White House Says It Is "Monitoring The Bitcoin Situation"

Tyler Durden's picture

In the past few days two Federal Reserve presidents have discussed cryptocurrencies and concluded they are "niche" and "don't matter today."

The total market capitalization of the entire cryptocurrency space is around $300 billion - smaller than the Top 10 names in the S&P 500.

In the last three years, Bitcoin has gained a similar amount of market cap as Nvidia...

A de minimus percentage of Americans are exposed to Bitcoin and crypto-currencies.

But it appears the last few days of turbulence in Bitcoin  - which saw total losses of around $3 billion yesterday, compared to $60 billion lost in FANG stocks alone - has 'triggered' the world's media into a frenzy..

Which led to today's White House Press Briefing and an unusual question from one reporter...

"Has the president been following cyrptocurrencies at all? Specirfically the major run-up in it...

 

Does he have an opinion on it, and does he feel it is now something that needs to be regulated?"

The answer was, perhaps, somewhat surprising...

"The [Bitcoin situation] is something that is being 'monitored' by our team...

 

Homeland Security is involved."

Which made us wonder...

Is Homeland "monitoring" FANG stocks and how dangerous they are?

 

Is The White House aware of the billions of dollars bing slammed through precious metals paper markets every morning?

 

Does President Trump have opinion on the massive spike in EONIA this week?

Did Bitcoin just make it to the big show?

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JohnnyFbomb's picture

That's all they can do. They're helpless to stop it.

I_rikey_lice's picture

One tweet from Trump and cryptos will collapse.

 

Stackers's picture

I keep wondering what these morons think they can "regulate" in bitcoin.

It's not owned by a company or individual.

The exchanges already operate under strict "Know Your Customer" and money transfer rules

The IRS has already ruled how profits are to be taxed.

What else are they going "regulate" ???

IH8OBAMA's picture

Oh oh.  No longer flying under the government radar is bad news for the tulip mania bitcon.  The CB's will probably move in unison when it is time to squash the cryptos.

 

nope-1004's picture

Now why would the reserve currency of the world need to "monitor" an alternate, open and free monetary system that threatens to bypass all of its member banks?  

.... duh

And to think that the NSA had nothing to do with this trap is beyond all rationale.....  because gamblers are gamblers and they don't want to look at the evidence, just repeat the mantra they heard once, that it's "anonymous" and "untouchable".

Good luck C++ ers.  You're only up against the Fed and the MIC.

 

 

malek's picture

No worries.
tmoron assured us that Bitcoin cannot be stopped nor controlled by governments.

affirmed_78's picture

They can only impact the centralized companies who operate in bitcoin (i.e. the exchanges).  The bitcoin network itself is built to be immune from attack of any sort. 

MisterMousePotato's picture

Oh. So, in other words, some select few had advance knowledge (magic? telepathy?) on what position us.gov was going to take concerning cyptos?

FreedomWriter's picture

Precisely, it is not the name of the coin or the exchange that matters. This will slowly dawn on new adopters. Blockchain technology is changing the world.

Governments also talk a lot about "regulating" the internet. Have you seen how well that is working? 1 T USD/annum in cyber-fraud losses expected by 2020. You call that regulated?

Da Genie's outta da bottle bitchez, so you better get some coin and wave your freak flag. Unless you want to die poor in a room wall-papered with 100 dollar bills.

The worst thing that might happen to banksters is an inevitable massive run on Fiat currencies and people's full divestment into cryptos and PMs. That would really be sticking it to the man.

But this is what keeps them awake at night, realizing they can no longer enslave the entire planet 365/24/7.

Buy BTFD in BTC and ride it to the moon. Your children will thank you.

DownWithYogaPants's picture

Regarding the president's health:

If I was president the last place I would go for a checkup would be Bethesda.  Those guys are Deep State.

You could end up a hospital statistic there!

JLee2027's picture

Blockchain is indeed showing that the Central Bank system is ending. But blockchain is too limited to replace it.  

kochevnik's picture

Yes acyclic directed graph better topology

QueeroHedge's picture

They can't regulate it but they can tank the price by making it illegal for citizens to hold/use. Do this in concert with china and vassal state south korea and * poof * bitcoin trading @ 13cents.

 

As a crypto advocate I feel this reality is largely ignored.

Winston Churchill's picture

He's a moron.Might makes right, and they have both the Pb and willingness to use it to

maintain their power.They see the potential to use the blockchain to their advantage,not ours.

It will be co-opted or regulated when the product is ripe for that purpose whatever it is.

Daily Bail's picture

Check out the Yvette Felarca story at the top of the link. Bitch is getting sued.

https://www.citizenfreepress.com/

 

 

Chupacabra-322's picture

Really assuring to know the

D. ept.

of

H. uman

S. acrifice

is involved & their billions of rounds of ammunition.

johngaltfla's picture

The funny thing is that most of the Crypto world doesn't realize their worst fear if they are a US resident:

I

R

S

Trust me. The banksters can and eventually will unleash them on the Cryptocrowd just like they did on the gold/silver gang.

