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.

  • I_Has_A_Hat@lemmy.world
    103·
    5 days ago

    If the US reserves gold, why do they also reserve silver? Why do they reserve grain, oil, steel, cheese, or foreign currencies?

    Because it’s dumb to put all your eggs in one basket and the more you diversify, the safer it is. Like it or not, Bitcoin is an asset; and barring a global disaster that knocks out all electronics, it’s unlikely to go away. It makes sense to have some and sit on it.

    Will there come a time when everything falls apart and the only way to trade with another power is with tons of wheels of cheese? Probably not, but if it does, the US is ready.

    Will the same ever happen with Bitcoin? Probably not, but if it does, the US is ready.

    • Blue_Morpho@lemmy.world
      54·
      5 days ago

      Magic the Gathering cards are an asset. Beanie babies are an asset.

      Gold and silver have a 5,000 years of history of currency. All other items like oil and cheese are commodities critical to life.

      If everything falls apart you can transfer a ledger of who owns the cheese without needing to physically move the cheese. Bitcoin doesn’t work without a global internet of computers. It is more fragile than any traditional alternative.