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So far from what I can read from that bill, it is treating it pretty much like gold. It stops the sales and auctions of Bitcoin, so all the Bitcoin that the Fed still holds can't be sold off. And it allows U.S. debt to be paid back in bitcoin if I understand the wording of the eo/ draft correctly.

Specifically, it says it authorizes the Secretary of Treasury to deal in instruments of credit and the Secretary is hereby directed in a matter consistent with obligations under the law to allocate no less than $21 billion from the ESF for the strategic procurement of Bitcoin for the inclusion of the SBR through purchase of debt obligations from suitable counterparties with repayment denominated in Bitcoin."

The other stuff seems pretty run of the mill, like establishing missed standards for custody and security.

I kind of take issue with it being treated specifically as digital gold and not necessarily as money. But so far there's nothing in the executive order that specifically says you cannot use it as money, so I'm starting to think that Ops Post is a little bit reactionary. And maybe my own as well, but I guess that depends on other laws and regulations that come as a result of the executive order.

Overall, I guess. As long as they can't actualy stop people from using Bitcoin how they choose, then I'm not sure if it really matters what the government does.

2Pac 1y ago

I didn’t read so thanks for the summary. None of this sounds surprising to me. If anything about the bill does not directly or indirectly benefit the US gov and the dollar it will not be signed doesn’t matter who is president. Calling it money threatens the US dollar the US government will not threaten their own dollar.

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Discussion

Enki 1y ago

Fair point.

2Pac 1y ago

The cool thing about bitcoin is even if your enemy adopts bitcoin you both benefit. This economic incentive bitcoin is so strong and that is why govt will adopt it. If they don’t they will be left behind.

Enki 1y ago

I still see this as a stepping stone towards an atempt at more regulatory capture, but I guess It's just another test of Bitcoin's resiliency as long as they can't stop you from using it how you want, like I said before.

2Pac 1y ago

Yes they will try but you can only regulate your citizens you can’t regulate bitcoin. They will see what they can get away with but the more individual citizens become bitcoiners the harder it will be to effectively regulate. If you go to far you drive entrepreneurs and bitcoiners off shore to friendlier jurisdictions. And jurisdictions will flip depending on party politics and who is leading a country in a certain time frame.