Peak Finance's picture

Dude, there are AT LEAST 4 black markets operating actively in my area:

1) Drugs - Duh this is everywhere

2) Weapons - small but it's there

3) Food Stamps / EBT / Wic - Various scams going on here, some local restaurants participate

4) Fencing low-value stolen goods - Duh again this is everywhere.

I know where these guys are, everyone knows where these guys are, cops know where these guys are, and the government really can't do anything about it.

So

What EXACTLY are they going to do about 1,000,000 Crypto users distributed worldwide and operating independently?

When the entire end-to-end process is crypto (Meaning supplier - middleman - customer - vendor all do business in crypto), thousands of companies like mine, and, possibly entire industries are going to go "dark" 

what again are they gonna do?  

Peak Finance's picture

LOLZ forgot another black market:

5) Pussy - On cragislist and backdoor

Didn't think about that one, again it's everywhere and the cops only catch the really fucking stupid ones. 

Mr Toad's picture

...and don't forget the new CME BTC fuctures this month. Sell as much unbacked BTC as they want..No?

I_rikey_lice's picture

Trump tweets:

"the use of bitcoin and cryptocurrencies are banned in the USA"

What do you think will happen to the price?

auricle's picture

Great, liquidate the entire market cap of bitcoin. Crushing bitcoin will be the best thing for gold, stoxx not so much.

HungryPorkChop's picture

@auricle: Its been proven about 100 times during the past 6 years they have enough paper and regulations to destroy the price of gold.  Its been slammed more times than a basketball during the final four.  And most of this happened before the price of BTC really took off.  Not sure why you think it would be positive for gold.  The most positive thing for gold would be if the crypto's keep climbing as a lot of this money will start moving into tanglible assets like the shiny metals.

DivisionBell's picture

APMEX is accepting BTC now, with a 4% discount.

Not a bad strategy to make the crypto gains real with precious metals that won't decay.

 

 

 

 

affirmed_78's picture

Mathematics is now banned in the USA!  Nobody is allowed to possess or even think about numbers of any sort!

 

Yeah, uh, ok... LOL

affirmed_78's picture

They have no power over the bitcoin network.  Understandably they're very scared.  All they can do is make things harder with the exchanges.  That's fine, we'll build our own economy.  No need for USD.

Solosides's picture

But I know absolutely nothing about computers so therefore I'm 100% certain that the FED is going to use some magic computer device to destroy bitcoin once and for all, and that the NSA has the time and manpower to track every single transaction 

Buckaroo Banzai's picture

So Trump has the power to declare law by fiat on Twitter now? If the Feds want to "outlaw" BitCoin, Congress will have to pass a law first. Congress can't even tie its collective shoelaces right now, the odds are good they won't even be able to pass a spending resolution and the government will be shut down in a few weeks.

I_rikey_lice's picture

One tweet will do it. No need to pass any laws. 

Winston Churchill's picture

When the bankers say jump both parties ask how high.98 -2 on Russia sanctions.

Dont be naive,its not a strategy.

DrData02's picture

Arguments are neither welcome nor necessary on the internet. Now, ad hominems, that's another story altogether.

ThePhantom's picture

its illegal to smoke marijuana in 1/2 the country used to be 100% and what do you know..everydoby and their br4other is smoking dope.. go figure

I_rikey_lice's picture

pot isn't a currency. not an argument.

Nobodys Home's picture

The oldest profession in the world. I bet it predates gold mining and bitcoin.

11b40's picture

Well, it sure was in the 60's for me.  It paid a lot of my college bills, and I could trade it for many things.

I_rikey_lice's picture

You would have made more money sucking cock. Sucking cock is also not a currency.

kochevnik's picture

Actually, folding hands in prayer symbolizes fellatio.  So sucking cock is religion

Even better on the knees :D

yvhmer's picture

anything you exchange in a transaction is currency. Notes, in this case FRN's have a tendency to obscure the fact that they are a representation of currency, a substitute, trusted to be exchanged for something more  eh... tangible and current. so it is an instrument pertaining to the future. it is not money and actually not currency.

11b40's picture

First, you have no idea how much I made.

Second, when I said I could trade it for many things, it was female companionship I was recalling.

Third, go bother someone else with your juvenile screeds.

spieslikeus's picture

I don't know but McAfee better get used to the idea of eating dick. Probably should get good and drunk first I imagine.

I_rikey_lice's picture

Maybe he will compromise and just suck Satoshi's dick, and then Satoshi can suck his...or they can 69.

KFBR392's picture

a man who can suck his own dick needs nothing and is beholden to no one

Rex Andrus's picture

I would party with McAfee. I like him. Relative to me, he's normal.

twh99's picture

Not a thing.  It would hurt Coinbase and a few of the other US based exchanges, that is all.

People would start exchanging their BTC overseas if they actually needed fiat.

11b40's picture

Bingo.  Japan is all on board, and they have a lot of exchanges.  Other countries are coming along nicely as well - and only a few mouse clicks away.

Gatto's picture

They won't ban it until the FBI unloads all the Bitcoin they stole from Silk Road, and they may like to keep it going so they can track down all the capital gains owed on it!