The Bitcoin Strategic reserve, will other countries follow the US steps?

[Stompix]

The positive impact that BTC has brought to El Salvador is not in the profits from mining BTC with volcanic geothermal energy, nor does it come from BTC price increase, because they only hold about more than 6K BTC ~ $600M = 0.56% of their 2024-GDP. El Salvador receives more value in free advertising, tourism attraction and foreign investment. Before 2021, I didn't know where El Salvador is and who their president was, but now I can spell Nayib Bukele name correctly ^^

And do you have sources for that actually happening?
Because look what official sources say:

Cross-post from BTT

These are the figures of GDP growth in 2022/2023 for central america:

Guatemala  4.1%  3.5%
Panama  10.8%  5.1%
Honduras 4%   3.2% 
Salvador 2.6%  2.7%
Nicaragua 3.8%  3.1% 
Costa Rica 4.6%  4.1%
Belize 8.7% 4.2%

Salvador has had the lowest growth in Central America for two consecutive years!
It has run a $764.60 millions deficit last year after a previous $587.40 million deficit.

Second, if Salvador is doing that great, why are they begging the IMF for a loan and why is there no bank giving them one?

[yhiaali3]

The Bitcoin ecosystem is decentralized, I don't think that Donald Trump can control it, though there may be stronger regulations but i still don't think that Bitcoin can be centralized by anyone. Donald Trump plan is to make American the head quarter of Cryptocurrency and every things related to crypto.
Again, it is too early to conclude whether other countries want to weaken Bitcoin and weaken the Bitcoin strategic reserve, we can be watching the development to see how other countries act as time progresses.

Of course Bitcoin is decentralized and no one can centralize it, but on the other hand it can be made less centralized through third-party services.

By imposing KYC, AML, and anti-terrorism regulations on third-party services, which in turn will be imposed on users, the US can greatly reduce Bitcoin’s decentralization, because people will eventually be forced to use third-party services.

[memehunter]

IMO, a FOMO among nations will soon follow, especially considering Bitcoin has almost the same market cap as silver (and has even left silver behind many times recently).

[Crypto Library]

Since the United States is currently one of the world's superpowers and is a role model for many other countries, many of them can influence other countries to also allocate Bitcoin as a strategic reserve.
And if we set a strategic reserve for the long term, I don't think there will be any loss for a country, rather Bitcoin can bring huge profits for that country. So I think in the future other countries will adopt Bitcoin as a strategic reserve like the United States of America.

[philipma1957]

and the usa having most of the mining gear mining is not the issue.

Not an issue?
Imagine, let's say Denmark would want to add Bitcoin to their reserves..
And then Trump orders every miner and mining pool in the US to blacklist all of Denmark coins and addresses until they give up Greenland,  what do you think other countries would do?

When a country like the US wants to make Bitcoin a strategic reserve it is like a tool to start manipulating the crypto market quite ruthlessly, so that there is no more technical and fundamental depiction of how the price of bitcoin will go, there will only be manipulation and it will benefit the US and some countries that play in it.

And this proves that no country that is at risk of a trade war with the US would risk money in Bitcoin reserve it has no control over it.

The issue is the musky trumpeter is feeling very frisky and billions of people are reacting to it.

[LogitechMouse]

---
Now, with the strategic reserve implemented in the US, do we expect other nations to follow the US steps? I have a filling that many nations are skeptic of the potential of Bitcoin against Fiats, hence many are not saying any thing or speak out about the benefits of the Bitcoin strategic reserves.
---
What do you think?

With this move of Trump, there might be some nations that will change how they look at Bitcoin. Many countries are skeptical I believe due to the fact that it might just go to zero since nobody owns it, or maybe they're doing it to prevent their people from getting scammed since many are using Bitcoin to scam people. With this move of Trump, it might change in the next few years.

As for other countries following his move, I guess it will depend on the outcome of this in the next months to a year or two. Many might be skeptical to follow what he did because it's the first time that a country will use Bitcoin as their own strategic reserve, but the US government has a reserve for Oil, Gold, and even Cheese so they can do it with Bitcoin as well. If other countries will follow though, this might create a supply squeeze in the long run.

[dave_strider]

IMO, a FOMO among nations will soon follow, especially considering Bitcoin has almost the same market cap as silver (and has even left silver behind many times recently).

Only after a recession of sorts 

[philipma1957]

IMO, a FOMO among nations will soon follow, especially considering Bitcoin has almost the same market cap as silver (and has even left silver behind many times recently).

but maybe a mass dump is in the cards.

the musky trumpeter has done a lot the last month and change.

it could spook the market further.

[tequilla_sunset]

IMO, a FOMO among nations will soon follow, especially considering Bitcoin has almost the same market cap as silver (and has even left silver behind many times recently).

but maybe a mass dump is in the cards.

the musky trumpeter has done a lot the last month and change.

it could spook the market further.

It may be the case too, a sale is good, but a bigger sale? - They would be glad to use this opportunity just like the rest.

[memehunter]

IMO, a FOMO among nations will soon follow, especially considering Bitcoin has almost the same market cap as silver (and has even left silver behind many times recently).

but maybe a mass dump is in the cards.

the musky trumpeter has done a lot the last month and change.

it could spook the market further.

