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106 sats \ 2 replies \ @k00b OP 23h \ on: Saylor Advises SEC: Bitcoin Not "Digital Currency" bitcoin
Nothing too surprising in here. It does further highlight the demographic bitcoin is now "serving."
In his proposal presented to the SEC, Saylor describes Bitcoin as a commodity, meaning "an asset without an issuer, backed by digital power." Bitcoin, according to Saylor, is to be distinguished from digital currencies, which he defines as "an asset with an issuer, backed by fiat currency."
Saylor does propose that cryptocurrency owners have the right to self-custody, as well as to trade and transfer their assets. However, Saylor also states that cryptocurrency owners must comply with local laws, stating that "all participants are civilly and criminally responsible for their actions," hinting at possible sanctions compliance to be enforced on a wallet level.
His overall goal, as described in the section of his framework titled "Opportunity", is establishing "USD as the Global Reserve Digital Currency" to "strengthen the US dollar, neutralize the national debt, and position America as the global leader in the 21st-century digital economy," which, according to Saylor, could for example be enabled by creating a Strategic Bitcoin Reserve.
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36 sats \ 1 reply \ @Bell_curve 23h
it's like gold which is a commodity for purposes of regulation but can also be used as a currency if people want to barter with it
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31 sats \ 0 replies \ @kepford 23h
That's a good way to put it. I try to explain to people about its volatility in the same way. Just as if we discovered a new metal and it had many uses or powers that we still didn't understand, it would trade with a ton of volatility.
Bitcoin is what it is.
A separate question is how are the majority of people using it or thinking about it.
These are independent of each other. Bitcoin can function as money, store of value, and unit of account. Saying it isn't money or digital currency doesn't change what is possible.
Let them think its not money... If the US gov thinks it is a threat to the dollar you will see a lot of "pro-bitcoin" politicians flip real quick.
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