My Response to Donald Trump Bashing Crypto & Bitcoin.

well we have more fod for cryptocurrency

not only does the treasury department

now require that transactions over ten

thousand dollars be reported to the irs

algeria bolivia morocco nepal pakistan

and vietnam have all banned activity

involving crypto currencies

wisdom wisdomtree's proposed bitcoin etf

has been slowed down by the sec's latest

ruling

after all an etf would be nice and is

seen as a big catalyst for bitcoin going

up because now more people would

potentially invest in it

we've got beijing cracking down on

bitcoin mining and the country's biggest

players

are relocating their bitcoin farms

elsewhere causing this

potential like fire selling they're

calling it of bitcoin mining rigs in

in china you've got el salvador's

president proposing making

bitcoin a legal tender which is good but

it's sort of

covered up and and outweighed by all

this other madness going on

and then you've got sweden's finance

minister suggesting that

maybe crypto exchanges should be

regulated at an international level

which is so different because every

country wants

their own regulations and their own

powers and their own controls on top of

all that you've got all these recent

announcements about the borrowing of

financial institutions from conducting

transactions involving cryptocurrency

which

includes countries like bangladesh iran

thailand lithuania china and colombia

omg folks there is

a lot going on but today we have to talk

about donald trump

folks we gotta talk about what donald

trump just said about bitcoin and why

the heck

he would say that so folks on fox

business this morning

donald trump said bitcoin it just seems

like

a scam he says quote i don't like it

because it's another currency competing

against the dollar

i want the dollar to be the currency of

the world that's what i've always

said now to me it sounds like donald

trump is

literally giving bitcoin hodlers the

exact reason why

they like bitcoin it gives them an

option

that is not controlled by a government

the whole point of bitcoin is exactly to

take away and to compete against

from fiat and the dollar now do i think

that bitcoin will become the currency of

the world

maybe if it evolves beyond its current

state we get faster transactions

maybe probably unlikely that countries

will ever give up their sovereignty

but i think this bagging on bitcoin here

is

really coming in in a way to try to

appeal to potentially republican voters

for donald trump's

maybe 2024 run we should basically say

pretty sure

2024 run we he's gonna run to 2024.

