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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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[–] CanadaPlus@lemmy.sdf.org 3 points 1 week ago

For America? I can't think of any - being a global superpower, they have endless other better ways to do everything they might need it for.

For the rest of us, easier darknet drugs, I guess. It makes it a lot harder to ban crypto.

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 mean, I guess, but that actually gives them more credit than I think they deserve for being smart. I think they're just bringing their bullshit hype with them into office.