{"id":1478523,"date":"2024-07-22T02:10:00","date_gmt":"2024-07-22T06:10:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1478523"},"modified":"2024-07-22T02:10:00","modified_gmt":"2024-07-22T06:10:00","slug":"what-a-trump-presidency-means-for-bitcoin","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/what-a-trump-presidency-means-for-bitcoin\/1478523\/","title":{"rendered":"What A Trump Presidency Means For Bitcoin"},"content":{"rendered":"

What A Trump Presidency Means For Bitcoin<\/span><\/p>\n

\n

Authored by Mark Jeftovic via BombThrower.com,<\/em><\/a><\/p>\n

<\/a><\/p>\n

…and the Journey from \u201cNotgeld\u201d to World Reserve Currency in Under Two Decades<\/em><\/h2>\n

\u201cJust because something is inevitable doesn\u2019t make it imminent\u201d<\/em><\/p>\n

– Douglas Casey<\/em><\/p>\n

For a long time, anybody paying attention knew that central banks printing fiat money out of thin air, then lending it to nation states at interest and blowing it out into the economy would inexorably,\u00a0eventually<\/em>\u00a0lead to such wealth disparity that the society would break down.<\/p>\n

It would get to the point where popular revolts would threaten to overwhelm the position of the elite class;\u00a0those Cantillionaires<\/a>\u00a0who lord over this phantasmagorical system that created value\u00a0ex nihilo\u00a0<\/em>and caused, through inflation, the vast majority of wealth to accrue to\u00a0society\u2019s \u201ccapstone class\u201d<\/a>\u2026<\/p>\n

<\/a><\/p>\n

Class structure, now and future<\/em><\/p>\n

One of my personal favourite quips is:<\/p>\n

Eventually always shows up sooner than everyone expects.<\/em><\/p>\n

It\u2019s been over three years since I released\u00a0The Crypto Capitalist Manifesto<\/a>,\u00a0<\/strong>and in it I laid out my base investment thesis that \u201cThe Great Reset\u201d wasn\u2019t actually anything to do with climate change or any of the United Nations Sustainable Development Goals \u2013 what it\u00a0really<\/em>\u00a0was all about, is the\u00a0debt:<\/em><\/p>\n

\u201cYOU WILL OWN NOTHING, AND YOU WILL BE HAPPY.<\/strong><\/em><\/p>\n

The messaging coming out of global elites such as the World Economic Forum, The Party at Davos, the International Monetary Fund and even places as disparate as The Vatican and Hollywood are all riffing on the same theme: You, the middle class, the lower class, the masses \u2013 are going to have to get used to a lower standard of living.<\/em><\/p>\n

The\u00a0real\u00a0reason why isn\u2019t because of climate change, or even COVID.\u00a0It\u2019s because of the debt.\u00a0The world has finally run out of runway from kicking the can down the road all those times the global economy threatened to backslide into recession or when previous monetary bubbles imploded. All those decades of collectively living beyond our means have finally hit the wall. This is it. We\u2019re here.<\/em><\/p>\n

Governments have spent beyond their means for decades, and now the bills have come due. The only way to pay them will include inflation and austerity. It will resemble a controlled demolition of the entire middle class. The easiest way to do that will be to turn them into a completely dependent welfare class via endless rolling lockdowns, Universe Basic Income programs and mandatory health passports.<\/em><\/p>\n

However \u201cThe Great Reset\u201d is basically at its core, a monetary reboot. A way to restructure the global debt overhang and turn \u201cmoney\u201d into technocratic lube for enacting grandiose social engineering projects:\u00a0most of them geared toward ratcheting down the standard of living for the masses of the\u00a0developed world and suppressing the standard of living for the so-called Third World.\u201d<\/em><\/p>\n

(If you want a free copy of the entire manifesto, just sign up for\u00a0the Bombthrower mailing list<\/a>\u00a0and we\u2019ll send you the PDF).<\/em><\/p>\n

\u201cThe Great Reset\u201d and \u201cBuild Back Better\u201d attempted to lay the groundwork for the eventual (and still somewhat\u00a0inevitable<\/em>) pivot of fiat money into\u00a0Central Bank Digital Currencies (CBDCs).<\/strong>\u00a0They will almost certainly be fused with\u00a0social credit systems denominated in carbon footprint quotas<\/a>\u00a0\u2013 and thus a mechanism to implement forced austerity across the debt-drowning economies of the world resulting in a kind of\u00a0\u201cmonetary Apartheid\u201d<\/a>.<\/p>\n

