Topic: 3000 letters sent to US senators to help approve strategic bitcoin reserve (Read 343 times)

This is ridiculous. Three thousand people begging the senators "please, please make the US government buy BTC, so the Bitcoin price hits 150K and I'm gonna make big profits." This is hilarious. Another hilarious thing is more letters were sent to senators of the Democratic party. It's clear that most crypto supporters in the USA are left wing liberals, which is absurd. It thought that most US crypto supporters are right wing libertarians, because the libertarians want lower taxes, deregulations and more freedom. The liberals usually want a bigger welfare state and more regulations, higher taxes on the rich and more government redistribution of resources.

Amidst bitcoiners interest on the section 5 of the strategic bitcoin reserve bill ( The bitcoin purchase program of 1,000,000 btc) many had to send out letters to their local senators. A few days ago, about 2200 letters was sent and today nearly 3000 letters have been sent. I don't know if this will be of any effect, but I think that the recipients would feel they're been spammed.

Reading through this reddit post, I could say that not everybody would be able to draft out an appealing letter. When I went through the site where those letters are being submitted, I also noticed that a premade letter is on the site, as a template. But, people may send similar letters and senators will be receiving same type.

However, the community needs this in the sense that US buying bitcoin as a hedge against monetary instability can lead to more countries having bitcoin reserve to strengthen the financial condition of their nation.

I had to go through the strategic bitcoin reserve bill by Ms Lummis and noticed that nothing is decentralized about the concept. The secretary of treasury has more authority over all the private keys locations.

And from the look of things they'll be a collaboration with the secretary of defense and secretary of homeland security to help secure the physical locations where the cold storage equipment would be kept. Although in a way meddling with the funds would be punishable by law.

If it's passed, we'll watch how they'll be able to hold those btc for 20 years without amending the law.

Those who wish to participant in this scheme here is the site https://satoshiaction.quorum.us/campaign/strategicreserve/

You are owned since 1913. You are a milking cow for your owners, born into debt and will die in debt. Each generation in more debt than the other. Now, it isn't your fault that you are owned. You didn't choose it. But it is your fault that you embrace your owners with open arms while they suck you dry. Once they take what they need, you'll have their permission to wither and die.

We don't have "owners" here in the USA.

I get that in dictatorships (maybe the one you live in?) that's how it works, but here we have a democracy.

Can I write my name on a bomb that destroys the home of a young couple, killing their 3 children in the process? Or maybe shake hands and take a picture with American hero Netanyahu? At least an applause and a standing ovation should be in order. I wonder if that's the will of the American people or just the will of your owners.

You need to maybe come here and see for yourself instead of believing everything your state-run news tells you.

Oh, you do, do you? And how is that going for you? With "you", I mean the Americans in general, not you personally. How about the bombs your government supplies to the Israelis that get dropped on the Palestinians every day. Did someone ask you if you agree with that? How about the billions of taxpayer money that leave your country and get sent to Ukraine?

At the same time, you have homeless people on every street corner. How about the coup your government is attempting in Venezuela to get their hands on some more foreign natural resources under the premise of trying to bring peace and democracy? You have no say on what your real owners do. Sadly, there is only an illusion of freedom. Your freedom of choice is between Coke and Diet Coke and unimportant shit like that.

You have the right to protest, though. Then, you will be beaten by the police, be imprisoned, have your home raided by the FBI, and be branded as a right-wing nationalist, misogynist, and anti-everything you can think of.

And while I get that many here are not from the US and have no say, many of us are US voters and we absolutely do have a say.

It's a free market. Anyone who wants to can and should be allowed to purchase bitcoin. They can buy it from exchanges like anyone else or go directly to miners and make a deal with them to purchase some or all of the bitcoin they mine or have accumulated. Don't forget, the US already controls 200.000 BTC that they confiscated in the past.

The news of the bill being passed in Congress and its implementation process will increase the price of Bitcoin. But it also has its short and long-term effects. Holding 1 million Bitcoin will make it easy for them to manipulate the market. The government can easily team up with institutional investors like BlackRock to create FUD and FOMO. But the question now is, is it possible to stop the US government from accumulating and holding Bitcoin?

It's a free market. Anyone who wants to can and should be allowed to purchase bitcoin. They can buy it from exchanges like anyone else or go directly to miners and make a deal with them to purchase some or all of the bitcoin they mine or have accumulated. Don't forget, the US already controls 200.000 BTC that they confiscated in the past.

But the question now is, is it possible to stop the US government from accumulating and holding Bitcoin?

The last time we had Donald Trump and Cynthia Lummis talk about bitcoin as a reserve asset at the 2024 Bitcoin Conference, it took only a few days for bitcoin to loss $15.000 of its value. The US started moving some of the bitcoin it had previously confiscated, so it didn't do us much good. There are, of course, several factors that led to this dip. Better that the politicians don't meddle with it. Besides, I am not optimistic that the bill by Cynthia Lummis will pass. 

The fact that governments turn bitcoin into reserves and compete to buy bitcoin is like a double-edged sword for the market, it is not as good as we think. That could impact bitcoin prices due to a sudden increase in demand, but in the long run bitcoin will lose its decentralization because the majority of bitcoin is in government hands. Not to mention if they decide to sell most of the bitcoins to the market, what will happen? I don't think many people like and support this idea, this is not good for us.

However, the community needs this in the sense that US buying bitcoin as a hedge against monetary instability can lead to more countries having bitcoin reserve to strengthen the financial condition of their nation.

I think it is a horrible idea for ANY government to hold BTC as a reserve. Would you want them to hold stocks & bonds as well? I doubt it.