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
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 ..
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.
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....
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.
Countries shouldn’t gamble with taxpayer dollars.
Return it to taxpayers or invest in the country and so on.
it is not gambling, it is crypto - the best investment money can buy /s
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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
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 ..
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.
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.
I turned on my lights and let all my qbits out … I’m ruined, ruined I tell you.
Related:
The Strategic Crypto Swindle
https://news.ycombinator.com/item?id=43270398
Trump's 'Crypto Reserve' Is Such Brazen Corruption
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
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....
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.