3 ms·

President on Brink of Bailout for Bitcoin

26 points by JeremyNT 2y ago

sleepyguy 2y ago
From what I have read, which may or may not be accurate, the Crypto Reserve he is talking about is the seized assets they already have. I'm not sure how taxpayers will feel about the government adding to the reserve while running a huge deficit, and the economy teetering on a possible slowdown.
- PaulHoule 2y ago
  There was this seizure valued at $3.36B https://www.justice.gov/usao-sdny/pr/us-attorney-announces-historic-336-billion-cryptocurrency-seizure-and-conviction?form=MG0AV3&form=MG0AV3 https://www.justice.gov/usao-sdny/pr/us-attorney-announces-h... I dunno how accurate this is but current holdings are said to be about 210,000 BTC here https://treasuries.bitbo.io/usa/ https://treasuries.bitbo.io/usa/ At $90,000 per BTC that's about $20 billion which is an impressive amount for the prez to talk about without having to do anything in particular.
  - orionblastar 2y ago
    It was taken from the Silk Road.
    - PaulHoule 2y ago
      Silk Road was the biggest but not the only.
exabrial 2y ago
I could only make it about 35% of the way through the article before it went off track on a bunch of side quests. I think this is an important topic, and ultimately this is a good move for everyone. It's just so damn hard to find any sort of neutral coverage about current events where the word "Trump" must be mentioned.
afinlayson 2y ago
Isn't this just bringing stock buy backs to Crypto / Government. I'm sure the administration (individuals personally) has or will buy a lot of crypto. Next have the government buy it over a period of time, and then have the administration sell at the height. Effectively a way to pay the executive team. Similar to when Corporations do stock buy backs. I wouldn't be surprised if they make reporting this optional.
- suraci 2y ago
  David Sacks claimed he sold all his cryptocurrency before he joined the administration https://x.com/DavidSacks/status/1896398256357384310 https://x.com/DavidSacks/status/1896398256357384310
npoc 2y ago
The sub-headline itself: "...breathe life back into..." shows how utterly misguided this article is. Does this look like an asset that needs life breathing back into it? https://imgur.com/a/Dhemhk9 https://imgur.com/a/Dhemhk9 https://imgur.com/a/G9fmGur https://imgur.com/a/G9fmGur (logarithmic price scale)

26 points by JeremyNT 2y ago

From what I have read, which may or may not be accurate, the Crypto Reserve he is talking about is the seized assets they already have. I'm not sure how taxpayers will feel about the government adding to the reserve while running a huge deficit, and the economy teetering on a possible slowdown.

PaulHoule 2y ago
There was this seizure valued at $3.36B https://www.justice.gov/usao-sdny/pr/us-attorney-announces-historic-336-billion-cryptocurrency-seizure-and-conviction?form=MG0AV3&form=MG0AV3 https://www.justice.gov/usao-sdny/pr/us-attorney-announces-h... I dunno how accurate this is but current holdings are said to be about 210,000 BTC here https://treasuries.bitbo.io/usa/ https://treasuries.bitbo.io/usa/ At $90,000 per BTC that's about $20 billion which is an impressive amount for the prez to talk about without having to do anything in particular.
- orionblastar 2y ago
  It was taken from the Silk Road.
  - PaulHoule 2y ago
    Silk Road was the biggest but not the only.

exabrial 2y ago

I could only make it about 35% of the way through the article before it went off track on a bunch of side quests. I think this is an important topic, and ultimately this is a good move for everyone. It's just so damn hard to find any sort of neutral coverage about current events where the word "Trump" must be mentioned.

afinlayson 2y ago

Isn't this just bringing stock buy backs to Crypto / Government. I'm sure the administration (individuals personally) has or will buy a lot of crypto. Next have the government buy it over a period of time, and then have the administration sell at the height. Effectively a way to pay the executive team. Similar to when Corporations do stock buy backs. I wouldn't be surprised if they make reporting this optional.

suraci 2y ago
David Sacks claimed he sold all his cryptocurrency before he joined the administration https://x.com/DavidSacks/status/1896398256357384310 https://x.com/DavidSacks/status/1896398256357384310

npoc 2y ago

The sub-headline itself: "...breathe life back into..." shows how utterly misguided this article is. Does this look like an asset that needs life breathing back into it? https://imgur.com/a/Dhemhk9 https://imgur.com/a/Dhemhk9 https://imgur.com/a/G9fmGur https://imgur.com/a/G9fmGur (logarithmic price scale)