What is it that you think is the definition of "financial asset?" Here is a definition that would clearly include crypto currency: Financial Asset Definition and Liquid vs. Illiquid Types
Djt and his bro will want to set up a US crypto reserve like Ft Knox. That should push bitcoin to 200k
Crypto total marketplace is something like $4Trillion and you don’t think it’s holders consider it an asset??? Clearly the people “all-in” on crypto think it’s an asset. You must simply not be paying attention, even more bizarre we are in a thread about a potential Securities and Exchange chief being an “advocate” of crypto exchanges. You think his advocacy of it as a financial product is because he views it as “like gambling” or because he considers it a type of asset like banking or investing? .
Real estate market crash caused by greedy and stupid and impacted everyone. What happens to economy if virus wipes out crypto worldwide?
Because he wants to push up a price of an asset that has no real value backing it him and his friens invested heavily in?
Meh, many are but with big hedge funds, and ETFs Bitcoin and other won’t go away. If you’re smart and disciplined you can make money in them. I’m up over 100% since the election. Been skimming profits along the way.
Many Fiat currencies are barely worth the paper they are printed on. I’m not saying crypto will become a legal tender it’s too volatile, but there are lots of asset classes that can’t be used as legal tender.
Not all crypto is created equal. There’s a lot of junk ones out there that are even more riskier than meme stocks. But the “big” players are certainly valid risky assets.
Agree. I venture to say there isn't more than one person in ten thousand who even fully understands what it is or how it works. That's how we want our financial system to work?????? Not I.
The bigger concern is Atkins deregulating banks and Wall Street. “The repeal of the law separating commercial and investment banking caused the 2008 financial crisis.” https://www.usnews.com/opinion/blog...of-glass-steagall-caused-the-financial-crisis and from the op regarding Atkins…..”a Wall Street lobbyist whose main contribution during the last financial crisis was to protest fines against the giant corporations that defrauded investors”
Glass-Steagall was repealed by an act of Congress. It wasn’t decreed by a Secretary. It was also a huge mistake, but politicians on both sides of the aisle and the sitting president at the time were all bought off and complicit in the repeal. I personally would love for it to be reenacted.
Supposedly Trump has proposed selling some of the gold in the US depository at Ft. Knox to fund his strategic bitcoin reserve. This is what Laurence Summers had to say about Trump's harebrained scheme. Summers Blasts US National Bitcoin Reserve Idea as ‘Crazy’ Fortunately the bitcoin reserve would require Congressional approval and there should be at least four Republican Senators and/or three Republican members of the House with enough sense to vote against it.