Yeah, you will never know what is going on in the mind of powerful people who actually move the market as per their own interests. However, I am pretty positive with the stance of the orange man regarding giving BTC a international stage. Lets give the credit where it's due.

[dave_strider]

Yeah, you will never know what is going on in the mind of powerful people who actually move the market as per their own interests. However, I am pretty positive with the stance of the orange man regarding giving BTC a international stage. Lets give the credit where it's due.

I do think they will down the market till it satisfies them and then get a good load of everything they listed for the reserves and stockpiles.

It would be logical, at least.

[erus]

~snip~
Now, with the strategic reserve implemented in the US, do we expect other nations to follow the US steps?
~snip~

I think the rules will be strict if a country implements Bitcoin as a reserve fund because Bitcoin is vulnerable to hacking. If a hack occurs, the Bitcoin will be difficult to return, and sometimes the traces will disappear because Bitcoin is laundered on the Mixer platform or the like.
For example, like this:

1. The country of Berus has a Bitcoin reserve of 20,000 BTC.
2. The country of Berus' Bitcoin reserve was hacked up to 2,000 BTC.
3. The country of Berus will definitely experience a loss of around 2,000 BTC.
4. The country of Berus must be able to replace the 2,000 BTC reserve because it is a state asset or state money.

It seems like this will be good news for our community in crypto but I am sure the regulations in the country that accepts the Bitcoin reserve will provide strict treatment to Bitcoin owners.

[bayu7adi]

Many people has spoken about how unreliable some politicians may be, but we might have seen and acknowledged the efforts of president Donald Trump, his vocal about bitcoin, and his planned to establish a Bitcoin strategic reserve, and now it has been implemented.
Now, with the strategic reserve implemented in the US, do we expect other nations to follow the US steps? I have a filling that many nations are skeptic of the potential of Bitcoin against Fiats, hence many are not saying any thing or speak out about the benefits of the Bitcoin strategic reserves. There seems to be too many protection against fiat in some countries, probably there may be Bitcoin Dominance factors against many Fiats or may be some political leaders in other parts of the world lact any knowledge of Bitcoin or the blockchain. What do you think?

Yes, at least we have to wait for the impact after the decision is implemented, because seeing that Bitcoin is currently still not fully accepted by governments around the world, it might make some countries choose to wait for several countries to do their research, until they can be really sure about making Bitcoin a part of their country's finances, considering that the risk is also quite large from the government's point of view...

If the US only applies this for certain interests, wouldn't this make other countries less interested in making Bitcoin a strategic reserve? It all depends on the results and impacts experienced by the US when the Donald Trump administration takes action.

[omori]

~snip~
Now, with the strategic reserve implemented in the US, do we expect other nations to follow the US steps?
~snip~

I think the rules will be strict if a country implements Bitcoin as a reserve fund because Bitcoin is vulnerable to hacking. If a hack occurs, the Bitcoin will be difficult to return, and sometimes the traces will disappear because Bitcoin is laundered on the Mixer platform or the like.
For example, like this:

1. The country of Berus has a Bitcoin reserve of 20,000 BTC.
2. The country of Berus' Bitcoin reserve was hacked up to 2,000 BTC.
3. The country of Berus will definitely experience a loss of around 2,000 BTC.
4. The country of Berus must be able to replace the 2,000 BTC reserve because it is a state asset or state money.

It seems like this will be good news for our community in crypto but I am sure the regulations in the country that accepts the Bitcoin reserve will provide strict treatment to Bitcoin owners.

I don't see how it would be hacked if the gov would invest as much as so little to read about how to store their Bitcoin properly.

[erus]

~snip~
Now, with the strategic reserve implemented in the US, do we expect other nations to follow the US steps?
~snip~

I think the rules will be strict if a country implements Bitcoin as a reserve fund because Bitcoin is vulnerable to hacking. If a hack occurs, the Bitcoin will be difficult to return, and sometimes the traces will disappear because Bitcoin is laundered on the Mixer platform or the like.
For example, like this:

1. The country of Berus has a Bitcoin reserve of 20,000 BTC.
2. The country of Berus' Bitcoin reserve was hacked up to 2,000 BTC.
3. The country of Berus will definitely experience a loss of around 2,000 BTC.
4. The country of Berus must be able to replace the 2,000 BTC reserve because it is a state asset or state money.

It seems like this will be good news for our community in crypto but I am sure the regulations in the country that accepts the Bitcoin reserve will provide strict treatment to Bitcoin owners.

I don't see how it would be hacked if the gov would invest as much as so little to read about how to store their Bitcoin properly.

Please check this one:

Bybit was exploited for over $1.4 billion Friday, rocking the crypto industry to the core, as it easily became the largest single heist in crypto history.

Do you know that ByBit's system is designed to be so strong that it is also anti-hacking?
But see this news:
https://www.ibtimes.com/bybit-hack-how-14b-exploit-happened-funds-recovered-whos-responsible-3764817
That means a solid project like ByBit also experienced the effects of hacking by irresponsible Hackers and they named it Lazarus.

If Bitcoin becomes a reserve fund in a country, then it is certain that the country will be targeted by hackers to steal its Bitcoin. I think this is not a taboo but hackers are indeed specialists in stealing, regardless of whether it is from a private company or a country because what is important is what is being sought after is Bitcoin.