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Are there any honest benefits to a Federal Strategic Bitcoin Reserve? (midwest.social)

submitted 5 days ago by DemBoSain@midwest.social to c/asklemmy@lemmy.ml

66 comments fedilink hide all child comments

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.

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[–] Cethin@lemmy.zip 2 points 5 days ago (1 children)

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.

[–] intensely_human@lemm.ee 1 points 4 days ago

Gold was sold that way. As a currency that’s more independent of government control.