Chris Hayes broke down a plan by Republican legislators to transfer billions of dollars of taxpayer money to owners of Bitcoin in exchange for their holdings.
If we want to have some sort of strategic crypto reserve, or some crypto dollar currency, why the Hell would we buy Bitcoin to do it? We can just whip up our own coin. Flat out call it CryptoDollars if you want. IDK. The federal government can create a coin, give it out to people for free, and then in turn accept it for taxes, the same way any currency is backed. Buying up existing market Bitcoin is just idiotic.
Because paper money can be instantly created by any bank/etc in the form of a loan/etc.
That would be extremely difficult with any crypto of value since it would be constantly devalued (like the USD) but probably transparently for the any foolish “investor” to see.
If we want to have some sort of strategic crypto reserve, or some crypto dollar currency, why the Hell would we buy Bitcoin to do it? We can just whip up our own coin. Flat out call it CryptoDollars if you want. IDK. The federal government can create a coin, give it out to people for free, and then in turn accept it for taxes, the same way any currency is backed. Buying up existing market Bitcoin is just idiotic.
Because it’s not tied to whatever shitcoin Trump and Musk are trying to pump and dump
I think it is rather clear. This is not about having a crypto reserve but about increasing the value of musks’ Bitcoin wallet.
Because paper money can be instantly created by any bank/etc in the form of a loan/etc.
That would be extremely difficult with any crypto of value since it would be constantly devalued (like the USD) but probably transparently for the any foolish “investor” to see.