First time I'm hearing about a "Strategic Bitcoin Reserve", so I'm not fully sure what the purpose of it is. But I don't think it's meant to be for people to use to buy coffees with? Sounds like it's supposed to do something a bit broader, but again, not 100% sure what they propose it for.
It's literally just a pilfering of the American public to enrich crypto holders.
If you have a lot of something, and you can get the government to buy a lot of it, that's very good for you.
Bitcoin at this point is probably running out of retail rubes to buy it to keep the price going and the tether ponzi will eventually break if there isn't new money flowing into the system. Getting the government to buy and hold it would be an amazing coup and let current holders of bitcoin profit handsomely at the expense of the rest of society.
It makes no sense in terms of economics, foreign policy, monetary policy, etc. But it makes a ton of sense in terms of "How can I extract the maximum amount of wealth from the public using my political power".
> First time I'm hearing about a "Strategic Bitcoin Reserve"
You should definitely know what your government might be involved in, after all government is made up of people many of whom are bitcoiners. Here is a report that's a good primer: "Digital Gold: Evaluating a Strategic Bitcoin Reserve for the United States" https://www.btcpolicy.org/articles/digital-gold-evaluating-a...
I just think bitcoin is a scam and the US government shouldn't get involved with it. It would be like if the US government invested in a Strategic "Beanie-Baby Reserve" in the late 1990s.
The proponents of crypto are scam artists. Whether they operate ponzi schemes like FTX, or whether they are just trying to inflate its value to pull the rug at a later date. They see BTC as an investment rather than a currency.
> They see BTC as an investment rather than a currency.
So you'd argue that the stock market is a scam too, since people use stocks not as a "what a company is worth" but as a investment they expect to gain in value, and they try to push narratives to support that?
Nobody believes that Coca-Cola shares will be the basis of the coming economic system.
Bitcoin lacks anything resembling intrinsic value. The intrinsic value of a Coca-Cola share is that you will receive a part of the profit of the company.
Bitcoin is terrible money. It is less private than any bank account. It is significantly slower and pricier than any bank account for transactions. It removes control over money from governments and other institutions (which is by itself a death sentence).
Incorrect on all points. Bitcoin is as private or transparent as we need it to be. Bank account transactions are done on a higher-layer payment network than the base inter-bank clearance network, and the equivalent payment system for bitcoin would be either a bank account nominated in bitcoin, or for a decentralised solution, the lightning network which is instant and can cost less than 0.1% per transaction (compare that to 3% or more for VISA/Mastercard transactions). The bitcoin base layer can transfer trillions of dollars worth of value around the world with full final clearance in less than an hour and for around $2 currently (i.e. 0.0000002% transaction fee for $1B).
