4 ms·

Trump signs executive order establishing U.S. strategic Bitcoin reserve

31 points by TheAlchemist 2y ago

duxup 2y ago
Countries shouldn’t gamble with taxpayer dollars. Return it to taxpayers or invest in the country and so on.
- bdangubic 2y ago
  it is not gambling, it is crypto - the best investment money can buy /s
- npoc 2y ago
  [flagged]
deleted 2y ago
[deleted]
poniko 2y ago
It's really not a bull case for crypto that the strategic reserve is just a holder of confiscated illegal coins. Ie it's not a big push to pump the price and demand that many was hoping for. Bitcoin is still flat on the news ..
- austin-cheney 2y ago
  Yes, the article mentioned the declining asset value following this executive action. Even still I would have far more faith in this concept if the confiscated coins were exchanged for fiat shortly after confiscation to drive down asset value over time.
sleepyguy 2y ago
This is a heist of taxpayer dollars. David Sacks owns many interests in firms that will benefit from this "Crypto Reserve". He and Trump's cohorts will make billions off the Taxpayer all while the USA is running massive deficits. There wasn't any money to help Ukraine fight Russia or keep Veterans working, but there are 10s of billions to buy Crypto that adds absolutely no value to the American Economy or helps the American taxpayer. Anyone who voted for these thieves should be ashamed of themselves....
- ZeroGravitas 2y ago
  I don't think they are buying currently, but just not selling them has basically the same effect of keeping their donor investments higher than otherwise.
mac3n 2y ago
We need to estrablish a Strategic Bullshit Reserve - there's currently a surplus, but we may need more in the future. Also, Government Cheese. And maybe stockpile qbits.
- redeux 2y ago
  I turned on my lights and let all my qbits out … I’m ruined, ruined I tell you.
ChrisArchitect 2y ago
Related: The Strategic Crypto Swindle https://news.ycombinator.com/item?id=43270398 https://news.ycombinator.com/item?id=43270398 Trump's 'Crypto Reserve' Is Such Brazen Corruption https://news.ycombinator.com/item?id=43261899 https://news.ycombinator.com/item?id=43261899 The “strategic reserve” exposes crypto as the scam it always was https://news.ycombinator.com/item?id=43236752 https://news.ycombinator.com/item?id=43236752
tim333 2y ago
There was an update from Sacks, the 'crypto tzar' last night that they will not in fact use money to buy crypto for the reserve. They will just put confiscated assets into it. https://x.com/davidsacks47/status/1897802280738734236 https://x.com/davidsacks47/status/1897802280738734236

31 points by TheAlchemist 2y ago

duxup 2y ago

Countries shouldn’t gamble with taxpayer dollars. Return it to taxpayers or invest in the country and so on.

bdangubic 2y ago
it is not gambling, it is crypto - the best investment money can buy /s
npoc 2y ago
[flagged]

deleted 2y ago

[deleted]

poniko 2y ago

It's really not a bull case for crypto that the strategic reserve is just a holder of confiscated illegal coins. Ie it's not a big push to pump the price and demand that many was hoping for. Bitcoin is still flat on the news ..

austin-cheney 2y ago
Yes, the article mentioned the declining asset value following this executive action. Even still I would have far more faith in this concept if the confiscated coins were exchanged for fiat shortly after confiscation to drive down asset value over time.

sleepyguy 2y ago

This is a heist of taxpayer dollars. David Sacks owns many interests in firms that will benefit from this "Crypto Reserve". He and Trump's cohorts will make billions off the Taxpayer all while the USA is running massive deficits. There wasn't any money to help Ukraine fight Russia or keep Veterans working, but there are 10s of billions to buy Crypto that adds absolutely no value to the American Economy or helps the American taxpayer. Anyone who voted for these thieves should be ashamed of themselves....

ZeroGravitas 2y ago
I don't think they are buying currently, but just not selling them has basically the same effect of keeping their donor investments higher than otherwise.

mac3n 2y ago

We need to estrablish a Strategic Bullshit Reserve - there's currently a surplus, but we may need more in the future. Also, Government Cheese. And maybe stockpile qbits.

redeux 2y ago
I turned on my lights and let all my qbits out … I’m ruined, ruined I tell you.

ChrisArchitect 2y ago

Related: The Strategic Crypto Swindle https://news.ycombinator.com/item?id=43270398 https://news.ycombinator.com/item?id=43270398 Trump's 'Crypto Reserve' Is Such Brazen Corruption https://news.ycombinator.com/item?id=43261899 https://news.ycombinator.com/item?id=43261899 The “strategic reserve” exposes crypto as the scam it always was https://news.ycombinator.com/item?id=43236752 https://news.ycombinator.com/item?id=43236752

tim333 2y ago

There was an update from Sacks, the 'crypto tzar' last night that they will not in fact use money to buy crypto for the reserve. They will just put confiscated assets into it. https://x.com/davidsacks47/status/1897802280738734236 https://x.com/davidsacks47/status/1897802280738734236