Posted on 07/28/2024 8:25:46 PM PDT by RandFan
@saylor
We now have a bill to establish the United States Bitcoin Reserve, stored in a Digital Fort Knox.
(Excerpt) Read more at x.com ...
Why not Gold instead? 🤔
“Diversify” (we have Ft. Knox gold already)(Rand(Fan) not so sure any gold is there?? Audit?). And gold hard to use/utilize/transport....BTC can be transmitted to someone thousands of miles away in 10 minutes.
The gold standard was used for centuries before Nixon went off it in the 70s?
That was before my time but some here have long memories
Bitcoin has been around like 12 years ?
The gold standard was used for centuries before Nixon went off it in the 70s?
That was before my time but some here have long memories
Bitcoin has been around like 12 years ?
We have gold reserves. I believe Coinheads want a BTC reserve equal to it.
More like 15 years. And does a “Bitcoin Reserve” equal “Bitcoin backed currency (USD)” I don’t think that is Sen. Lummis’s intention?
A gold backed USD is becoming unworkable at $22 trillion of fiat USD in circulation...USA gold reserves value âž— $22 Trillion = ?? price per ounce of gold.
Oops, should be “USA gold reserves in OUNCES divided by $22 trillion = price per ounce”.
They are not suggesting Bitcoin to replace the gold reserves. It is a second asset class; third if you count silver.
She is suggesting they can pay off the national debt with it?
I highly doubt this
Yeah, that is real optimistic...she mentions “5% of the total Bitcoin supply” (5% of 21 million total BTC is 1,050,000 Bitcoin, and that amount at an optimistic $1 million per Bitcoin only equals $1.05 Trillion...doesn’t really make a dent in the $33 Trillion national debt. (Unless BTC goes to $33 million/each).
Her proposal “brief”:
Anything to prevent having to deal with the problem. The problem is spending more money than you have or can tax out of the working people.
I hereby volunteer some memory on my iphone for this “depository” of “valuable” pixels
The hoarding of wealth by the government in the form of hard to factor large integers is insanity.
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