and and i think this is really just a

way of trying to

enfranchise the the beliefs of

the folks who don't really understand

bitcoin they see it as sort of like a

a millennial or gen z thing and no

we don't want bitcoin uh or it could be

part of his sort of like america first

approach his branding right

america first american dominance

american dollar

like from that point of view i get it i

don't really

think that we can take anything that

donald trump says

regarding bitcoin as an educated

critique of bitcoin

so i'm not really concerned about it but

i am getting folks asking me

like hey kevin are you worried about

your bitcoin position because of donald

trump

i want to be very clear no not worried

at all donald trump

is not providing educated insights into

bitcoin

he is providing really campaign rhetoric

to reiterate his campaign beliefs and

he's bagging on bitcoin

as a tool to do that he goes on to say

that quote the currency of this world

should be the dollar

and i don't think we should have all of

the bitcoins

of the world out there so i think this

is a way of saying that all

cryptocurrencies

in donald trump's mind are a scam given

that

uh he's referring to them all as the

bitcoins of the world

he says i think they should regulate

them very very high

which is very interesting because highly

which is very interesting because

donald trump is like super

anti-regulation at least that

was the argument that he made when he

went into office is cutting red tape and

now this is something that a lot of

politicians say but

you know there's actually cutting red

tape and not cutting red tape like for

example

y'all know i'm running for governor in

california in california

the governor out here passes laws that

just create more red tape i regularly

talk about sb7 because he just signed it

two weeks into law

cheering how he's gonna make real estate

more efficient but then that only works

if you apply through his office and get

approval from

him for 15 million plus projects so in

other words there's like an entry fee

like a minimum project size to get in

the door that to me sounds like more red

tape right

that's classic california though more

red tape more bullcrap

i really think donald trump here is uh

generally

for less red tape but in a

way he's also saying more red tape on

cryptos because they threaten

u.s sovereignties is what he's saying

this is very much

political messaging this is

this does nothing to the fundamentals of

the

thesis of bitcoin and i just want to put

that out there because i know there are

some folks again i've been getting

reached out

uh for people like kevin like is this

bad should we be concerned like

this this isn't even fud this is just

political rhetoric like

like there's there's news then there's

fud

then there's like doesn't even matter

fud and then there's political red

it's bad all right what else did he say

uh he says uh

that bitcoin quote takes the edge off

the dollar

and the importance of the dollar okay

yeah i mean people can

can huddle in bitcoin instead of

huddling dollars which is what people do

in uh in other countries for example

when i was in new york a couple years

ago i interviewed folks

about investments and uh someone from

japan said i i think we should hold the

dollar

the dollar is very you know that was

sort of his investment i wonder if i

interviewed that same per and i know

this is just one anecdote but i wonder

if i invest or interviewed the same

person today

if he would say bitcoin so there's a

point to that

uh he also says uh these

cryptocurrencies are highly volatile and

that he's not a fan of them

he says he's not a fan of bitcoin and

cryptocurrencies which are not money

uh whose value is highly uh volatile and

based on

thin air well so is fiat fiat it's also

based on thin air

but i think he's drawing this parallel

that it's it's unregulated which isn't

100 true like

if you look at the regulations that

companies like blockfly have to go

through

which is centralized it's kind of like

centralized defy and

since that's kind of uh not really the

correct way to say it because it's an

oxymoron

i would say it's centralized crypto

asset services

that's the way i like to refer to it as

you look at the regulation for those

voyager digital in canada block fire out

here which by the way go to met

kevin.com

bf to get 250 well up to 250 dollars for

free

or go to mckevin.com voyager to get some

free money over there as well

anyway those are highly regulated

platforms now there is

super unregulated which is the defy

space

and potentially also lending in the

background which we don't have

our eyes on as much as we do in sort of

regular currency markets stock markets

options markets it's it's still very

opaque or the crypto markets are still

very opaque

i think to some degree his arguments

that crypto isn't regulated is

a little too much of a stretch it's a

little bit of a talking point that's

pretty easy to use

but it also kind of ignores the fact

that there is already

a lot of crypto regulation now there

will be more i fully expect there to be

more

but there's already a good amount uh

then we also

have donald trump of course catching on

that crypto assets can be used to

facilitate quote unlawful behavior

including drug trade and other illegal

activity

uh this is something that is a very very

common narrative

that is commonly shared uh based on

statistics we have now there appears to

be less illegal activity with

cryptocurrencies but

but but because there are so many

dark pools sort of in in

cryptocurrencies where you even have

these treasurer men as the financial

times reported to us

and i did a video on a few weeks ago

where basically

if you did uh some kind of illegal

activity and you collected money in

cryptocurrency you could give your money

or send your money to a treasurer man

who will go bury cash for you somewhere

so you can or gift cards

and so you could get that cash in real

life and those gift cards and then go

spend the money without being tracked

this does kind of blur the tracking of

illegal activity right like

okay so a treasurer man has bitcoin but

but how do we trace

an illegal activity through all of these

crazy

uh means designed to purposefully break

the tracking of illegal activity in

cryptocurrency

so we don't really have full data on

this i will say i do think the next

frontier in investing in cryptocurrency

uh cryptocurrencies are crypto

forensics firms who could track this

kind of stuff

yeah but yeah i mean this is just a

typical argument here again from

politician now after donald trump's

comments bitcoin did fall about 1.3

percent but again personally

not worried about it in the long run if

quite frankly you're nervous about

hobbling bitcoin because of what donald

trump is saying

you shouldn't be home on bitcoin all

right folks thank you so much for

watching and yes i know some people say

hotel and some people say huddle okay

again

anyway thanks so much for watching make

sure to get your free up to two hundred

fifty dollars with block five by going

matt kevin.com

bf deposit money and you will get up to

250 totally for free

at block five where you can actually

transfer coins

in your crypto wallet you can transfer

coins in you can transfer coins

out unlike other services thank you so

much and folks we'll see in the next

you