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166 sats \ 12 replies \ @kepford 30 Jul \ on: Saifdean Is Probably Correct - US Gov’t Won’t Buy Bitcoin, Fed Won’t Allow It bitcoin
I pretty much agree with Saifdean. The president does appoint the chairman but does not directly control the board. I don't think every board member would oppose it though. Seems like there are some more open minded members IIRC.
Also, these clowns that run for president say a lot of crap before they take office. Remember Obama getting the US out of Iraq on day 1? You all probably don't.
Couldn't the Treasury buy and hold bitcoin?
They'd essentially be borrowing dollars from the Fed to buy Bitcoin, much like the Micro Strategy approach.
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For sure they could. Honestly, it isn't even a question of if or can they. It is a question of when will they. This has been my point since before Trump spoke in Nashville. All this stuff is going to happen.
Why?
The dollar has been weaponized by the US. More countries are going to lose confidence in it as a non-political money. So they will either create a new fiat, use another fiat, or use bitcoin. Many small governments will adopt bitcoin first. The dollar will get weaker and weaker.
Eventually the US will either adopt bitcoin or collapse financially. My guess is that the citizens will move first. They will start jumping into bitcoin as a safe haven from inflationary dollars. The political pressure due to this will lead to either a crack down or acceptance. Crack down will just make it worse for the state so eventually they will concede. They will adopt or die basically.
In my view it is more of a force of nature. Nearly unstoppable at this point. Not 100% unstoppable but getting closer the more people adopt it. Things are moving faster than I thought they would a few years ago.
A smart FED would read the writing on the wall and buy and hold bitcoin as an asset to prolong the strength of the US in prep for moving to BTC as their main asset and currency.
That said, I don't think they are that smart. I think Trump is just making promises he never intends to keep or at best he doesn't understand.
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I can more or less confirm that they aren't that smart.
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The thing is, the Fed does attract a lot of the top econ talent. It's considered on par with a position at a top tier research university. The issue is that virtually no one in my profession understands money, in general, much less some weird fringe internet money.
I don't think I can adequately convey how much better the average pleb/stacker understands money and bitcoin than professional monetary economists.
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It’s a funny old world. I work in mental health. The psychiatrists who are the highest paid professionals literally don’t understand mental health. And many of them don’t care much either.
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That's interesting and something I've heard from people in health care. It seems to me that during the pandemic we learned that many if not most are following protocols and there is a strong culture of follow the leaders. Very little don't trust, verify. Those types probably exist but they will be more likely to be ostracized. Those humans that just have to know for themselves and do not care if it is popular or accepted are rare. They are the ones we read about in history.
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Most of our doctors don't seem to understand physical health at all, so I'm not surprised that it holds for practitioners of the mental arts.
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Bravo!🤣
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