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

submitted 19 hours ago by [email protected] to c/[email protected]

48 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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[–] [email protected] 1 points 18 hours ago (2 children)

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

[–] [email protected] 2 points 8 hours ago

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

[–] [email protected] 10 points 18 hours ago

That's not what business bitcoin is. Bitcoin is in the pump business.