In the recent Bitcoin Conference 2024, ex president Trump announced plans to buy a million Bitcoins to diversify its reserves and to payoff its USD debt in the future. Is this possible, or ethical to print USD, buy Bitcoin with it, then default on the debt? 🤔
Thanks for the link to your Substack note - somehow I missed it...
You're right that the USD is devaluing, that transferring its declining value into Bitcoin preserves its value for the Treasury holders, and that this move also attacks the primacy of the USD - which further devalues the USD!
Is it a grift? No, the grift already happened & this is just preserving the value of the grift by transferring it into another value holding asset.
It's still legal & further legitimizes Bitcoin. A boost for crypto! 🫰
Great stories, thanks Rich! 👍
Hi Raymond! I'm delighted to hear from you. Thanks so much for the compliment!
I do my best and am always trying to make this newsletter better. If you have any suggestions, please let me know.
In the recent Bitcoin Conference 2024, ex president Trump announced plans to buy a million Bitcoins to diversify its reserves and to payoff its USD debt in the future. Is this possible, or ethical to print USD, buy Bitcoin with it, then default on the debt? 🤔
Hi Raymond, I wrote about Trump’s speech see the link below.
I don’t see a problem with the US buying BTC with a depreciating USD. Do you? 🤣
If you think about it all the world holds US treasuries and will be paid back with devalued currency. So it’s not new!
https://richturrin.substack.com/p/trumps-crypto-love-fest-the-good
Thanks for the link to your Substack note - somehow I missed it...
You're right that the USD is devaluing, that transferring its declining value into Bitcoin preserves its value for the Treasury holders, and that this move also attacks the primacy of the USD - which further devalues the USD!
Is it a grift? No, the grift already happened & this is just preserving the value of the grift by transferring it into another value holding asset.
It's still legal & further legitimizes Bitcoin. A boost for crypto! 🫰
PRECISELY! 🤣 And for that you win "Comment of the Day Award"
"Is it a grift? No, the grift already happened & this is just preserving the value of the grift by transferring it into another value holding asset."