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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

66 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 1 points 4 days ago* (last edited 4 days ago) (2 children)

Magic the Gathering cards are an asset. Beanie babies are an asset.

Gold and silver have a 5,000 years of history of currency. All other items like oil and cheese are commodities critical to life.

If everything falls apart you can transfer a ledger of who owns the cheese without needing to physically move the cheese. Bitcoin doesn't work without a working global internet of computers. It is more fragile than any traditional alternative.

[–] chicken@lemmy.dbzer0.com 3 points 4 days ago

It's nice to fantasize about but realistically we're never getting back to a world without a working global internet of computers.

[–] I_Has_A_Hat@lemmy.world 1 points 4 days ago

Ok, then don't buy any 🤪