Comments on: What A Trump Presidency Means for Bitcoin https://bombthrower.com/fixing-americas-balance-sheet-with-bitcoin/ Blowing up the Clown World. Mon, 22 Jul 2024 18:57:14 +0000 hourly 1 https://wordpress.org/?v=7.0.3 By: Olivier https://bombthrower.com/fixing-americas-balance-sheet-with-bitcoin/#comment-187664 Mon, 22 Jul 2024 18:57:14 +0000 https://bombthrower.com/?p=10090#comment-187664 >Regardless of how it plays out, Bitcoin has already crossed the Rubicon. It’s here to stay, it isn’t some kind of “emergency money” to temporarily sidestep the ongoing unraveling of the global fiat standard – it’s now part of the plumbing.

I agree, but I'm worried about one scenario :

If Bitcoin becomes part of the U.S. Strategic Reserve, this will give the U.S. government very powerful leverage over Bitcoin's future.

I see several risky scenarios with this.

For example, the government or the Senate could decide that Bitcoin must integrate KYC natively for it to be used legally by the US state, US financial institutions, businesses and individuals.

They could pay developers to create a fork, and force all these people to use it.

The rest of the community will then have to choose:
– Stay with the original version of Bitcoin, which will NOT be used by the U.S. government, ETFs, Microstrategy and others.

– Or use the version that all these American entities will use.

The problem is that it's the version used by US entities that should have the highest price per Bitcoin, creating an incentive for all other users to use the new fork.

What's your opinion on this scenario and the risk it represents?

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