Let the circus begin.
”The Reserve will be capitalized with Bitcoin owned by the federal government that was forfeited as part of criminal or civil asset forfeiture proceedings. This means it will not cost taxpayers a dime,” he added.
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213 sats \ 6 replies \ @BitcoinIsTheFuture 7 Mar
Oh it’s Bitcoin all the way in the long run!
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0 sats \ 5 replies \ @Fabs 7 Mar
In other words: They might hold on to "stolen" BTC and shitcoins, and might or might not sell some, but they'll definitely not buy some, correct? Wtf.
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0 sats \ 4 replies \ @BitcoinIsTheFuture 7 Mar
Read it! They can’t sell any Bitcoin, and have ways to buy more. This is how executive orders work giving guidelines and rules.
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0 sats \ 3 replies \ @Fabs 7 Mar
Is Bitcoin excluded from the fourth red box?
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0 sats \ 2 replies \ @BitcoinIsTheFuture 7 Mar
Yes there are two things established 1) a Strategic Bitcoin Reserve and 2) a separate US Digital Stockpile (aka shit coins). They can’t sell anything in the Bitcoin reserve, but can add to it. They can’t add to the stockpile but can sell the shitcoin stockpile. Any confiscation of shit coins will be sold and turned into Bitcoin based on my interpretation
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0 sats \ 1 reply \ @Fabs 7 Mar
Ah, I've mixed those two together then, my bad.
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54 sats \ 2 replies \ @aoeu 7 Mar
I think the big thing is a recognized distinction between bitcoin and everything else. That is now clarified in the EO. Nic Carter had a recent Tweet where he summarized it well: "So the government made all these L1 founders come to DC to kiss the ring and the night before published the news that they're not actually buying their bags after all."
https://x.com/nic__carter/status/1897830035244867633
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30 sats \ 1 reply \ @nitter 7 Mar bot
https://xcancel.com/nic__carter/status/1897830035244867633
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0 sats \ 0 replies \ @aoeu 7 Mar
Awesome. Love xcancel.com. I'd have posted nostr link but I don't think he's on there.
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171 sats \ 2 replies \ @Aardvark 7 Mar
I don't know what he can do beyond that via executive order. I guess we will hear more tomorrow after the crypto summit or what the fuck ever it is.
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62 sats \ 1 reply \ @siggy47 OP 7 Mar
I agree
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36 sats \ 0 replies \ @BitcoinIsTheFuture 20h
Sounds great! The U.S. Digital Fort Knox will now be called Fort Nakamoto. Lol
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346 sats \ 4 replies \ @aljaz 7 Mar
"This means it will not cost taxpayers a dime" - it also never belonged to the government
"criminal or civil asset forfeiture proceedings" - government has no rights to any of this
ppl are celebrating this as a win, in my book is just another case of government stealing everything it can from the people
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71 sats \ 3 replies \ @siggy47 OP 7 Mar
First of all I agree 100%. This is stolen bitcoin. Apparently though @kepford is correct that people are disappointed and that accounts for the sell off. They wanted a purchase announcement, which probably wouldn't be legal.
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67 sats \ 2 replies \ @aljaz 7 Mar
it also just gave a country with very abusive civil forfeiture laws a great reason to seize more bitcoin.
“Show me the incentives and I will show you the outcome”
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5 sats \ 1 reply \ @siggy47 OP 7 Mar
Maybe people will self custody now. Nah
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36 sats \ 0 replies \ @kepford 7 Mar
Was thinking the same thing.
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67 sats \ 2 replies \ @kepford 7 Mar
Price is likely tanking because he didn't say Bitcoin would be bought. LOL. Good news! Cheaper sats.
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23 sats \ 0 replies \ @siggy47 OP 7 Mar
My guess is word hasn't spread yet.
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135 sats \ 0 replies \ @ek 7 Mar
buy the rumor, sell the news
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71 sats \ 0 replies \ @DarthCoin 7 Mar
People should cheer up more for every new merchant accepting Bitcoin and not for this bullshit crap.
Every fucking new bitcoin merchant should be all over the news !
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99 sats \ 0 replies \ @justin_shocknet 7 Mar
Translation: Bessent to go full Saylor mode, take in Bitcoin, issue stablecoins and collect the yield from stablecoin bagholders
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36 sats \ 0 replies \ @ndLightningBoy 7 Mar
The main thing this does is entrenches Bitcoin into the system.
For instance, IMF leaning on El Salvador against buying Bitcoin for their reserves seems silly at best and corrupt at worst. You going to sandbag a small country in a global accumulation race?
Even though this is only an EO which easily repealed with a regime change, after almost 4 years of Bitcoin working its way through Banking, Insurance, Pension, and 401k systems another ChokePoint 3.0 type operation will cause to much instability and loss of trust in US financial markets.
As for the pure buying and selling part of this who cares. I am way more interested in how they structure the custody. My dream scenerio is each Branch of Gov gets 1 key. The SCOTUS key is more or less like what Unchained does only used as a backup.
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36 sats \ 0 replies \ @flat24 7 Mar
Bread 🍞 and circus 🎪 to the population.
They have centuries repeating 🔁 the same formula
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21 sats \ 0 replies \ @Lux 7 Mar
another corporation putting Bitcoin on it's balance sheet
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42 sats \ 1 reply \ @Satosora 7 Mar
First off, we knew this was going to happen.
So why are people whining about it?
This is what he said he would do if he got elected.
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100 sats \ 0 replies \ @gmd 7 Mar
I actually like this. No selling BTC already in custody. No shitcoins. No spending taxpayer money while running a deficit on shitcoins.
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10 sats \ 1 reply \ @kurszusz 7 Mar
So...this is a bullshit again...
They will not buy, just promise will not sell they actual "stock"...
An other geniune move from Trump to manipulate the market...
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0 sats \ 0 replies \ @BitcoinIsTheFuture 7 Mar
They will acquire more Bitcoin to the reserve, but aren’t allowed to add any shitcoins to the stockpile and have to sell any more they get.
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0 sats \ 0 replies \ @000w2 7 Mar
Firstly, do they even have the coins, or were they stolen in the final days of the Biden admin?
Secondly, what about Bitfinex?
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0 sats \ 2 replies \ @BitcoinIsTheFuture 7 Mar
So they also have the shot coin stockpile, but state they won’t add to that, but can add Bitcoin. I’m saying this is bullish!
Sacks “The Secretaries of Treasury and Commerce are authorized to develop budget-neutral strategies for acquiring additional bitcoin, provided that those strategies have no incremental costs on American taxpayers”
They will find ways! DOGE will find ways!
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0 sats \ 1 reply \ @SwapMarket 7 Mar
budget-neutral means more confiscations
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0 sats \ 0 replies \ @BitcoinIsTheFuture 7 Mar
Time will tell, they could take all of Strategies or some exchanges. Self custody!
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0 sats \ 0 replies \ @siggy47 OP 7 Mar
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