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.
Nope, it’s just a pump.
Short version: No.
Long version: Nooooooo.
“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
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.
It lets those with bitcoins cash out and leaves the taxpayer holding their bags. That’s it.
It is the same reason why the USA still holds gold and silver even through they aren’t pegged to the dollar, it is an asset class which could be useful in the future.
The issue is that relative to gold or silver, Bitcoin is very volatile. A crashing bitcoin could endanger the reserve, forcing the government to double down, making the volatile nature a bigger issue.
Yes gold is somewhat volatile but compared to Bitcoin, it is super stable. And ofc gold and silver are real resources that you can do for their physical properties.
Price support can be a reason to create a reserve, but it isn’t the only reason. Most countries don’t plan their good and silver purchases based on trying to meet a value represented in currency.
Just the rumor of it alone benefits HODLers, and Trump has HODLers who donated to his election campaign.
Considering that the US Mint can literally print money, I can’t think of any reason either. I guess it won’t affect inflation as much, but still mass selling it will increase the money supply available to the government.
No, Please tell me it’s not in Elon playbook ?
US money is incredibly strong, so US$ is way more interesting.
15 years after it’s creation the bitcoin failed to meet the expectation of being a usable money or even “way to pay”
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.
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.
This vice article gets into some technical reasons why, although appearances can, and often do, operate independently of incentive and benefit.
Nope. The US government should just create its own uncounterfeitable, energy efficient digital dollar. Put Bitcoin out of business.
That’s not what business bitcoin is. Bitcoin is in the pump business.
The value of bitcoin is that no one can just print as much monopoly money politically.
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
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 .
