Bitcoin was not legitimized today. Bitcoin was legitimized long ago on its own merits.

There's "concepts of a plan" to buy. I doubt that's happening soon.

You seriously think they're going to sell gold to buy Bitcoin? What about paying down the debt?

I hear the market is dumping Bitcoin because apparently the US isn’t magically sending $1T to Coinbase tonight to smash buy Bitcoin with a market order. 😂

I just read the EO for the reserve and honestly it sounds fantastic. I don’t know what everyone is frowning upon. 

The fact that that is no buying happening is probably a good thing since this is being put into a single basket with shitcoins. You don’t want the public to get angry (rightfully) for utilizing tax payer money to buy shitcoins. That would be a PR disaster for bitcoin by mere association. 

This is like the first time we have had any positive press from the White House that paints bitcoin in positive light and that is huge. I’m actually glad they are not going to buy any further bitcoin at the moment because I don’t want them to have any. This gives us more time to stack, for natural adoption to take place to hopefully severely limit the available bitcoin for the reserve, should the time come to buy.

It’s unlikely congress would approve of any such spending anyway, so it’s weird that bitcoiners expected there to buy purchasing going on. Though, this EO DOES spell out that there will be a review of strategies to acquire more: 

“(c)  The Secretary of the Treasury and the Secretary of Commerce shall develop strategies for acquiring additional Government BTC provided that such strategies are budget neutral and do not impose incremental costs on United States taxpayers.” 

This is the correct path I believe, unless that acquisition involves civil forfeiture (which it could… and I don’t think anyone would be happy with that).

Bitcoiners read charts, not paragraphs.

After tonights EO - I believe the entire crypto summit is about policy unrelated to the reserve or stockpile. The reserve train has left the station. The bills are being worked. Everything is in motion.

What it’s likely about is all of the shit the government/SEC should have been doing for the past decade. Regulations, Definitions, Policies regarding how the entire crypto economy will be treated from every angle. Banking, taxes, records, KYC, etc.

Do you really think the shitcoiners are coming to the Whitehouse for a 4hr meeting to discuss a decision that has already been made?! No.

My prediction - Trump’s remarks at 3pm will likely be about how Elizabeth Warren, Gensler, and the “cRyPtO aRmY” tried to unfairly destroy the industry with operation chokepoint. Trump will probably start with discussing the politics around the SBR and the “crypto shitpile” and pivot into broad crypto policy platform stuff. Calling on congress and the applicable agencies to finally do their fucking job and regulate this industry properly and fairly.

The crypto summit tomorrow will have better dynamics than you think. I get that there are lots of shitcoiners, but think about it, is Garlinghouse going to argue for a SOL reserve? He can, but everybody there will be expecting him to be advocating for XRP, so they'll trash it, as well they should. The only thing they'll be able to agree on is Bitcoin, which is what David Sachs and Trump saw. They'll have some nominal concessions, but the main thing is going to be Bitcoin as that's the only politically viable one that's not grossly favorable to just one person in the room.

Most people reading the bitcoin reserve details today:

I’m tired of the Twitter posts fanboying over nation state purchases.

It’s relevant for macro and price, but I get it. Most people keep re-posting it for engagement. I only need the key articles.

I don’t want to focus on that. I want the juicy stuff.

I’ve focused attention here a lot lately, but in case I missed anything, I invite you to tell me what I should analyze and then broadcast on my site and on Twitter/X about privacy, tech, taxes, and so forth.

I just read the EO for the reserve and honestly it sounds fantastic. I don’t know what everyone is frowning upon. 

The fact that that is no buying happening is probably a good thing since this is being put into a single basket with shitcoins. You don’t want the public to get angry (rightfully) for utilizing tax payer money to buy shitcoins. That would be a PR disaster for bitcoin by mere association. 

This is like the first time we have had any positive press from the White House that paints bitcoin in positive light and that is huge. I’m actually glad they are not going to buy any further bitcoin at the moment because I don’t want them to have any. This gives us more time to stack, for natural adoption to take place to hopefully severely limit the available bitcoin for the reserve, should the time come to buy.

It’s unlikely congress would approve of any such spending anyway, so it’s weird that bitcoiners expected there to buy purchasing going on. Though, this EO DOES spell out that there will be a review of strategies to acquire more: 

“(c)  The Secretary of the Treasury and the Secretary of Commerce shall develop strategies for acquiring additional Government BTC provided that such strategies are budget neutral and do not impose incremental costs on United States taxpayers.” 

This is the correct path I believe, unless that acquisition involves civil forfeiture (which it could… and I don’t think anyone would be happy with that).

The Founding Fathers would have been bitcoiners. 🇺🇸

Everyone is aware that a EO can just be undone by the next president right?

Losers lose