Bitcoin... currency of the future or fraud/scam/bubble?

[aneftp]

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Why?

many corporations buying bitcoin coin before trump media. And way before trump media brought it. And it’s not like trump media got some special stock option execution price of bitcoin at say $50k per bitcoin. They are paying full price just like everyone else at at near or at peak current pricing.

Countries are buying bitcoin as reserve currencies.

 

[aneftp]

Ah yes.

So i get paid in dollars, i convert to bitcoin, then i move it to cold storage (for safety), then i have to connect my cold wallet to a pc, then i can send it to bitpay...oh..they cant purchase local goods

Ok, well i can have bitpay send it to Apple, who then converts to dollars. So at least i can buy stuff there.

Or i can just use cash/credit

But hey, ill be sure to explain that to my wife when she makes a Costco run and asks for my credit card

But hey its legal tender in El Salvador right? Oh, nobody uses it there either?

Hmm

It’s the same analogy as gold? Why do we keep gold and never use it as currency at Costco to buy stuff?

According to a survey by the deVere Group, 77% of investors under the age of 40 would prefer to add bitcoin to their portfolio over gold.

In the US, more Americans now own bitcoin than gold, according to a presentation at the recent Strategy (NYSE: MSTR) World 2025 conference.

Gold or Bitcoin. It’s like blockbuster vs netflix. And by the way. 77% of those under age 40 prefer bitcoin over gold.

“
According to a survey by the deVere Group, 77% of investors under the age of 40 would prefer to add bitcoin to their portfolio over gold.

In the US, more Americans now own bitcoin than gold, according to a presentation at the recent Strategy (NYSE: MSTR) World 2025 conference. ”

 

[UscGhost]

It’s the same analogy as gold? Why do we keep gold and never use it as currency at Costco to buy stuff?

According to a survey by the deVere Group, 77% of investors under the age of 40 would prefer to add bitcoin to their portfolio over gold.

In the US, more Americans now own bitcoin than gold, according to a presentation at the recent Strategy (NYSE: MSTR) World 2025 conference.

Gold or Bitcoin. It’s like blockbuster vs netflix. And by the way. 77% of those under age 40 prefer bitcoin over gold.

“
According to a survey by the deVere Group, 77% of investors under the age of 40 would prefer to add bitcoin to their portfolio over gold.

In the US, more Americans now own bitcoin than gold, according to a presentation at the recent Strategy (NYSE: MSTR) World 2025 conference. ”

Yes, its the same as gold, as in 99% of its use is as a store of value and not as mainstream currency. Outside of small 3rd world countries,etc

Teslacoil argues that its an everyday currency that will be utilized everyday and everywhere. He even attempts to show this by saying that 100s of businesses accept it.

The advantage of bitcoin (and gold) is that its a store of value and hedge against inflation. Those advantages make it very inefficient and ineffective as a daily currency.

CAN they (gold, bitcoin) be used as a medium for transactions, sale of goods? Yes, but that is far and away the exception, and there are very few current reasons to use it for that. The dollar is leagues ahead in that regard.

Not to mention the fact that governments are very interested in knowing where the money is, what its being used for and controlling it. The idea that the government would create policies and infrastructure in order to lessen their control of monetary policy is simply not logical.

Bitcoin is much better off as a store of value, like gold, than a currency

 

[nimbus]

Why?

many corporations buying bitcoin coin before trump media. And way before trump media brought it. And it’s not like trump media got some special stock option execution price of bitcoin at say $50k per bitcoin. They are paying full price just like everyone else at at near or at peak current pricing.

Countries are buying bitcoin as reserve currencies.

Read the article that @Splenda88 posted. Trump has control over policies that affect the value of BTC. He can and does manipulate the price of BTC. His ventures have been accumulating BTC before his policies were announced.

https://www.cnbc.com/2025/07/21/trump-djt-bitcoin-net-worth.html

“Trump’s spokespeople have said that the president’s connection to World Liberty does not create a conflict of interestbecause his assets are in a trust that is currently managed by his son, Donald Trump Jr.

But assets in that revocable trust still belong “indirectly” to the president, who is the trust’s grantor and its sole beneficiary. And the funds would be available to him after he leaves office in 2029.

Critics, including Democratic lawmakersand ethics experts, warn that Trump’s crypto interests and his political power create an environment ripe for corruption.

“As a stakeholder in crypto assets, President Trump will likely profit from the very policies he is pursuing,” the advocacy group Democracy Defenders Fund said in a report in April.

Before taking office in January, Trump transferred all DJT shares to the revocable trust managed by Trump Jr. Since then, Trump Media has effectively redefined itself as a cryptocurrency and financial services company.

