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

submitted 4 days ago by [email protected] to c/[email protected]

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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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[–] [email protected] 12 points 4 days ago

Considering that the US Mint can literally print money, I can't think of any reason either. I guess it won't affect inflation as much, but still mass selling it will increase the money supply available to the government.