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@ WritingLabs
2024-06-24 11:41:31In a stunning turn of events, Bitcoin's value has nosedived a staggering 15%, falling from an all-time high of $72,000 per BTC to $61,000. The cause? None other than former United States president, Donald J. Trump, whose recent comments and rumored policies have sent shockwaves through the global Bitcoin community.
In a recent rally, Trump declared, "We want all the remaining bitcoin to be made in the USA." This bold statement has left many scratching their heads, wondering if the ex-president fully grasps the decentralized nature of Bitcoin. Nevertheless, his followers cheered, and the markets trembled.
Adding fuel to the fire, rumors are swirling about a proposed tariff on offshore bitcoin brought into the United States. Whether such a measure could work in practice is still to be determined, but the idea of taxes on foreign sourced bitcoin has many American businesses with international operations nervous.
But that's not all. In a move that could only be described as draconian, whispers of a plan to use recursive covenants on Bitcoin have emerged. The scheme aims to ringfence all the bitcoin currently held in US custody, such as those held by the "too big to fail" Coinbase, the primary custodian for corporate america, wall street and the popular ETFs. These covenants would effectively prevent those coins from ever being sent outside of whitelisted US addresses. If true, this would essentially create a digital Berlin Wall around American Bitcoin, isolating it from the rest of the world.
Critics argue that these policies are nothing more than a misguided attempt to assert dominance over the borderless digital cash. By prioritizing a "USA first" approach, Trump risks alienating global partners and further isolating the United States on the international stage. Neighboring countries, already wary of America's unpredictable policies, are likely to view these moves as antagonistic and regressive.
And let's not forget the opportunists lurking in the shadows. Trump's buddies and notorious shitcoiners are reportedly licking their chops, hoping that once he's in charge, they'll have a free hand to write regulations that allow them to prey on the public with their dubious shitcoin offerings. These unregistered securities are a haven for scams, and with the right legislation, these predators could wreak havoc on unsuspecting investors.
The fear of Trump's rising popularity and his policy direction for Bitcoin has undoubtedly contributed to the recent market uncertainty. Investors are apprehensive about the future of bitcoin in the US under a potential second Trump administration.
As the 2024 US presidential election looms, the Bitcoin community can only watch and wait, bracing for more market volatility. Will Bitcoin recover from the "Trump Dump"? Only time will tell. For now, it seems the ex-president's quest to "Make America Great Again" might just come at the expense of their burgeoning Bitcoin economy.