The company’s first product was the Twitter-like social media platform Truth Social, which is used by Trump but has failed to generate much revenue. The company, which went public last year through a merger with a special purpose acquisition company, nevertheless attracted thousands of retail investors.

In late January, the company announced a fintech brand called Truth.Fi, boosted by a $250 million allocation in investments including bitcoin and exchange-traded funds.

In February, the company began pursuing what it called a “strategic acquisition fund with select investors,” and in March it inked a partnership with Crypto.com to launch a series of ETFs.

In late May, the company said it raised over $2.3 billion in net proceeds from selling stock and convertible notes to about 50 institutional investors, and that it would use those funds to build a bitcoin treasury.

Trump Media’s announcement Monday morning came less than a week after bitcoin hit an all-time high, making it by far the world’s most valuable and popular cryptocurrency.“

 

[UscGhost]

Read the article that @Splenda88 posted. Trump has control over policies that affect the value of BTC. He can and does manipulate the price of BTC. His ventures have been accumulating BTC before his policies were announced.

https://www.cnbc.com/2025/07/21/trump-djt-bitcoin-net-worth.html

“Trump’s spokespeople have said that the president’s connection to World Liberty does not create a conflict of interestbecause his assets are in a trust that is currently managed by his son, Donald Trump Jr.

But assets in that revocable trust still belong “indirectly” to the president, who is the trust’s grantor and its sole beneficiary. And the funds would be available to him after he leaves office in 2029.

Critics, including Democratic lawmakersand ethics experts, warn that Trump’s crypto interests and his political power create an environment ripe for corruption.

“As a stakeholder in crypto assets, President Trump will likely profit from the very policies he is pursuing,” the advocacy group Democracy Defenders Fund said in a report in April.

Before taking office in January, Trump transferred all DJT shares to the revocable trust managed by Trump Jr. Since then, Trump Media has effectively redefined itself as a cryptocurrency and financial services company.

The company’s first product was the Twitter-like social media platform Truth Social, which is used by Trump but has failed to generate much revenue. The company, which went public last year through a merger with a special purpose acquisition company, nevertheless attracted thousands of retail investors.

In late January, the company announced a fintech brand called Truth.Fi, boosted by a $250 million allocation in investments including bitcoin and exchange-traded funds.

In February, the company began pursuing what it called a “strategic acquisition fund with select investors,” and in March it inked a partnership with Crypto.com to launch a series of ETFs.

In late May, the company said it raised over $2.3 billion in net proceeds from selling stock and convertible notes to about 50 institutional investors, and that it would use those funds to build a bitcoin treasury.

Trump Media’s announcement Monday morning came less than a week after bitcoin hit an all-time high, making it by far the world’s most valuable and popular cryptocurrency.“

Or maybe when Trump sues CBS

And CBS settles with him, despite having a winning case, because Trump controls the FCC who controls the fate of the merger deal for CBS

Basically a 16 million dollar bribe

 

[nimbus]

How Trump cuts are causing a ‘brain drain’ in American science

The Trump administration is attacking American academic institutions on multiple fronts, including cutting grant funding and targeting foreign exchange programs. That gives other countries a chance to surpass the U.S. in scientific discovery.

www.wbur.org

 

[nimbus]

Or maybe when Trump sues CBS

And CBS settles with him, despite having a winning case, because Trump controls the FCC who controls the fate of the merger deal for CBS

Basically a 16 million dollar bribe

And CBS fires the highest rated late night talk show host in order to get the deal through. The money guys that we all hate in anesthesia run the whole country.

 

[We'llBeDoneIn15Minutes]

Im in AI too. You still dont get it. Thats fine. Do whatever you want lol.

"You still don't get it."

Lol Those words have never been said before...

Charles Ponzi
Dot.com
Bernie Madoff
2008 real estate
NFTs
Tulips

Maybe.... you still don't get it.
When the rug gets pulled out on it the people holding the bag aren't going to care that but, but, but it's been going up for 10/20 years...

 

[We'llBeDoneIn15Minutes]

For the 800th time. It does not need any backing.

Yeah that one is not going to age well 🤣

 

[We'llBeDoneIn15Minutes]

Most younger people prefer digital gold to physical gold. It’s just easier. You mention AI, but going forward most likely fintech will be on the blockchain. You might be missing out on that run up.

I might be missing out but FOMO has crushed many a man's finances. I feel somewhat strongly that crypto hype will run with the ai boom and that has a good shot of years in the making from now. But when that massive bubble implodes, which it will, the MSFTs will survive and much of the speculative junk will do a death spiral like a worthless dot com. If you hold till then just remember to take your winnings and let some lemming get stuck with it.

 

[UscGhost]

And CBS fires the highest rated late night talk show host in order to get the deal through. The money guys that we all hate in anesthesia run the whole country.

