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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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[–] I_Has_A_Hat@lemmy.world 5 points 20 hours ago* (last edited 20 hours ago) (1 children)

If the US reserves gold, why do they also reserve silver? Why do they reserve grain, oil, steel, cheese, or foreign currencies?

Because it's dumb to put all your eggs in one basket and the more you diversify, the safer it is. Like it or not, Bitcoin is an asset; and barring a global disaster that knocks out all electronics, it's unlikely to go away. It makes sense to have some and sit on it.

Will there come a time when everything falls apart and the only way to trade with another power is with tons of wheels of cheese? Probably not, but if it does, the US is ready.

Will the same ever happen with Bitcoin? Probably not, but if it does, the US is ready.

[–] Blue_Morpho@lemmy.world 0 points 19 hours ago* (last edited 19 hours 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 11 hours 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 2 points 18 hours ago

Ok, then don't buy any 🤪