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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

60 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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[–] Blue_Morpho@lemmy.world 8 points 5 days ago

If it was a secret, the pilot would not be told. If it wasn't a secret, it would be documented.

Even assuming the story is true there is a huge leap between gold being shipped and it being Fort Knox Gold.

For example many countries stored their gold at the US federal reserve for safety. China would have sent their Gold to the US during WW2 because they were overrun by Japan. After Nixon normalized relations with China, they would have gotten their Gold back.

https://www.newyorkfed.org/aboutthefed/goldvault.html