What I Got Wrong in My Manifesto<\/h2>\n

Aside from the fact that events I assumed would play out over decades happened within 18 months, there was another fundamental flaw in my analysis:<\/p>\n

I first discovered Bitcoin during the Cyprus banking crisis of 2013 \u2013 when people began to understand that \u201cas safe as money in the bank\u201d didn\u2019t quite mean what it used to anymore.<\/p>\n

The Cypriots got hit with a 10% \u201cbail-in\u201d, but more ominously \u2013 bail-in provisions started showing up all over the place (from the Manifesto, again):<\/p>\n

As the bail-in was being planned and executed in March 2013, Eurogroup president Jeroen Dijsselbloem told interviewers that Cyprus would serve as a template for future bank restructurings in the euro zone.<\/em><\/p>\n

In April 2013, the idea of enshrining the framework for bail-ins surfaced in my home country of Canada, with the Conservative Harper government\u2019s budget<\/em><\/p>\n

The Canadian bail-in language was been preserved in the budget even after the Liberals under Justin Trudeau assumed office in 2015. In 2018 it officially became The Bank Recapitalization (Bail-in) Conversion Regulations. <\/em><\/p>\n

In Australia the Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Bill of 2017 gave the Aussie government the power to facilitate bail-ins.<\/em><\/p>\n

And in case you\u2019re wondering, the USA was a front-runner for codifying bail-ins into legislation: the Dodd-Frank Bill that was passed in 2010, ostensibly to reform the banking sector after the Global Financial Crisis contains provisions for \u201cStatutory Bail-Ins\u201d to recapitalize any \u201csystemically important\u201d banks that gets themselves into trouble.<\/em><\/p>\n

In fact, new supra-national bail-in laws took effect across the entire G-20 in 2014.<\/em><\/p>\n

It was during the Cyprus bail-in that Bitcoin surged above $100 USD for the last time. It would never again trade at the double-digit level.<\/p>\n

Even so,\u00a0 I never thought Bitcoin would become\u00a0the\u00a0<\/em>world reserve currency or even a component of whatever comes next after this post-post-Bretton Woods era we now live in.<\/p>\n

My mental model for Bitcoin, right up until 2022 was as a\u00a0kind of globally emergent \u201cNotgeld\u201d<\/a>\u00a0\u2013 a German term that came into being during their 1920\u2019s Weimar Hyperinflation, and translates into English as \u201cemergency money\u201d.<\/p>\n

In Germany, individual towns began printing their own scrip, during the Zimbabwe hyperinflation, people began using prepaid phone and gas cards.\u00a0Every hyperinflation has its\u00a0Notgeld,<\/em><\/a>\u00a0and until early 2022, that\u2019s what I assumed Bitcoin was, on a global level.<\/p>\n

Two things happened that changed my mind:<\/h2>\n

The US seized the foreign asset reserves of two nation states \u2013 it doesn\u2019t matter who those states were or what they did to \u201cdeserve it\u201d.<\/p>\n

During the #FreedomConvoy,\u00a0the Canadian government declared martial law<\/a>\u00a0and seized the bank accounts of truckers and any citizens who supported them.<\/p>\n

The first sequence of events forever changed the calculus that\u00a0nations<\/em>\u00a0would employ for deciding how to allocate and hold their sovereign wealth.<\/p>\n

The second did that for individual citizens. It alone orange-pilled Robert F Kennedy Jr, who two years later would make Bitcoin a US election issue when he opened his\u00a0historic keynote at Bitcoin 2022<\/a>\u00a0in Miami with the words:<\/p>\n

\u201cI became a Bitcoiner when I saw what the Canadian Government did to the truckers\u201d\u00a0<\/em><\/p>\n

<\/a><\/p>\n

From that point on \u2013 Bitcoin shifted from being \u201cNotgeld\u201d \u2013 emergency money amid a slow-rolling, global hyper-inflationary event, and it became\u00a0inevitable\u00a0<\/em>component of a future, successor monetary regime.<\/p>\n

