rfk: News of Bitcoin Cash (BCH) - July 2024 Price Update - 7.24% Breakout Crypto News and Analysis

Student

Spot the Main Event:

With the statements from Trump and RFK at the Bitcoin conference in Nashville, it's clear there's a push to get the US government into the business of buying Bitcoin. Originally, Bitcoin was at least in part created to save people from infinite inflation and devaluation. Now it will be complicit!

Spot the Main Event:

Bitcoin is becoming the money printer. With the statements from Trump and RFK at the Bitcoin conference in Nashville, it's clear there's a push to get the US government into the business of buying Bitcoin. Originally, Bitcoin was at least in part created to save people from infinite inflation and devaluation. Now it will be complicit

Student

Spot the Main Event:

News and speculations! With the statements from Trump and RFK at the Bitcoin conference in Nashville, it's clear there's a push to get the US government into the business of buying Bitcoin. Originally, Bitcoin was at least in part created to save people from infinite inflation and devaluation. Now it will be complicit! All because of the block size limit. Because of its restricted capacity, very few entities around the world will be able to actually, directly, use Bitcoin. Everyone else will have to use some custodial derivative, which cannot maintain the same provable scarcity. So the government will keep printing dollars. They will use those to buy Bitcoin, enriching themselves and the elites while draining value from regular people. It's no different if the government prints money to buy Bitcoin or fund some growth program: both steal from the people and benefit cronies who hold stocks in certain companies, or institutions who hold massive amounts of Bitcoin. Bitcoin will become a corporate bailout mechanism! As long as there's some lip service to the "bItCoIn-BaCkEd DoLlAr" and maxis' bags keep getting pumped, no one will complain. "The government was always going to do this eventually, you can't and shouldn't stop anyone from owning Bitcoin!" Yes! 100% true. But there's one massive difference with the way things turned out vs. the way they otherwise would have without constricted blocks: Digital cash vs. institutional asset! The lower down the socioeconomic totem pole people are, the higher the percentage of their net worth has to be liquid capital! If you're poor, you got only the money in your checking account. You may not even have a savings account, much less investments. And not just for the poor, for the middle class as well. Without digital cash use cases for Bitcoin, that liquid capital WILL be in US dollars! So when the government will print money to buy Bitcoin, they will still money from the little guy who can't afford to have illiquid Bitcoin, and will give to the corporate fat cats like Saylor and politicians who can afford to have massive stacks. Now, if Bitcoin had scaled to be money for the world, money printing wouldn't affect the little guy. They'd have their coffee budget in Bitcoin, wouldn't have to have USD at all, and only government bagholders would be affected. The dollar wouldn't be sustainable, and government would have to tax in Bitcoin and spend in Bitcoin without any ability to print it. But now, they have successfully co-opted the most radically freedom-giving technology of recent times.

This is not a financial advice. Please do your own research and consider the risks of trading cryptocurrencies.