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this post was submitted on 28 Jul 2024
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politics
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With USD, the government can print as much of it as they want. With BTC, nobody has that ability. What this means is that if you have USD as a result of your labor, someone else can print as much as they want, which robs you of your labor. Wealthy people know this very well, so they hold their value in businesses or real estate or other things that only the wealthy have access to, but absolutely not USD or other fiat currencies. Anyone can hold their labor in BTC, and nobody, not even the government, can print it privately to rob you of your value.
That alone is enough to make it an excellent currency, but it goes way beyond that. Anyone can send any amount of BTC to anyone else in the world instantly for almost no fee. BTC can be divided down as small as desired, making it useful for many things that USD isn't. The list goes on from there. This is why, a decade ago, when people were ridiculing btc as never being worth "real" money, so many intelligent people were able to predict just how useful and popular it would become.
This is one of the most ignorant bonerjams for crypto I think I've ever read. What you're saying is why a government would want crypto...from your own perspective.
Governments have a Treasury and print currency for a reason, whether you like that or think it's fair or not. One surefire way to fuck up control of your own currency system is putting it on a system with public accounting and access. Never going to happen. If anything, they would make their own digital currency, which then nobody will use for obvious reasons.
Governments don't want crypto. Trump is only saying this because he is appealing to crypto investors and crypto bros. There is no way this is ever implemented.
A large number of Democratic politicians just signed a letter saying they want the exact same thing. I just posted it in a comment, or you can search it. They released it on July 26th, 2024. I commented it yesterday.