I just read the EO for the reserve and honestly it sounds fantastic. I don’t know what everyone is frowning upon.
The fact that that is no buying happening is probably a good thing since this is being put into a single basket with shitcoins. You don’t want the public to get angry (rightfully) for utilizing tax payer money to buy shitcoins. That would be a PR disaster for bitcoin by mere association.
This is like the first time we have had any positive press from the White House that paints bitcoin in positive light and that is huge. I’m actually glad they are not going to buy any further bitcoin at the moment because I don’t want them to have any. This gives us more time to stack, for natural adoption to take place to hopefully severely limit the available bitcoin for the reserve, should the time come to buy.
It’s unlikely congress would approve of any such spending anyway, so it’s weird that bitcoiners expected there to buy purchasing going on. Though, this EO DOES spell out that there will be a review of strategies to acquire more:
“(c) The Secretary of the Treasury and the Secretary of Commerce shall develop strategies for acquiring additional Government BTC provided that such strategies are budget neutral and do not impose incremental costs on United States taxpayers.”
This is the correct path I believe, unless that acquisition involves civil forfeiture (which it could… and I don’t think anyone would be happy with that).
Replies (22)
I think as the evening wears on, more of us are coming to this same conclusion.
They renamed “Involuntary Asset Forfeiture” to “Strategic Reserve.” If that’s not putting lipstick on a pig then I don’t know what is.
I’m just going to point to my note again. Not disagreeing with the bait and switch but see note.
I read it.
💯
Fiat is a shitcoin so why do I care if they change the name to SOL? Buy Bitcoin.
Also I read one sentence of your rant.
I appreciate your point of view. But, sounds very possible, that many bitcoiners will be labeled as “criminals” in the future…
How do you feel about civil asset forfeiture? Would this be an incentive for them to "steal" Bitcoin?
"The Strategic Bitcoin Reserve will be capitalized with bitcoin... that was forfeited as part of criminal or civil asset forfeiture proceedings."
"It also established a U.S. Digital Asset Stockpile, consisting of digital assets other than bitcoin... that was forfeited in criminal or civil asset forfeiture proceedings."
Part c that you quoted. My reading of this within the context of the entire EO means they can buy bitcoin when they want as long as it is in alignment with the rule of being tax neutral.
Buying is going to happen very soon if not immediately.
Any government savings on already approved spending can theoretically be used to buy bitcoin with this order.
I believe that would include selling gold, DOGE cuts and savings, etc.
Bullish!
Maybe they can sell other crypto coins to buy more bitcoin
They will buy. This is Howard lutnik we are talking about here
The government is the BIGGEST SCAM by far. Expect a 1933 style seizure on your BTC.
No buy = No pump... We get that, right?
They're taking the account that says "Seized" and slapping a sticker over it that says "Strategic Reserve."
And hey, that's fine by me. SBR was a dumb idea to begin with. Just roll back the stupid regulations, restrain the over-aggressive SEC, and BTC will be just fine.
The remaining days of the Greenback and all other fiat currencies are just as numbered as they were on the day of the Genesis Block.
There's "concepts of a plan" to buy. I doubt that's happening soon.
You seriously think they're going to sell gold to buy Bitcoin? What about paying down the debt?
There are many many ways to buy bitcoin by being tax neutral. I left another reply with some ideas for you. Gold is just an obvious example. And yes I think they will sell gold to buy bitcoin (not tomorrow) because it is double win as it demonetizes the assets of US adversaries.
I wonder what they mean by "budget neutral" and "incremental" costs
@corndalorian -your meme to steal, my friend 😂
"budget neutral strategies for acquiring more bitcoin"
Imagining some low level government peon unplugging all the electrical appliances, coffee machines, lights, etc in the white house and plugging in ASIC miners instead 😆
my take is they could, for example, revalue the gold at market price and use some of that $800B+ for bitcoin purchases. Or use existing funds in the exchange stabilization fund.
