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

submitted 1 day ago by [email protected] to c/[email protected]

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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[–] [email protected] 3 points 20 hours ago (2 children)

I would much rather we had a BTC reserve than we CONTINUED MAKING ACTUAL COINS.

When I visited the Denver mint around 25 years ago our tour guide mentioned we lost about half a cent on every penny we make.

[–] [email protected] 4 points 16 hours ago

Oh boy, an excuse to share another CGP Grey video!

Death to Pennies

[–] [email protected] 1 points 19 hours ago (1 children)

I was in Australia recently. I don't think I got any change smaller than 20¢. I did find a 5¢ coin on the sidewalk. The smallest "paper" money is $5, and it's plastic.

[–] [email protected] 2 points 13 hours ago

And everywhere here you can pay a $1 bill with credit card so I don't carry money anymore