New bill that will integrate Crypto into the Financial system will hit Congress this week

[johnarb]

3. The “right” to self-custody is a weird one. Dennis P says this is the most important part of the bill and that gold ultimately failed because people were forced to hold gold in banks by decree. I don’t recall in my study of history that people were disallowed self-custody of gold when it was legal to own gold.

https://en.wikipedia.org/wiki/Executive_Order_6102


Bitcoin is a global asset. If the US has adverse laws against Bitcoin and cryptos, the growth of the industry will move to some other countries. Dubai and places in the Bahamas(?) are gaining some big Crypto companies, Binance and FTX respectively

The Mnuchin Bill that got killed was effectively a ban on Bitcoin and cryptos by basically preventing their normal operations from continuing

 

[savoir]

https://en.wikipedia.org/wiki/Executive_Order_6102


Bitcoin is a global asset. If the US has adverse laws against Bitcoin and cryptos, the growth of the industry will move to some other countries. Dubai and places in the Bahamas(?) are gaining some big Crypto companies, Binance and FTX respectively

The Mnuchin Bill that got killed was effectively a ban on Bitcoin and cryptos by basically preventing their normal operations from continuing

Prior to the executive order, people could hold gold under their beds if they wanted to. There was neither a ban on self-custody nor a requirement to hold gold at banks, as Dennis P asserts.

No country has banned the self-custody of Bitcoin. Banning payments in Bitcoin or the trading of Bitcoin is not the same thing as what happened to gold in the US in the 1930s.

 

[Tokenz]

Self regulatory, sure why not. Crypto thieves have no shame

Uh no, because most people pay to have their crypto. We didn't steal it, we bought it. But yes we don't have any shame that's right.

 

[mokwit]

So crypto gets integrated into the financial system just in time for a bailout.

 

[deaddog]

The only thing that makes sense to me about bitcoin is that it could be a world wide currency that isn't controlled by one country.

US government regulations won't have any effect of the rest of the world.

 

[johnarb]

The only thing that makes sense to me about bitcoin is that it could be a world wide currency that isn't controlled by one country.

US government regulations won't have any effect of the rest of the world.

You only see Bitcoin as a world wide currency, deaddog?

You don't see Bitcoin as a global digital asset, deaddog?

• Bitcoin as an asset is regulated in Canada, and traded in exchanges, and in the stock market via Bitcoin ETF's
• Bitcoin as an asset is regulated in the USA, and traded in exchanges, and in the stock market val Bitcoin futures ETF's, and Bitcoin futures on the CME
• Bitcoin as an asset is regulated in Japan, and traded in the exchanges
• Bitcoin as an asset is regulated in the South Korea, and traded in the exchanges
• Bitcoin as an asset is regulated in the Dubai, and traded in the exchanges
• Bitcoin as an asset is regulated in Australia, and traded in exchanges, and biggest bank is involved
• Bitcoin as an asset is regulated in Germany, and the biggest banks are involved and tax provisions are in place
• Bitcoin as an asset is regulated in Switzerland and the banks are involved

As a global digital asset, you can bring it with you to any place in the world especially the ones listed above

As a global digital asset, you can transfer to anyone, any group, any entity in the world especially the ones listed above

It's a nice feature of Bitcoin as a global currency so a hodler can use it as a payment method anywhere in the world

But Bitcoin as a digital asset is more useful in financial transactions such as a valuable collateral and an investment that will keep on increasing in value

 

[deaddog]

You only see Bitcoin as a world wide currency, deaddog?

You don't see Bitcoin as a global digital asset, deaddog?

It's a nice feature of Bitcoin as a global currency so a hodler can use it as a payment method anywhere in the world

But Bitcoin as a digital asset is more useful in financial transactions such as a valuable collateral and an investment that will keep on increasing in value

Semantics my friend. Currency or asset. You use it as a medium of exchange.

The only place we differ is that bitcoin will continue to increase in value. That remains to be seen. It's volatility is probably one of the reasons it's not catching on as a medium of exchange. At least to some of us.

 

[johnarb]

Semantics my friend. Currency or asset. You use it as a medium of exchange.

The only place we differ is that bitcoin will continue to increase in value. That remains to be seen. It's volatility is probably one of the reasons it's not catching on as a medium of exchange. At least to some of us.

Only 2 countries have regulated Bitcoin as currency/legal tender and it's neither USA nor Canada

Before 2.5 years have elapsed from now, Bitcoin will hit ATH of over $70K

 

[deaddog]

Only 2 countries have regulated Bitcoin as currency/legal tender and it's not USA or Canada

Within before 2.5 years from now, Bitcoin will hit ATH of over $70K

What do you think the bill that congress is talking about is going to do? It's going to be a fight to see what agency gets to regulate it. Personally I don't think they can. But it could stand in the way of it being universally accepted.

Any reason for the drop this weekend?

Up till now bitcoin has always made new 3 year highs. But also up till now it has made higher lows when it pulled back.

 

[johnarb]

What do you think the bill that congress is talking about is going to do? It's going to be a fight to see what agency gets to regulate it. Personally I don't think they can. But it could stand in the way of it being universally accepted.

Any reason for the drop this weekend?

Up till now bitcoin has always made new 3 year highs. But also up till now it has made higher lows when it pulled back.

Bitcoin is highly regulated in the US as digital property. If a person or business knowingly breaks the rules, they will face the consequences if they get caught

I'm reading on Twitter and the stuff I'm seeing is still related to Celsius and stEth/Eth which could be affecting Bitcoin and other cryptos price action to the downside

https://twitter.com/x/status/1535664813355024386