"Trump and Elon have joined forces to pump it to the moon and use the US treasury to buy up bitcoin stakes of his $billionaire friends, "
Your above statement describes exactly what my problem is with Bitcoin and the US (in any form) being involved in it. Read it slowly and take it in....
They are going to treat it just like they have with FIAT. It is a toy for them which they will tamper with to "blow up" its value (well, its perceived value) for whoever the deem worthy recipients (ie THEM!!). I read somewhere last week that Elon Musk could soon be the world's first trillionaire. Isn't that insane?
In my view, yes, they will run up Bitcoin to such a ridiculous level that FOMO will take over (as it always does) and the "uninformed" public will all rush into it and one Friday night after the markets close, "THEM" will all sell and the perceived value will evaporate overnight. To use it as a reserve monetary thing to back the Treasury is patently ridiculous quite frankly. It's volatility alone should negate its suitability. It has no intrinsic value whatsoever.
There is a reason why Au & Ag have been used as monetary metals for thousands of years. Their intrinsic value cannot be artificially blown up and I am more than happy to continue to hold the stuff.
