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

submitted 22 hours ago by DemBoSain@midwest.social to c/asklemmy@lemmy.ml

50 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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[–] FeloniousPunk@lemmy.today 2 points 21 hours ago (2 children)

Allegedly. I personally knew a pilot who flew weekly trips in the 70s to Asia in C-130s filled to the maximum load of gold. So I have my doubts. Several years ago there was a push from Congress to inspect the gold reserves because nobody had laid verifiable eyes on it in a while. But I do not know how that worked out. It’s a great rabbit hole for you to follow - let us know what you find!

[–] humanspiral@lemmy.ca 1 points 11 hours ago (1 children)

If gold was missing from US reserves, they wouldn't admit it.

[–] Blue_Morpho@lemmy.world 2 points 9 hours ago

I replied to someone who posited the collapse of the US economy such that alternatives to money would be necessary.

[–] Blue_Morpho@lemmy.world 8 points 21 hours 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