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@ Chad Lupkes
2025-03-03 23:26:25
The Bitcoin Strategic Reserve as it is being described is stupid. Bitcoin is not going to back our currency, we know it won't. And Gold won't back our currency either, in case that isn't obvious.
It makes sense to have a strategic reserve of physical resources and commodities, like oil, iron or hell even cheese. And we do, or at least in the case of cheese we did. But Bitcoin? Doesn't make sense.
Money has value because it moves. It is used in exchanges between people, between businesses, between governments, and any combination. It has no value if it does not move, and putting Bitcoin into a wallet and leaving it there does nothing. It might boost the price by reducing the supply, but it violates the very purpose that it was designed for.
I'll argue the value of Bitcoin is or could be the foundation of a wealth-based monetary system far better than the current debt-based system. But if you think I'm going to say that the Strategic Reserve is a good idea, you're wrong.
If we're going to do anything at the Federal Government level with Bitcoin, it should be to invest in mining rigs, and then use the Bitcoin generated to replace tax revenue. Keep investing and growing the hashrate owned by the US Treasury, and we could do a lot of things. Reduce the deficit, easy. Eliminate the deficit, possible. Pay down the National Debt, possible. Pay OFF the National Debt, also possible if we think large enough.
But just sticking it into a wallet and crowing? Just stupid.