It will for those who don't own it.Bonfire97 said:
It's like Buffett has said several times. Bitcoin is rat poison and is going to "end badly".
Bonfire97 said:
It's like Buffett has said several times. Bitcoin is rat poison and is going to "end badly".
Agreed. The only way I could convince myself to do this is if you immediately used the proceeds for your sell and put it into a hard asset investment like real estate. Thoughts?Monywolf said:
Selling it for fiat?
If the government buys it, there will be the interest cost since the only likely source of incremental funds in additional debt being raised. Oh yes, let's buy a large amount assets on 100% margin. What could possibly go wrong?Monywolf said:
It's already in the hardest asset. And there are no annual taxes, fees or maintenance costs.
Yes - some individuals have investable funds available for buying something like bitcoin, while the government does not (nor should it).Monywolf said:
There is a distinction between and individual buying vs the government, yes?
If your point is to reallocate the gold reserve (say, sell half and reinvest half of it in bitcoin, for example), I have less of an issue with it. May be a relatively good diversification play. However, I still strongly believe that either option is suboptimal compared to deploying the capital in a more productive way than sitting in a vault (literal, or virtual). (Of course, this assumes the politicians don't waste it on some pork-barrel pet projects, which is the main drawback to my proposal).YouBet said:
Well, if he's thinking about this long-term he might be thinking about it as one does gold or the SOR. The government owns a **** ton of gold and does nothing but sit on it just in case. Many other governments have been buying up gold as well.
If you think a hard, digital currency is the future and that future is the best, most well known and thought out one (BTC) that could be the play here.
I bleed maroon said:If your point is to reallocate the gold reserve (say, sell half and reinvest half of it in bitcoin, for example), I have less of an issue with it. May be a relatively good diversification play. However, I still strongly believe that either option is suboptimal compared to deploying the capital in a more productive way than sitting in a vault (literal, or virtual). (Of course, this assumes the politicians don't waste it on some pork-barrel pet projects, which is the main drawback to my proposal).YouBet said:
Well, if he's thinking about this long-term he might be thinking about it as one does gold or the SOR. The government owns a **** ton of gold and does nothing but sit on it just in case. Many other governments have been buying up gold as well.
If you think a hard, digital currency is the future and that future is the best, most well known and thought out one (BTC) that could be the play here.
Even Jesus Christ agrees with my philosophy - re-read Matthew 25: 14-30 to get guidance from the Parable of the Talents!
At this point that's like saying "the automobile will never catch on."Bonfire97 said:
It's like Buffett has said several times. Bitcoin is rat poison and is going to "end badly".
themissinglink said:
This would be a disaster economically. We go more into debt to buy BTC driving up the price of BTC and deflating the dollar. Most of lower and middle class don't own BTC and are crushed by inflation. Not to mention, the US government then owns $15T of an asset that hasn't exactly been a model of stability. Bringing back the gold standard (which I'm not in favor of), makes more sense.
Monywolf said:
There is a distinction between and individual buying vs the government, yes?
In WiM538, @LukeGromen joins me to discuss how money printing distorts the market process, how the US debt has spiraled out of control, the race between debasement and productivity, gold and the dollar endgame, Bitcoin and National security, and how to navigate the current macro… pic.twitter.com/kpHWuwA3wl
— The "What is Money?" Show (@WhatisMoneyShow) December 10, 2024
chris1515 said:
How would this not be a gift of an exit strategy given to all the criminals holding their illicitly gained bitcoin?
Right now they can slowly bleed out their holdings with small sales. If they dump too much, the price might crater. But a whale of a buyer like the US govt to come along trying to build a reserve would be able to absorb massive amounts of sales.
This would be a horrible idea if the US actually purchased bitcoin to go into such a reserve.
