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

submitted 1 day ago by DemBoSain@midwest.social to c/asklemmy@lemmy.ml

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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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[-] humanspiral@lemmy.ca -5 points 21 hours ago

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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this post was submitted on 17 Dec 2024

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