Calling it "fake money" where you cash out for "real money" is a total misunderstanding of what is going on here. That's the problem with these people - totally emotional, completely stuck in their worldview, zero ability to try to understand the perspective of others. I'm sure there would be sellers but to act like all Bitcoin has been is a scheme to get government to buy imaginary money bags is crazy.

Yeah that is funny but to some people that’s true. I imagine a large portion of bitcoin holders see it as an investment opportunity to gain more fiat.

It's not a fiat thing, it's a preserving and growing purchasing power thing. But the nuance there is very small, that is true. I agree with him that it sucks when the government spends money on stuff you don't like. If he wanted to abolish these absurd taxes and cut spending I'd stand right beside him. Unfortunately he's a communist who would be more than happy to spend my money on things he likes, so I have no sympathy.

he did not say “bitcoin” once. If the government will buy shitcoins he’s right - it’s a robbery. overseas, the ECB also doesn’t want to say the “B” word. There can be no serious criticism while the nomenclature is rigged and we pay the beneficiaries of the doubt

He does not seem aware its Bitcoin .. but to this point. I'm not sure how this reduces any debt. Unless .. the USGov't sells all their gold and basically sends in tanks to blow the Federal Reserve Banks to smithereens. The the amount of US dollars can be declared FIXED. Based on the amount of Bitcoin held in reserve. Bitcoin could then be declared LEGAL TENDER ... and that would be it.

It's just a sly way to debase your currency without having to actively default on the debt. Very similar to the one trillion dollar coin idea except it's Bitcoin and is actual money which is already used by millions. Devalue dollars, buy Bitcoin, Bitcoin goes up, pay off dollar denominated debts. Their proposal estimated it would be worth 16T in 20 years lmao.

We don't think you're stupid Cenk. We know you're stupid. Yes government please pump my bags. Then the weak hands will sell while I hold my bags. Because I will not sell my real money for fake money

I've been a #Bitcoin maxi for quite a while now & this is the cycle where I finally began to study the mentality of "no-coiners". I had an epiphany a few months ago after an IRL convo that most of their mentality & reasoning simply boils down to what I call "incumbency bias". We are the assholes that come out of nowhere & tell them that everything that they have ever believed in is a lie; that's an impossible pill to swallow for most.

💯 @🐈 I’ve not heard anyone talk about what unintended consequences of this would be. Seems no difference than ppl in congress passing laws in favour of companies they have stock in.

I don't really take issue with any of his comments - it's mostly just run-of-the-mill normie FUD. (I'm even happy to concede that any money the government spends is effectively 'taxpayer' money). What I think he is demonstrably wrong about is that the bill as currently written doesn't require taking on any new debt - at least for a while.. It essentially calls for the ~$11B in gold certificates currently held by the Fed to be updated from their $42.22 per ounce value (a relic of a 1970's statute) to the current market value - and the difference to be returned to the U.S. Treasury. At the current market rate for gold this would provide the Treasury with ~$700B that it didn't have to borrow from anyone. Is $700B enough to buy 1M Bitcoin slowly over 5 years? I don't know, either (but I doubt). So maybe they would have to start borrowing to eventually achieve this. Though, in the meantime, it would actually temporarily wipe out a significant drop of the debt (and the associated interest payments) - so there's that. PS. The upgrading of the gold certificates sounds too good to be true to me. I mean, why hasn't anyone suggested doing it before now to pay for their own pet project? It feels like there must be something that makes it legally undoable; but, I haven't seen the argument against it, yet... and it's still in the latest text of the proposed bill.

"(c) Federal reserve system gold certificates.—Not later than 180 days after the date of enactment of this Act, the Federal reserve banks shall tender all outstanding gold certificates in their custody to the Secretary. Not later than 90 days after the tender of the last such certificate, the Secretary shall issue new gold certificates to the Federal reserve banks that reflect the fair market value price of the gold held against such certificates by the Treasury, as of the date specified by the Secretary on each new gold certificate. Upon issue by the Secretary, each Federal reserve bank that receives a new gold certificate shall remit the difference in cash value between the old and new gold certificates to the Secretary for deposit in the general fund within 90 days." https://www.congress.gov/bill/118th-congress/senate-bill/4912/text

"The gold certificate account reflects the receipts issued to the Reserve Banks by the Treasury against its gold holdings. In return, the Reserve Banks issue an equal value of credits to the general account of the Treasury, computed at the statutory price of $42.22 per troy ounce. Because nearly all of the gold held by the Treasury has been monetized in this fashion, the Federal Reserve Banks' gold certificate account of $11 billion represents the nation's entire official gold stock."

Assets: Other: Gold Certificate Account: Wednesday Level

Graph and download economic data for Assets: Other: Gold Certificate Account: Wednesday Level (WGCAL) from 2002-12-18 to 2025-12-17 about certifica...

therefore we must continue to stack at all price points.