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White House Says Gold Reserves May Be Used to Purchase Bitcoin
- kevin_thibedeau 2y agoWhy let El Salvador have all the fun. It is boggling the level of stupidity this administration will sink to to appease the chaos monkey.
- UncleOxidant 2y agoMagical thinking. They think that somehow making us all the bag holder of last resort will lead to ever increasing bitcon prices which will then be able to magically pay off the deficit.
- Gibbon1 2y agoI'm waiting from them to realize they can force the social security administration to buy their magic computer money with treasuries from the social security trust fund.
- jerlam 2y agoI don't think any of this has any intention to pay off the deficit - it's a cover story for them to remove any opposition.
- Tadpole9181 2y agoAs evident from the ungodly tax cuts they just gave to the wealthiest Americans. > Oh, we are just so much in debt, we need to tighten our belts... With a 2.5 trillion dollar tax cut.
- Freedom2 2y agoAs the current administration explained, tariffs are intended to offset the tax cut, while the tax cut allows trickle down economics to take place. If you ignore all the glaring flaws it's a wonderful plan!
- linker3000 2y ago"If you ignore all the glaring flaws it's a wonderful plan!" I'm adding that to my stock of meetings comments.
- kevin_thibedeau 2y agoIn a reverse Robin Hood sort of way.
- nodoll 2y ago>With a 2.5 trillion dollar tax cut... So the idea is that this will be reinvested, leading to more productivity and job, which is a more sustainable way of getting rid of debt. If you tax the rich, chances are that their business will cut spending, lay off people and increase unemployment. So while "Tax the rich" looks impressive if you are looking only superficially, it is not very sustainable.
- Tadpole9181 2y agoI'm sorry, I'm not entertaining anyone who pushes trickle down trite at this point. It's so far beyond the point of pretending such claims are actually in good faith it's not even funny.
- nodoll 2y agoIs there some fundamental flaw with that idea, or are you rejecting it on the basis of some "reports" of the idea not having worked before?
- Tadpole9181 2y ago[flagged]
- kevin_thibedeau 2y agoIt has a tiny bit of merit on the basis that limited wealth inequality creates opportunities for investment of the surplus capital in novel ways. Something that doesn't work well in planned economies with forced equality. What we have today with a small number of plutocrats hoarding all the wealth doesn't work because they're playing a game of exclusively enriching themselves with no incentive to trickle anything down.
- chgs 2y agoYou can pay off debt with a one time injection. you can’t pay off a deficit. Deficit is not a fancy word for debt, it’s a first order derivative.
- joegibbs 2y agoI don't think it could ever be able to pay of the federal debt, the entire market cap of all cryptos is only a tenth of what the US federal government owes.
- xyst 2y agoand the grift continues
- jazzyjackson 2y agoLazy reporting. I don't know what "gains on gold reserves" means.
- 7e 2y agoIt's pretty obvious that it means gold has appreciated. In fact, it's up 37% this year. There is laziness here, but it's not the reporter's.
- ecocentrik 2y agoIt's Yahoo Finance. Lazy reporting is expected. It seems like the White House is planning on selling US gold holding above a specific dollar value. Since the price of gold in dollars is rising, mostly because the price of the dollar is falling, then they're probably planning on emptying a significant portion of the US gold reserve to allow every major Bitcoin holder to clear their positions.
- OutOfHere 2y agoFor the record, well over 90% of Bitcoin holders already are in the clear. I would imagine the same is also true for gold.
- cratermoon 2y agoIs that 90% by count of individuals or 90% by value? It makes a difference if those 90% hold 10% of the total value.
- ecocentrik 2y agoIf this were true the price of Bitcoin would already be well below the cost of mining it.
- r721 2y ago>It's Yahoo Finance The article seems to be aggregated from some Benzinga website: >Founded in 2010 by Jason Raznick, Benzinga is a financial technology, media, and data company based in Detroit, Michigan. The website also features a news service that publishes financial news. https://mediabiasfactcheck.com/benzinga/ https://mediabiasfactcheck.com/benzinga/
- alluro2 2y agoI don't think I would be awfully surprised anymore if they said they'll be buying $Trump coin or whatever it's called. It's just at that level of ridiculousness already, on so many sides, that very little is still unexpected.
- OutOfHere 2y agoThat's not a fair assessment though, as no one is buying anything like Trump coin with public assets. It isn't ever expected either.
- thraway12345 2y ago> no one is buying anything like Trump coin with public assets. How about with foreign public assets owned by governments?!
- JohnTHaller 2y agoThe president of the United States was just promoting his scammy crypto coin yesterday.
- yieldcrv 2y agoEveryone thinks he rugged his followers But there is a vesting schedule with a 3 month cliff, so he hasnt rugged… yet. perfect time to promote now though lol
- deleted 2y ago[deleted]
- dclaw 2y agoYes, revalue gold. No, do not buy bitcoin with it.
- mrcode007 2y agoNow we know that it is indeed possible to rob Fort Knox ! Brilliant plan.
- ra 2y agoProviding US treasury levels of liquidity to bitcoin. What a grift to be on the other side of! Oh wait...
