[JR: Stunningly simple statement about human progress.]
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MEME: “… the poor of today can afford the things that affluent of yesterday could only dream about” — Thomas Sowell
Monday, March 17, 2025
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Posted by reinkefj
BITCOIN: Why does the USA want or need a Strategic Bitcoin Reserve
Monday, March 17, 2025March 07, 2025 | Block Height 879,567
Bitcoin Price Live | Bitcoin Magazine Pro
Hey Bitcoiner!
Check out today’s top Bitcoin news stories:
BREAKING: 🇺🇸 President Trump signs executive order officially creating a #Bitcoin Strategic Reserve.
JUST IN: 🇺🇸 The White House calls Bitcoin “digital gold” and says “there is a strategic advantage to being among the first nations to create a Strategic Bitcoin Reserve.”
JUST IN: 🇺🇸 President Trump’s Crypto Czar David Sacks said “We’ve decided that Bitcoin is scarce, it’s valuable, and that is strategic for the United States to hold on to this as a long-term reserve asset.”
JUST IN: 🇺🇸 Coinbase CEO says, “I expect many of the G20 to follow” the USA in establishing Strategic #Bitcoin Reserve
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Dear Usual Suspects:
I’m not sure why the USA or any Gooferment need a “strategic bitcoin reserve” (SBR)? I know I’m only fat old white guy retired injineer who’s a poor old senior citizen on a fixed income and not an Ekky-non-o-mist. I can understand an “oil reserve” like Biden drained, a strategic uranium reserve, or hell even a wildlife preserve. But crypto? If you have any insight I’d appreciate you sharing. To me, since the number of bitcoins is fixed, it can’t be inflated like fiat currencies. And there are several (good imho) understandable use cases: international transfers, wealth carried in the form of a twelve word wallet, wealth preservation in face of inflation, distributed commerce that can’t b e prevented by any Gooferment, and my favorite avoiding / evading estate taxes (i.e., the keys just disappear like the Lost Dutchman’s Mine). None of these seem to fit a Gooferment purpose.
All an SBR will do is further restrict the supply of bitcoins available in the free market which will drive up the price. Since a bitcoin is infinitely divisible into smaller quantities it really doesn’t affect any of the use cases mentioned. And, unlike a gold or silver coin, you don’t have the problem of “making change” for a purchase.
Of all the Gooferment boondoggles of waste, fraud, and abuse, this seems the least harmful. After all, it won’t disappear like the gold in Fort Knox. Gotta love that indelible blockchain.
Anyway, I just thought I’d share some thoughts and see what anyone else thinks. Even if they really don’t care.
Remember “not your key; not your coin”!
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Posted by reinkefj
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