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

submitted 1 week 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 3 points 1 week ago

Price support can be a reason to create a reserve, but it isn't the only reason. Most countries don't plan their good and silver purchases based on trying to meet a value represented in currency.