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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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[–] CrimeDad@lemmy.crimedad.work 3 points 5 days ago (2 children)

Nope. The US government should just create its own uncounterfeitable, energy efficient digital dollar. Put Bitcoin out of business.

[–] humanspiral@lemmy.ca 2 points 5 days ago

The value of bitcoin is that no one can just print as much monopoly money politically.

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[–] MayonnaiseArch@beehaw.org 2 points 5 days ago

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

[–] Alwaysnownevernotme@lemmy.world 2 points 5 days ago (2 children)

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.

[–] DemBoSain@midwest.social 1 points 5 days ago (1 children)

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.

[–] trolololol@lemmy.world 2 points 5 days ago

And everywhere here you can pay a $1 bill with credit card so I don't carry money anymore

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[–] FlashMobOfOne@lemmy.world 1 points 5 days ago

Dunno, just make sure your stop-loss orders are set so you don't get burned when the dip comes.

[–] humanspiral@lemmy.ca -4 points 5 days ago (6 children)

temporarily increase the price so tech-bros (re: Elon) can sell at a massive profit.

Actually it is similar to gold reserves (bitcoin is better) without advantaging competitor nations that have gone in on gold reserves already. There is an energy/mining motivation aspect as well as a populist widespread participation.

In terms of "real purpose", US debt can grow much more unsustainably, and there is something to fall back on when a default occurs. The tech bros that helped Trump do want to use other crypto projects for fintech and other innovation, rather than pump it and dump it.

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