There will be a government wallet for their merchants, because everyone has to be able to accept it.
For accounting purposes, balance sheets for example will obviously still be in reported in USD.
You can pay back loans in Bitcoin, even pre-existing loans.
The bill will be signed by the president either this evening or tomorrow morning and will go into effect immediately.
There will be 90 days of preparation to get the infrastructure ready. Because obviously not everyone can start accepting it tomorrow.
If merchants and citizens don't want to keep their #Bitcoin the government will convert it to dollars for them, so effectively it's like a payment processor where you can decide to keep it in BTC or receive the USD.
The president is talking about a residency scheme for Bitcoiners, which will be denominated in Bitcoin.
It's like a residency real estate investment program that many countries have, however in this case it will be like for example that you need to invest 3 Bitcoin in real estate
They have a meeting with the IMF on Thursday.
Should be interesting.
The president clarifies that you can use any wallet that you want, the government is just going to provide one for the people who don't have the necessary know-how.
This will developed by Strike
We just want to use Bitcoin, the wallet is just part of the infrastructure plan, same with connectivity for example.
Financial inclusion is going to need some government investment, so we're going to make that investment

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More from @WhalePanda

6 Jun
The insanity of travelling during Covid.
The plan was a simple Friday-Sunday trip to Bucharest.
Due to airlines having less routes there were no direct flights Brussels - Bucharest.
No worries @lufthansa had me covered
Brussels - Frankfurt - Bucharest
Bucharest -Vienna - Brussels
Every country has its own rules, own locater/registry forms etc.
So for the first leg to Germany you need a negative PCR test. No worries. Panda went to take the test on Wednesday. Now some websites said it couldnt be older than 48 hours, other said 72. Anyway mine was 48. Gucci.
But wait I got an email from Lufthansa to upload all my documents already and they obviously mentioned the German locator form. I upload the pcr test and not the locator form because that's not needed for transit.
10 mins later I got a mail it got denied without the form. Uch.
Read 18 tweets
19 Mar
I've been thinking a lot lately about economic migration lately.
For many of us #Bitcoin was the red pill we needed to see more clearly what's really going on in the world and the people running the governments. (I know, some you were already "woke" before you discovered BTC.)
A year of lockdowns. A year of restrictions on basic freedom. A year of printing an insane amount of money.
A year of total incompetence, even more so than usual, of most governments around the world... and now the vaccination strategies and passports.
There are so many red flags
One advantage of this crisis is that it pushed the idea and infrastructure of remote working ahead by 10 years.
It's no longer just your classic "digital nomads" that can work from anywhere in the world now.
Even my 60 year old mother now understands the joy of working from home.
Read 7 tweets
29 Jun 20
What Joe conveniently isn't mentioning is that it doesn't matter if they were direct market buys.
The $BTC getting locked up on $GBTC are not redeemable so they're effectively locked/off the market.
More coins going off the market than are being mined.
There are a couple of different scenario's here:
1. People send money to Grayscale, Grayscale buys them. According to the Messari research this is ~30% of coins mined after the halving
2. OGs/Funds send their coins to GBTC to take advantage of the premium. This has 6 month lockup
2.a. OGs/Funds are happy with the shares and don't buy new coins.
2.b. OGs/Funds dump the shares after 6 months when the lockup period expires if there's a premium and rebuy BTC.
Read 6 tweets
10 Jun 20
A couple of people asked me about this thread.
Tbh it's one of the dumbest takes I've seen in recent years but I'll address it.
First of all: Dominance is one the dumbest indicators in this industry. It's easily manipulated and we currently have 5500 "cryptocurrencies" (tokens & stablecoins)
If I buy 1 coin with 1 billion supply for $1, I just created a billion dollar marketcap coin.
He forgot BCash here as copycat altcoin, which is the coin he's actually pushing if you know his history.
Read 21 tweets
15 May 20
With the start of the 4th #Bitcoin epoch we'll soon see another big influx of new people into this space.
Here are some of my thoughts and observations after 7 years in this space.
Is it too late to buy Bitcoin?
No, also: you don't have to buy a full Bitcoin. Don't invest money you can't afford to lose or might need soon. This is a risky investment.
Even if you decide to buy Bitcoin now, in a couple of years people will tell you that you just got lucky.
Should I trade? On twitter I see all these people who are claiming to make huge amounts of money
If you're already not 100% convinced if you should trade or not: don't. Even if you're 100% sure that you should trade I would still advice you not to. The majority of the people lose
Read 16 tweets
31 Jul 19
Nick has some very strange takes on Bitcoin and Ethereum. Nick used to work at Coinbase which explains a lot.
Comparing marketcap after 4 years is stupid because Bitcoin came from 0. Ethereum started with a shady ICO and (ab)used Bitcoin's name to give it value.
The entire narrative then was "Ethereum is Bitcoin 2.0" these takes were actively promoted by investors & founders abusing Bitcoin's brand.
Using txns/day for 2 completely different projects makes no sense. Bitcoin is for payments/wealth transfer. Ethereum to send cryptokitties.
That's a shitty theory.
1. A lot of Bitcoiners don't want anything to do with Ethereum or other shitcoins, they would never buy anything like that since they consider it unethical to support it.
2. Others Bitcoiners (like myself) use shitcoins like Ethereum to make more Bitcoin.
Read 10 tweets

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