@PeterSchiff Just admit y wrong all this time Peter..
You ll feel better, I promise
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Ioannis Belavidas
22 posts
@PeterSchiff Man you so so right…thanks for educating us Peter
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If the U.S. government actually established a #Bitcoin reserve and bought 1 million Bitcoin, it might end up buying millions more. Since the U.S. government’s purchase of 1 million Bitcoin would drive the price so high, many HODLers, then worth millions or billions, would finally begin cashing out to spend their windfalls.
That would cause the market to crash, forcing the U.S. government to print even more dollars to buy more Bitcoin to prevent the price from crashing, thereby diminishing the value of its Bitcoin reserve. Of course, a reserve of something you can never sell and must continuously buy is worthless as a reserve. To maintain the pretense that its Bitcoin reserve has actual value, the U.S. government would be forced to keep buying, destroying the value of the dollar in the process.
This would mean Bitcoin prices would keep rising, and the U.S. government would have to print even more money to buy more Bitcoin. Ultimately, so many dollars would be printed to buy Bitcoin that the U.S. would experience hyperinflation, rendering the dollar completely worthless. Once the dollar is worthless, the U.S. could no longer keep buying Bitcoin. Instead, it would have to sell all the Bitcoin it holds to try to pay its bills, leading to the complete collapse of Bitcoin. In the end, Bitcoin would have succeeded in destroying the dollar. But the victory would be short-lived, as Bitcoin would be destroyed along with it. At least those who sold to the U.S. government to buy real assets would be rich. The people who never sold their Bitcoin, or kept their savings in dollars, would be completely wiped out.
It goes without saying that this scenario would be an unmitigated disaster for the U.S. That's why it's highly unlikely that a Bitcoin reserve will ever be established, let alone built up to the level suggested by RFK.
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Κάντε σύσταση σε φίλους και ξεκινήστε. #BinanceFreeBTC binance.com/el/activity/re… #
Ελληνικά
@DegenClubGR Paidia.. paizei kana daneiaki na agoraso kai ego ligo DIP?
Euskara
Let me get this straight.
You can’t drink until you’re 21.
But you can change your gender at 12.
Huh?
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Did any #crypto people see this?
Michael Saylor leaked #Ethereum & Bitcoin audio...
Is this real 👇
youtu.be/obzx9JRt9As
YouTube
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I built my empire with just a lap-top and a strong belief in myself.
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