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

submitted 1 day ago by [email protected] to c/[email protected]

56 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] 53 points 1 day ago (1 children)

"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.

[–] [email protected] 14 points 1 day ago (1 children)

That's exactly what the plan is. They're funneling themselves government money, but in a way that's less traceable

[–] [email protected] 3 points 1 day ago (1 children)

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.

[–] [email protected] 8 points 1 day ago* (last edited 1 day ago)

... 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.