Yup

Its strange. Trump just blatantly runs scams, insider trading, etc and maga excuses it by saying that well, Dems do it in secrecy (without any actual proof)

Im sure aneftp will jump in and say " well both sides do it, i just call it like is, i see the whole picture, etc)

 

[TeslaCoil]

Yeah that one is not going to age well 🤣

Its aged pretty damned well for the past 15 years and it will for at least the next 15. And we’ll continue to revisit how foolish it is not to get in now.

 

[TeslaCoil]

"You still don't get it."

Lol Those words have never been said before...

Charles Ponzi
Dot.com
Bernie Madoff
2008 real estate
NFTs
Tulips

Maybe.... you still don't get it.
When the rug gets pulled out on it the people holding the bag aren't going to care that but, but, but it's been going up for 10/20 years...

😂 tulips. Thats funny. So bitcoin is like tulips according to you? I mean its obvious you arent educated on the subject. Are tulips durable, fungible, divisible, scarce, portable, decentralized, secure, non sovereign, cross border? No. Only bitcoin is. I wish somebody would rug pull bitcoin, cuz if the price fell, I’d be buying.

 

[sevo00]

"You still don't get it."

Lol Those words have never been said before...

Charles Ponzi
Dot.com
Bernie Madoff
2008 real estate
NFTs
Tulips

Maybe.... you still don't get it.
When the rug gets pulled out on it the people holding the bag aren't going to care that but, but, but it's been going up for 10/20 years...

BTC has been out since 2007. When will the rug finally get pulled?

 

[finalpsychyear]

BTC has been out since 2007. When will the rug finally get pulled?

They also think it may happen:

 

[UscGhost]

BTC has been out since 2007. When will the rug finally get pulled?

As soon as other investments become more attractive

Bitcoin, as a decentralized currency that some proponents have focused on, is the same whether its $1 or $10 or $100. For example, if i wanted to send someone a payment via Bitcoin, that for some reason i couldnt send them cash, i would just buy bitcoin at whatever price it is, send it in the amount i needed to send, and then they convert it back. So whether i send one bitcoin at $100 per coin, or 100 coins at $1 per coin...its irrelevant to myself or the recipient.

I could also send ethereum, or solana, or xrp, or whatever other crypto i wanted

Compare that to stocks (generate revenue, profits, dividends) or real estate (everyone needs land to live, farm, work, etc and generates rents plus appreciation), and even those have gone through boom and bust bubbles

Bitcoins value now relies on the idea that someone else is willing to pay more for it than i did. Once people start cashing out..that value will fall.

What do you think would happen if the top two people, controlling 8% of all bitcoin, decide to start selling?

Many whales bought/own at an extremely low cost basis. You dont think they will want to start profit taking? Would be foolish to risk billions in profits on hopes of making more billions

Its a matter of when...

 

[cchoukal]

So notwithstanding all the compelling critiques, and generally agreeing with the "con" side (see what I did there?), it strikes me that the risk of holding a small, passive position, is small. So for the average retail investor, which ETFs do you acolytes like? Schwab has BITX? How would a person determine what the best BTC fund might be?

 

[sevo00]

As soon as other investments become more attractive

Bitcoin, as a decentralized currency that some proponents have focused on, is the same whether its $1 or $10 or $100. For example, if i wanted to send someone a payment via Bitcoin, that for some reason i couldnt send them cash, i would just buy bitcoin at whatever price it is, send it in the amount i needed to send, and then they convert it back. So whether i send one bitcoin at $100 per coin, or 100 coins at $1 per coin...its irrelevant to myself or the recipient.

I could also send ethereum, or solana, or xrp, or whatever other crypto i wanted

Compare that to stocks (generate revenue, profits, dividends) or real estate (everyone needs land to live, farm, work, etc and generates rents plus appreciation), and even those have gone through boom and bust bubbles

Bitcoins value now relies on the idea that someone else is willing to pay more for it than i did. Once people start cashing out..that value will fall.

What do you think would happen if the top two people, controlling 8% of all bitcoin, decide to start selling?

Many whales bought/own at an extremely low cost basis. You dont think they will want to start profit taking? Would be foolish to risk billions in profits on hopes of making more billions

Its a matter of when...

Whales have already started taking profits. Over the last few years people have sold billion dollars worth. So why price not rugging?

 

[TeslaCoil]

Whales have already started taking profits. Over the last few years people have sold billion dollars worth. So why price not rugging?

Its because the demand far far outweighs its supply. Some maybhave started taking profits, but for the most part most large financial institutions like blackrock have been just buying. Microstrategy is at 600,000 btc with a goal of 1 million (which I dont think they’ll ever get to).