I can’t think of any. The current oil reserve is supposed to be used in the case of another oil embargo. But its actual use is to lower gas prices when the administration in power needs a political win.
I actually think the purpose of a Bitcoin reserve is to temporarily increase the price so tech-bros (re: Elon) can sell at a massive profit. Then buy back at a much lower price. It’s just a way to indirectly transfer federal dollars into administration pockets.
I can’t find any reason for the government to buy crypto and hold it in reserve.
Short version: No.
Long version: Nooooooo.
Polite answer: No.
Impolite answer: Fuck no!
“I actually think the purpose of a Bitcoin reserve is to temporarily increase the price so tech-bros (re: Elon) can sell at a massive profit. Then buy back at a much lower price. It’s just a way to indirectly transfer federal dollars into administration pockets.”
This is the way. It’s the only reason they’d do it.
I seriously doubt BRICS has anything to do with Bitcoin, but the US is absolutely concerned about losing the status of world currency. It’s literally how we survive while running a massive deficit. When the rest of the world finds a way to do business without the US getting its cut we’re going to be in deep shit.
That’s exactly what the plan is. They’re funneling themselves government money, but in a way that’s less traceable
It’s not “less traceable”, bitcoin is a public ledger, literally every transaction is documented on the blockchain for anyone and the IRS to see.
… Less traceable in that the price of the coin going up and them cashing out isn’t a direct line from the government coffers to their pocket.
I’m aware it’s a public ledger.
Yes, it’s going to make some people very rich.
Ohh, you mean to the country as a whole? No.
The idealism Bitcoin was allegedly created on is long dead.
2010: We can have a currency that the government can’t manipulate!
2024:…
Does the US government control Bitcoin? Can it create new Bitcoins?
Are bad faith questions asked in bad faith?
People seem to think “bad faith” refers to any kind of rhetorical method other than explicit declaration these days, and that sucks.
they can pump the price by buying it
They can do so for gold as well.
Sure. I think you’re missing the point that it was once sold as something the government can’t manipulate or trace. It is more traceable than practically any other currency (besides maybe your credit card) and governments are getting involved. Nothing else was sold on the idea bitcoin was sold on.
Gold was sold that way. As a currency that’s more independent of government control.
It lets those with bitcoins cash out and leaves the taxpayer holding their bags. That’s it.
The only real benefit I can see would be to have the ability to suddenly crash the market on demand. This might be an interesting way to temporarily disrupt states trying to evade sanctions with crypto, but probably not a great investment on the $ to impact scale.
Just the rumor of it alone benefits HODLers, and Trump has HODLers who donated to his election campaign.
For America? I can’t think of any - being a global superpower, they have endless other better ways to do everything they might need it for.
For the rest of us, easier darknet drugs, I guess. It makes it a lot harder to ban crypto.
I actually think the purpose of a Bitcoin reserve is to temporarily increase the price so tech-bros (re: Elon) can sell at a massive profit. Then buy back at a much lower price. It’s just a way to indirectly transfer federal dollars into administration pockets.
I mean, I guess, but that actually gives them more credit than I think they deserve for being smart. I think they’re just bringing their bullshit hype with them into office.
America making big play for World’s first Fourth World country. All the sci-fi authors got it wrong thinking the global corps would turn developing countries into vassal states .
I don’t think there is a good reason for anyone to buy Bitcoin, let alone the US government.
BITCOIN DROPS TO ZERO VALUE
“It’s all so obvious in retrospect” says investor.
This vice article gets into some technical reasons why, although appearances can, and often do, operate independently of incentive and benefit.
yeah you got it. I mean maybe in some alternate universe where energy overabundance is a real problem and we have to figure out how to get rid of excess because it causes explosions or something. then it would make sense.
The worst part about this is the thick as shit stupid tony countries who will have their citizens robbed even worse by their own small thick shitty governments. This is the age of fucking stupidity
I would much rather we had a BTC reserve than we CONTINUED MAKING ACTUAL COINS.
When I visited the Denver mint around 25 years ago our tour guide mentioned we lost about half a cent on every penny we make.
Oh boy, an excuse to share another CGP Grey video!
I was in Australia recently. I don’t think I got any change smaller than 20¢. I did find a 5¢ coin on the sidewalk. The smallest “paper” money is $5, and it’s plastic.
And everywhere here you can pay a $1 bill with credit card so I don’t carry money anymore
Dunno, just make sure your stop-loss orders are set so you don’t get burned when the dip comes.