- heavymetalpoizn 2y ago[dead]
- kQq9oHeAz6wLLS 2y agoI can't decide if this administration is purposely trolling, or of the trolling is a byproduct. Either way, they seem to reliably trigger everyone on the left, and a few on the right, too.
- Aeolun 2y agoI think this is pretty much a “everyone can agree it’s idiotic” thing? The only people that should be overjoyed are current holders of bitcoin. Which I don’t doubt includes (somehow) a lot of the people active in the administration.
- mrcode007 2y agoYep. It’s a classic grift; it even has a name „control fraud”… Described in depth in „lying for money”
- LinuxBender 2y agoI am neither left nor right just a pragmatic minimalist. The minimalist in me does like some of the things they are doing given the tech industry make me very used to it and I can see the long term benefits. Every leader in the last few decades has pinky-promised to downsize the government. bigger topic obviously, given the careless and reckless way it is being done. The logical part of me can not fathom why governments are getting into unregistered unlicensed securities. [1] I can understand some of us plebs getting sucked up into it from desperation but the federal government of all entities should know better given they made laws about it in the 1930's due to fraud. The conspiracy theorist in me has a gut feeling this might be a way to circumvent FDIC backing so when they induce a collapse everyone just loses everything. [1] - https://www.youtube.com/watch?v=ZpqreZlmHGU https://www.youtube.com/watch?v=ZpqreZlmHGU [video][8 mins][cnn]
- IAmGraydon 2y agoHow would this circumvent FDIC backing? They wouldn't need to anyways. The FDIC only has around $120B, which is basically a joke compared to the bailouts that would be required in a collapse scenario.
- suraci 2y agoThere is an illusion, the illusion of money, which is the result of a combination of commodity fetishism and modern currency. When you fall into this illusion, you can no longer tell the difference between money and commodities, between commodified money and monetized commodities, and between gold and Bitcoin. I am sure that many people within the Fed and the Treasury are aware of this and capable of overcoming this illusion, but the question remains as to the extent to which such rationality can influence decision-maker for now, i'll consider this is just a planned hype of bitcoin, they will not do it for real
- nodoll 2y agoThe idea described in the post makes sense to me. Bitcoin is idealized gold. Today gold have some advantage over bitcoin in that it has some intrinsic value. But if someone finds a way to covert iron into gold, your reserve will disappear overnight. But no such risk for bitcoin. The maximum supply is capped at some number.
- suraci 2y agothat, is the illusion
- mediumsmart 2y agoTo the Mars! Teslas for everyone!!!
- JohnTHaller 2y agoSomeone on reddit theorized that this announcement was designed to push Bitcoin hire to help Tesla. Tesla showed $600 million income in Q4 of 2024 thanks to a change in the way crypto is accounted for due to their Bitcoin holdings.
- valbaca 2y agoThey are actively doing everything they can to throw America into the trash, set it on fire, and then setup a fascist state to “put out the fire”
- nodoll 2y ago[flagged]
- cedws 2y agoEven incompetent people sometimes get things right. The new administration seems to be getting everything wrong, which implies malice.
- yubblegum 2y agoIt started with neocons and their open declaration in mid 90s that US was not going to actually do what Bush the elder claimed with his "New World Order" speech. So that trashed any notion of "international rule of law based in UN" the promise: https://www.youtube.com/watch?v=Rc7i0wCFf8g https://www.youtube.com/watch?v=Rc7i0wCFf8g the reneg: https://en.wikipedia.org/wiki/Project_for_the_New_American_Century https://en.wikipedia.org/wiki/Project_for_the_New_American_C... the alarm: https://web.archive.org/web/20161205215516/https://www.nytimes.com/1999/02/05/news/to-paris-us-looks-like-a-hyperpower.html https://web.archive.org/web/20161205215516/https://www.nytim... then 911 happened. Who done it? Don't ask, cause we won't tell. Then, US moral authority (in whatever sense) flushed down the toilets of Abu Gharaib and Guantanemo. Then, the basis for US monetary hegemony was trashed - politicized international finance infrastructure. Now, the trashing of alliances, and internally the very foundations of the republic. United States the power was an impediment to a world government. It is being dismantled, a "bipartisan" project, and atm we are in the midst of an assets sale. Next is total bankruptcy. When the dust is settled, certain "ally" of ours will be the superpower of our making lording it over the most critical energy and global trade corridor in the world (which will keep China in line). Now you may go back to your "red vs blue" entertainment.
- hmmokidk 2y agoI am wondering if a BTC rugpull is inevitable. For the whales, why not just transition to another coin. They see potential, they jump in on new coin, new coin flies. I don’t see why they wouldn’t. Microstrategy, musk and trump can collude. I don’t think there are any regulations stopping them. I don’t see why they wouldn’t, either. Unless they are worried about PR or that is just a difficult way to increase wealth.
- red-iron-pine 2y agoSounds like a fantastic way for bad actors to liquidate US reserves and then run away with them. which the current administration has proven, repeatedly, that they are. "but it's just some mild economic policies, bro" -- HN, probably
- disqard 2y agoYou're about to get downvoted to oblivion. Here, have a preemptive upvote to keep you afloat for one extra second.
- red-iron-pine 2y agostill floating at +10 brah, but thank you for the upvote