White House Says It Is "Monitoring The Bitcoin Situation"

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?

Comments

nope-1004 IH8OBAMA Thu, 11/30/2017 - 17:54 Permalink

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?  .... duhAnd 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.  

In reply to by IH8OBAMA

FreedomWriter affirmed_78 Thu, 11/30/2017 - 18:19 Permalink

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.

In reply to by affirmed_78

Peak Finance nope-1004 Thu, 11/30/2017 - 19:06 Permalink

Dude, there are AT LEAST 4 black markets operating actively in my area:1) Drugs - Duh this is everywhere2) Weapons - small but it's there3) Food Stamps / EBT / Wic - Various scams going on here, some local restaurants participate4) 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.SoWhat 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?  

In reply to by nope-1004

HungryPorkChop auricle Thu, 11/30/2017 - 18:12 Permalink

@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.

In reply to by auricle

Buckaroo Banzai I_rikey_lice Thu, 11/30/2017 - 18:05 Permalink

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.

In reply to by I_rikey_lice

yvhmer I_rikey_lice Fri, 12/01/2017 - 05:37 Permalink

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.

In reply to by I_rikey_lice