Bitcoin - TOP 4 promises of the Trump presidency
It is finally time for Bitcoin to get its due. These are the top four positive news stories we can expect from the Trump administration.
Donald Trump is aware that American power is based on the dollar. Treasury bonds are the preferred reserve asset for exporting countries due to their liquidity. Because of this so-called "petrodollar" arrangement, the US may maintain a sizable trade deficit without experiencing a decline in the value of its currency.
To put it another way, the petrodollar enables Americans to trade commodities for IOUs, including food, rare earth elements, metals, and oil. The BRICS countries are working to end this excessive privilege.
Trump's pledge of economic protectionism implies that as the BRICS shift away from the currency, trade agreements will get more stringent. But even for the BRICS, a global reserve currency is not a guarantee.
Thus, Bitcoin's irreplaceable asset—its limited 21 million BTC monetary supply—arrives just in time. Furthermore, no country has the authority to seize it because it is a stateless currency. It is destined to become a global reserve currency because of these two technological advances.
At the Nashville Bitcoin conference last July, Donald Trump declared, "My administration will retain 100% of all bitcoins that the United States government currently owns or acquires in the future if elected."
He additionally stated that "it is the current government policy that threatens the dollar, not bitcoin."
Acquiring a "strategic reserve of bitcoins" before anybody else could prove to be a risk worthy of the petrodollar, given the dollar's unavoidable decline in global use.
The Bitcoin Policy Institute has released a paper outlining the benefits of the US adopting bitcoin as a global reserve currency.
Global technical networks are essentially competing with one another for the geopolitical balance of power in the twenty-first century. With the Internet, GPS, Microsoft, Facebook, and other technologies, the United States has dominated for decades.
Two more significant instances of this takeover are the dollar and the SWIFT network. Regretfully, extensive financial penalties (such as blocking Russian foreign exchange reserves and cutting off SWIFT) would inevitably cause new value stores and networks to arise.
The freezing of Russian reserves has drawn attention from countries that do not support US imperialist foreign policy. Saudi Arabia and China don't want to lose hundreds of billions of dollars all at once.
Thus, the bitcoin solution, which functions as both a reserve currency and a payment network. Two in one. But when countries lack their own bitcoin miners, they are forced to rely on the rest of the world to complete their transactions. Donald Trump recognized this. "I want all the remaining bitcoins to be mined in the United States ," he said.
Will China, which no longer invests its surpluses in U.S. debt, notice?
In addition to buying more gold, the Chinese central bank is also pulling out of US bonds.
This demonstrates China's well-defined plan to lessen its reliance on the US dollar. However, China continues to ban bitcoin.
Additionally, Bitcoin prevents the waste of excess renewable energy. Because miners can halt operations on demand, this financial windfall aids energy corporations in funding the energy shift and stabilizing the electrical grid.
The old continent needs to acknowledge the many positive aspects of the Bitcoin sector. To maximize its excess renewable energy, Deutsche Telekom, the biggest telecom company in Europe, has revealed that it is entering the bitcoin mining space. EDF, too?