Why hasn't the US govt been buying BTC?

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Quote from: DeathAngel on Today at 10:19:43 AM

The Democrats have been hostile to Bitcoin throughout Biden’s time in charge. We only got the Spot ETFs after a judge ruled that Gensler was being obstructive to innovation. I think it was Genesis & Barry Silbert that took the SEC & his ass to court. Bitcoin is now a real world, macro finance asset. Trump is more willing to let innovation happen in the US so there is a much bigger chance that over the next 4 years the US starts to buy Bitcoin although it’s not guaranteed.

I don't know if the government sees the benefit of Bitcoin as its really a bet against their own stockpile of fiat. Especially with the FED being independant from the executive branch I don't think a change in administration is going to change that.

Hispo

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Quote from: BitcoinBarrel on November 14, 2024, 05:32:07 PM

We all know they own many billions worth through seizures, and surely they know the practical applicability of the technology by now...

So that begs the question: Why haven't they been actively buying Bitcoin like other countries?

They throw many billions into other avenues, so do they know something we don't?

Other countries, like El salvador and other smaller countries have started to stockpile Bitcoin because it is in their best interest to save guard their wealth against the possible depreciation of the United States Dollar or make themselves less vulnerable against the centralization of the traditional financial system. The United States cannot start to stockpile Bitcoin was they have already done with gold bars, because it would go against the very own interests of the federal government of the country.
In the best cases scenario for the United States, it would be for the rest of the world to continue to demand and use USD for all their transnational transactions and other countries to stockpile their first cash in their central banks, otherwise the USA would experience higher inflation.

If Washington started to embrace Bitcoin it would be the equivalent to turn against their own FIAT.

DeathAngel

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The Democrats have been hostile to Bitcoin throughout Biden’s time in charge. We only got the Spot ETFs after a judge ruled that Gensler was being obstructive to innovation. I think it was Genesis & Barry Silbert that took the SEC & his ass to court. Bitcoin is now a real world, macro finance asset. Trump is more willing to let innovation happen in the US so there is a much bigger chance that over the next 4 years the US starts to buy Bitcoin although it’s not guaranteed.

goldkingcoiner

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Quote from: Vod on November 15, 2024, 02:14:50 AM

Quote from: BitcoinBarrel on November 14, 2024, 05:32:07 PM

We all know they own many billions worth through seizures, and surely they know the practical applicability of the technology by now...

So that begs the question: Why haven't they been actively buying Bitcoin like other countries?

They throw many billions into other avenues, so do they know something we don't?

They are probably buying Dogecoin. You think it's a coincidence that the acronym of the his government position is DOGE?

I bet that was Elon's idea. Rather, I am more curious about what Musk had to do for Trump, in order to get this position. An just because Trump is president, we cannot expect an instant 180 degree turn from the government's current attitude towards cryptocurrency.

Furthermore, even if DOGE-fanboy Musk tries, I doubt he will convince the government to invest into DOGE lol. Roll Eyes

Nor will he be able to convince the government to invest in Bitcoin, either. Sadly. As far as I understand it, Elon Musk has no actual power nor authority with his newest job title.

ThemePen

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US government has changed its mind on Bitcoin shifting from skepticism to serious consideration. Some top politicians now think national Bitcoin reserve would boost country finances. This idea first proposed by Wyoming Senator Cynthia Lummis suggests that storing Bitcoin could reduce national debt and give US an edge if Bitcoin value keeps rising. President elect Donald Trump and Robert F. Kennedy Jr. are on board and Trump win has given idea more momentum with Senator Lummis hinting that national Bitcoin reserve might actually happen.
El Salvador President Bukele has already shown benefits of investing in Bitcoin with his country accumulating over 5,900 Bitcoins since 2021. Now as US considers joining party Bitcoin future as strategic asset is looking brighter than ever.

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It won't be necessary. They will continue to gain bitcoin by seizing it from us.

BADecker

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Why hasn't the US govt been buying BTC?

They ran out of money after sending it all to Ukraine? Cheesy

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I'm also interested in how Slawomir Mentzen's recent tweet will affect Europe in general. He is a presidential candidate in Poland and has pledged to transform the country into a crypto haven with friendly regulations, low taxes, and a strategic BTC reserve.

It's nothing like after this every country in the world will buy BTC, but at least I don't think they are unaware of the possibilities.

Frankolala

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US government have not being buying bitcoin because they don't believe in its potential and see it as something that will not last. They see it as a threat to USD and tried to paint it black but so far bitcoin was able to show it exponential growth in value based on the problem it is solving. Governments don't like supporting projects that are not theirs and it takes only an open minded person like Trump to see the fact that bitcoin is the leading currency and asset that is worth buying and hodli as reserve. The other president never accepted the fact that bitcoin is an asset and a store of value only Bukele of El Salvador.

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Quote from: BitcoinBarrel on November 14, 2024, 05:32:07 PM

We all know they own many billions worth through seizures, and surely they know the practical applicability of the technology by now...

So that begs the question: Why haven't they been actively buying Bitcoin like other countries?

They throw many billions into other avenues, so do they know something we don't?

Other countries in plural form? And by countries you mean governments?

What other governments have been buying bitcoin from markets other than El Salvador? I know that other countries hold it, but that's because they have seized it, or just stolen it like North-Korea.

Imho government's job isn't to be a speculative risk investor playing with their citizens money. It can be profitable, but so can playing in casino. Governments should be responsible, investing in stability of economy if anything. They shouldn't play with volatile markets.

Die_empty

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Quote from: BitcoinBarrel on November 14, 2024, 05:32:07 PM

We all know they own many billions worth through seizures, and surely they know the practical applicability of the technology by now...

So that begs the question: Why haven't they been actively buying Bitcoin like other countries?

They throw many billions into other avenues, so do they know something we don't?

Only a few nations like El Salvador and Bhuthan have shown keen interest in the acquisition and hodling of Bitcoin. I think the US has not had a government that really believes in Bitcoin's prospects. They might have reasons for this skepticism but their failure to sell all their seizures shows that the US government knows that Bitcoin is a good asset. Maybe the narrative is changing with the new government's interest in the crypto industry. Trump might begin to buy more coins, who knows?

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Not everyone needs it, that's all.

Kelward

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I think that Bitcoin is making progress as it is in the US, remember that they don't have a very favorable regulations for it yet. But t with the emergency of Donald Trump, as the next president, we're very hopeful to see his administration to give Bitcoin a deserved priority. Nobody can deny the impact of his affiliation with Bitcoin in winning the election. So I'd say give it time and hopefully they'll hold Bitcoin as a national asset in the future. Beyond the USA, other countries should also hold Bitcoin because it has proven to be a store of value.

Vod

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Quote from: BitcoinBarrel on November 14, 2024, 05:32:07 PM

We all know they own many billions worth through seizures, and surely they know the practical applicability of the technology by now...

So that begs the question: Why haven't they been actively buying Bitcoin like other countries?

They throw many billions into other avenues, so do they know something we don't?

They are probably buying Dogecoin. You think it's a coincidence that the acronym of the his government position is DOGE?

BitcoinBarrel

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We all know they own many billions worth through seizures, and surely they know the practical applicability of the technology by now...

So that begs the question: Why haven't they been actively buying Bitcoin like other countries?

They throw many billions into other avenues, so do they know something we don't?

Topic: Why hasn't the US govt been buying BTC? (Read 134 times)