Bitcoin Plunges Following Fed’s 'No to Bitcoin' Statement

[philipma1957]

I'm not sure if Powell will be the face, but it just shows that the FED doesn't like Bitcoin simply as that. And will used all it's power not to let it be a strategic national reserved in the US despite Trump's statement.

So let's see how it goes for next year after Trump assumes office. There could be some conflict between the two and again, I'm not a US citizen so I don't know what is the take here. Maybe US Congress can approved law to make it officially?

There is a battle to devalue the dollar.

Bush pushed it from 2002 on. Basically the dollar is in deficit for 23 years in a row.

I watched Nixon when I was a kid end the USA gold standard. Not quite sure what Trump can do but he is going to try to alter the structure of the dollar and we will all get to see him take his shot at it.

He tried to last week. He wanted the debt limit lifted until dec 2027.

his next try comes in late feb or early march.mshould be fun to watch it.

I am hedged bonds and btc so one way or the other I will make out.

[LogitechMouse]

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According to the law, the FED is not allowed to own Bitcoin (BTC) under the Federal Reserve Act. Of course, Congress can change law if it can be able to muster the necessary support needed. Another idea that others are looking into is for the Treasury of USA getting into Bitcoin so there is no need for the involvement of FED, in the first place.
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I am just wondering...do you think Jerome Powell is emerging to be the face of the anti-Bitcoin force that will have some serious influence under the coming Trump administration?

Well, you just said that the FED isn't allowed to own Bitcoin, so I don't think that Powell will be the new face of anti-Bitcoin, but he's just doing what's right hence, he said no to Bitcoin.

On the flip side, you also said that the Congress can change the law, so if they will change the law and will allow Bitcoin to be a strategic reserve asset then that's the time where Papa Powell will not say no to Bitcoin. I don't believe that he will follow what Gensler did when he's obviously against crypto.

Let's just see how this goes, but I believe Trump is eager to make Bitcoin as their strategic reserve asset to pay their very huge national debt. :X

[robelneo]

I am just wondering...do you think Jerome Powell is emerging to be the face of the anti-Bitcoin force that will have some serious influence under the coming Trump administration?

If Trump wants it, he will have his way because he has people in Congress that can change that law.
we all know Trump always gets his way so this is going to be interesting if he will challenge Powell and request his people to change the law.
I have this feeling after seeing the power of the cryptocurrency community that he will try to accomplish a lot of things for the betterment of the community.
Every move by Trump will be watched by the community, and we all hope it is for the betterment of adoption of cryptocurrency.

[Baofeng]

I am just wondering...do you think Jerome Powell is emerging to be the face of the anti-Bitcoin force that will have some serious influence under the coming Trump administration?

If Trump wants it, he will have his way because he has people in Congress that can change that law.
we all know Trump always gets his way so this is going to be interesting if he will challenge Powell and request his people to change the law.
I have this feeling after seeing the power of the cryptocurrency community that he will try to accomplish a lot of things for the betterment of the community.
Every move by Trump will be watched by the community, and we all hope it is for the betterment of adoption of cryptocurrency.

From what I understand they have powers in both chambers, in congress and senate with regards to his political party. So who knows, maybe he will have his way and change everything to favor crypto or Bitcoin or vetoed a law to make it a national reserved.

So the fight is not over yet, or at least we should hope that there will be changes next year with regards to this No Bitcoin statement by the Feds.