Trump will be president again now that the election has ended. It’s the first time since Grover Cleaver in 1800 that a reelection was successful after a losing campaign. Bitcoin has been hailed by people all over the world, but that couldn’t be further from truth.
Ross is likely to be released, Trump’s too self-centered to pull out of a campaign promise so trivial, he probably will do it. The fact that it’s so easy and something Trump can flaunt and claim credit for will ensure its success.
This is the end of anything significant. Congress has to approve the formation of any strategic reserve. By law, all seized assets must be sold in the open market. According to the readings of Trump’s authority that I know of, he cannot unilaterally force the federal government into accumulating Bitcoin. What good would it be for Bitcoin if Congress were to act and pass this legislation? It won’t make bitcoin more secure, more scalable or more private. Nor will it protect it against government interference and overreach. The price increase required to achieve this outcome would be delusional.
Most likely, the outcome is to continue as before. Bitcoin privacy is under attack. KYC and AML are likely to become more invasive regulations. As Bitcoin continues to rise in the political world, miners are likely to be scrutinized. Washington D.C. has been pondering the question of whether or not they are liable for sanctioned transactions and other undesirable ones. The tone of these questions is likely to get even more serious.
The exchanges, on/off ramps, and similar entities will be under pressure to conduct ever-more invasive surveillance over their users, in order to combat terrorism, illegal use, child abuse, etc. The traditional digital boogiemen will all be brought out and regulations will tighten. Trump may push to enshrine self-custody as a legal right. But does this alone provide a serious level of freedom? With censorship?
Trump spoke about regulation and stablecoin expansion in Nashville. “People who see Bitcoin as a threat to the dollar have it exactly backwards.” He would like to see dollar-backed coins spread around the world. This is a great way for us to export the inflation we have without having to resort to diplomacy. They can be used by people in any country, without the need for their government’s dollarization or dollar reserve. Download the app to start using it. He wants to use Bitcoins to breathe new life into dollars, while pushing Bitcoins to stagnation.
The people cheer this as a win for Bitcoin. In reality, we are entering the gauntlet. There is no way to know if we’ll be able run this gauntlet successfully and not have to compromise in any serious or fatal ways.
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Source: bitcoinmagazine.com
