Asklemmy

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.

America making big play for World’s first Fourth World country. All the sci-fi authors got it wrong thinking the global corps would turn developing countries into vassal states .

Yes, it's going to make some people very rich.

Ohh, you mean to the country as a whole? No.

Nope, it's just a pump.

"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."

This is the way. It's the only reason they'd do it.

I seriously doubt BRICS has anything to do with Bitcoin, but the US is absolutely concerned about losing the status of world currency. It's literally how we survive while running a massive deficit. When the rest of the world finds a way to do business without the US getting its cut we're going to be in deep shit.

Short version: No.

Long version: Nooooooo.

The only real benefit I can see would be to have the ability to suddenly crash the market on demand. This might be an interesting way to temporarily disrupt states trying to evade sanctions with crypto, but probably not a great investment on the $ to impact scale.

The idealism Bitcoin was allegedly created on is long dead.

It lets those with bitcoins cash out and leaves the taxpayer holding their bags. That’s it.

Just the rumor of it alone benefits HODLers, and Trump has HODLers who donated to his election campaign.

No, Please tell me it's not in Elon playbook ?

US money is incredibly strong, so US$ is way more interesting.

15 years after it's creation the bitcoin failed to meet the expectation of being a usable money or even "way to pay"

It is the same reason why the USA still holds gold and silver even through they aren't pegged to the dollar, it is an asset class which could be useful in the future.

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.

I don't think there is a good reason for anyone to buy Bitcoin, let alone the US government.

This vice article gets into some technical reasons why, although appearances can, and often do, operate independently of incentive and benefit.

yeah you got it. I mean maybe in some alternate universe where energy overabundance is a real problem and we have to figure out how to get rid of excess because it causes explosions or something. then it would make sense.

The worst part about this is the thick as shit stupid tony countries who will have their citizens robbed even worse by their own small thick shitty governments. This is the age of fucking stupidity

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.

Nope. The US government should just create its own uncounterfeitable, energy efficient digital dollar. Put Bitcoin out of business.

Should there be a collapse of the US economy, or global markets stop using the dollar standard, or sanctions placed on US banks by other countries, a store of alternative currency is good to have.

Dunno, just make sure your stop-loss orders are set so you don't get burned when the dip comes.