The Next President of the United States Has Been Orange-Pilled<\/h2>\n

No matter what you think of Donald Trump, whether he induces either type of \u201cTDS\u201d (Type 1 = \u201cTrump Derangement Syndrome\u201d, Type 2 = \u201cTrump Divinity Syndrome\u201d), or\u00a0 you\u2019re more dispassionate and objective, the fact remains that a Trump-led GOP landslide is all but baked-in come November 5th.<\/p>\n

Like RFK Jr., Trump has firmly jumped onto the Bitcoin bandwagon. He\u2019s been orange-pilled (props to David Bailey Bitcoin Magazine for doing so).<\/p>\n

Trump declared that he\u00a0\u201cwants all future Bitcoin to mined in the USA\u201d.\u00a0<\/em>Granted, it doesn\u2019t quite work that way, but he went on to reiterate that, and the right to self-custody at: the Republican National Convention:<\/p>\n

Donald Trump makes EPIC promise to US crypto holderspic.twitter.com\/LqCRtEZTbD<\/a><\/p>\n

\u2014 Altcoin Daily (@AltcoinDailyio) July 19, 2024<\/a><\/p>\n

The Big Announcement Will Drop on July 27th<\/h2>\n

This year Trump will be delivering the keynote address at Bitcoin 2024 in Nashville, Tennessee. RFK Jr will also be on hand. Both candidates firmly on board with Bitcoin, albeit one destined for the Presidency more than the other (I expect RFK will land somewhere within a Tump administration come January 2025).<\/p>\n

The inside baseball is that at that keynote address, Trump is expected to announce his intention to create\u00a0a strategic reserve of Bitcoin\u00a0<\/em>for the US Treasury.<\/p>\n

HUGE BREAKING: Trump to announce a USA #Bitcoin<\/a> strategic reserve in Nashville \ud83c\uddfa\ud83c\uddf8 – Sources<\/p>\n

\u2014 Dennis Porter (@Dennis_Porter_) July 18, 2024<\/a><\/p>\n

Doing so could be as simple as a stroke-of-the-pen on inauguration day, as the US is already sitting on about $5B worth of BTC:<\/p>\n

The next President of the USA should sign an executive order to convert the $5.5 billion held by the US Government into a strategic reserve at the US Treasury then use that reserve to back the dollar with #Bitcoin<\/a>. pic.twitter.com\/NYjcbCWXmV<\/a><\/p>\n

\u2014 Dennis Porter (@Dennis_Porter_) July 18, 2024<\/a><\/p>\n

Once that happens,\u00a0we\u2019re in a whole new ballgame.\u00a0<\/em>The Game Theory of Bitcoin will irrevocably change globally, and nation states will be incentivized to follow suit.<\/p>\n

Regardless of how it plays out, Bitcoin has\u00a0already\u00a0<\/em>crossed the Rubicon. It\u2019s here to stay, it isn\u2019t some kind of \u201cemergency money\u201d to temporarily sidestep the ongoing unraveling of the global fiat standard \u2013 it\u2019s now part of the plumbing.<\/p>\n

*\u00a0 *\u00a0 *<\/p>\n

Read my\u00a0special report\u00a0<\/a>on what a Trump presidency means for Bitcoin, and which companies stand to win big\u00a0right here.<\/a> Join the\u00a0Bombthrower mailing list<\/a>\u00a0and get a free copy of the\u00a0Crypto Capitalist Manifesto\u00a0here<\/a>\u00a0(and\u00a0The CBDC Survival Guide\u00a0once it drops) Follow me\u00a0on Nostr<\/a>\u00a0or\u00a0Twitter here<\/a>.<\/em><\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nSun, 07\/21\/2024 – 22:10<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/crypto\/what-trump-presidency-means-bitcoin<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

What A Trump Presidency Means For Bitcoin Authored by Mark Jeftovic via BombThrower.com, …and the Journey from \u201cNotgeld\u201d to World Reserve Currency in Under Two…<\/p>\n","protected":false},"author":0,"featured_media":1478524,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[1],"tags":[],"class_list":["post-1478523","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pbimBl-6cD9","jetpack_featured_media_url":"https:\/\/bugaluu.com\/news\/wp-content\/uploads\/sites\/3\/2024\/07\/trump-laser-42028129-x7uPsS.jpeg","_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1478523","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1478523"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1478523\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1478524"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1478523"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1478523"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1478523"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}