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

submitted 4 days 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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[-] HobbitFoot@thelemmy.club 19 points 4 days ago

It is the same reason why the USA still holds gold and silver even through they aren't pegged to the dollar, it is an asset class which could be useful in the future.

[-] Blue_Morpho@lemmy.world 6 points 4 days ago

You can make that argument in 5000 years. As of today, it's still equivalent to MtG cards.

[-] alcoholicorn@lemmy.ml 22 points 4 days ago

So what you're saying is we need a strategic MtG card reserve.

[-] intensely_human@lemm.ee 1 points 3 days ago

I heard there are about 70 Black Lotuses missing. Some people think that’s what the drones over New Jersey are looking for.

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this post was submitted on 17 Dec 2024

119 points (97.6% liked)

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