of making money but arranged so it looked like others could also make a lot. Kind of like State Lotteries. A tax on the mathematically challenged. Bitcoin is even worse.
Newt banned Congress from being exempt from inside trading rules. The D's hated him for it. So did the R's. As soon as he left it came back along with Earmarks. You'd have to make it a law and it would not be possible unless the R's had a huge majority and even then, iffy.
I figured the government would make it illegal. So far, I’ve been wrong. I bought a small amount when the first ETF was issued. I think it was at $10k then, and made a little bit of money on it. I got scared. Should’ve kept it I guess.🤷🏼♂️
Might Loomis be pulling a Pelosi for personal gain?