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Former House Speaker Gingrich: Central banks will hold Bitcoin as “reserve against inflation”

Former House Speaker Gingrich: Central banks will hold Bitcoin as “reserve against inflation



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41 Comments

  1. I don’t think the government will touch Bitcoin until they’ve inflated themselves past the point of collapse.

    Hedging with Bitcoin requires that they give up power and tacitly admit that their monetary policies are garbage, and that’s not something they’ll do unless they’ve tried and failed at everything else.

  2. CB’s are going to rush into Bitcoin once the lightbulb goes off on the issue it solves for them.

    Currently, CB’s can only create more money by issuing more debt (ie. Treasury issues a Bond and Fed Reserve buys bond with created funds, putting Bond on balance sheet as Asset and created currency as Liability). Obviously some-how some-way, these Liabilities need to be repaid…

    This situation is compounded by the politics of needing to constantly increase the debt ceiling so that Treasury-Fed can play their game to issue more currency.

    Bitcoin solves this. By having a “pure asset” on their balance sheet with no corresponding Liability entry, this leaves the Central Bank free to constantly issue more currency as the price appreciates. No different than how long-term hodlers can take collateralized loans against their Satoshis today.

    Once the lightbulb goes off on this, they are going to rush into Bitcoin as its the cleanest way out of the debt-liquidity-trap they are in.

  3. Newt Gingrich Wiki excerpts –

    “first time a Speaker was disciplined for an ethics violation”

    “In 1998, Gingrich’s private polls had given his fellow Republicans the impression that pushing the Clinton-Lewinsky scandal would damage Clinton’s popularity and result in the party winning a net total of six to thirty seats in the House of Representatives. At the same time Gingrich was having an affair with a woman 23 years his junior.”

    “Gingrich was a Southern Baptist in graduate school. He converted to Catholicism, the faith of his third wife Callista Bisek”

    ​

    BTC deserves better than this shapeshifting scumbucket. Look elsewhere folks.

  4. Preston Pysh talks on his podcast he once ran into Gringrich in an airport and they talked about Bitcoin. Years ago when it was under 1k I think. Preston said Gringrich said he bought some coins for all his grandchildren. Just In case.

    Preston’s podcast is good, I recommend.

  5. Central Banks create the inflation then hedge against it?. This is like saying that people will wear hard hats to defend themselves from head butting walls. “Oh lord, if only I could find some way of not punching myself in the face”

  6. This is the dude who cheated on his wife while she was in the hospital, right?

    And the guy who basically broke civility in politics.

    Fuck this guy. Nobody should care what Gingrich thinks.

    Bitcoin is better than this asshole.

  7. It’s fine to shit on bad takes by politicians who don’t understand or support BTC like Elizabeth Warren, but let’s not lionize microwaved bags of shit like Newt Gingrich because they said something nice. We don’t want BTC to be partisan. If it becomes that, the opposing faction could use that as a cudgel with which to beat exchanges with, etc.

  8. While I think that Newt is correct – just remember that his opinion and a $2 will buy you a cup of coffee at 7-11.

    ​

    Personally, I believe there are currently several central banks who have purchased some BTC. They would be stupid not to.

  9. I had a dream last night that the bitcoin price was not shown in dollar amounts any longer, but in thousands of dollars.

    Past: 65,000

    Future: 1,324k

    Crazy shit if this does happen at some point in the future….

What do you think?

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