Law US States Moving To Establish Strategic Bitcoin Reserve

[Rob Battisti]

I'm not against Bitcoin being one of the assets if the people running the SWF are qualified, independent financial managers who decide that investing in Bitcoin would improve the health of the SWF.

I'm just skeptical of the idea of a Bitcoin reserve over than a diversified SWF.

I have no problem with a SWF being diversified. It certainly should have a good portion of the best performing asset.

 

[Deorum]

Somehow I'm not so sure we should be following the lead of El Salvador and Brazil but we'll see how it shakes out.

America is already leading as far as existing government holdings. The Bitcoin Act introduced by WYO Senator Lummis calls for the allocation of 1 million BTC to be held for a minimum of 20 years. It is classified as a commodity by the federal government, akin to buying digital gold - with far more explosive price action - as a store of value.

 

[Rob Battisti]

America is already leading as far as existing government holdings. The Bitcoin Act introduced by WYO Senator Lummis calls for the allocation of 1 million BTC to be held for a minimum of 20 years. It is classified as a commodity by the federal government, akin to buying digital gold - with far more explosive price action - as a store of value.

picture uploader

I want to marry Lummis.

 

[Islam Imamate]

America is already leading as far as existing government holdings. The Bitcoin Act introduced by WYO Senator Lummis calls for the allocation of 1 million BTC to be held for a minimum of 20 years. It is classified as a commodity by the federal government, akin to buying digital gold - with far more explosive price action - as a store of value.

I'm sure there's value to it as a way to diversify a SWF, in fact now I'm curious as to whether the big SWFs in Norway, Singapore, and the Arab Gulf have invested in it(I'd bet they have) and if so how much.

 

[Rob Battisti]

I'm sure there's value to it as a way to diversify a SWF, in fact now I'm curious as to whether the big SWFs in Norway, Singapore, and the Arab Gulf have invested in it(I'd bet they have) and if so how much.

The Arab Countries are speculated to have already begun doing so but it’s all speculation.

Expect the shoes to drop this year with multiple countries adding it to their reserves.

 

[Deorum]

I want to marry Lummis.

Bitcoiner Sex Is Hot.

Well said.

I am a little more outward in my attempts to get people to see the light, but it’s just ridiculous when Larry Fink says it’s the future but people still think it just funds terrorists or it’s gambling or it’s just speculation.

Given your deep concern over monetary policy, I imagine that's because you're a lot more invested in "fix the money, fix the world" philosophy and use case. I've found that to be a little too deep for newbies who view it as another form of gambling or some day trading hustle to make quick Fed notes. I try to get them out of the mindset that BTC is about taking profits, especially as it gains large-scale institutional and nation-state adoption, increasingly decoupling from the rest of crypto. My advice to them is always to stack Sats, hold Sats, and never sell Sats. It's that simple.

 

[Rob Battisti]

Bitcoiner Sex Is Hot.



Given your deep concern over monetary policy, I imagine that's because you're a lot more invested in "fix the money, fix the world" philosophy and use case. I've found that to be a little too deep for newbies who view it as another form of gambling or some day trading hustle to make quick Fed notes. I try to get them out of the mindset that BTC is about taking profits, especially as it gains large-scale institutional and nation-state adoption, increasingly decoupling from the rest of crypto. My advice to them is always to stack Sats, hold Sats, and never sell Sats. It's that simple.

You are 100% right.

I truly do feel like all of our structural ills are due to the current structure of our money. Bitcoin fixes many things, it may not fix that, but it can help. If nation states adopt SBRs, it changes the way governments and people think about moneys. It’s very important, but — as you said — a bit too deep.

I will abandon that for now and just adopt your philosophy. STACK SATS!

 

[Deorum]

I'm sure there's value to it as a way to diversify a SWF, in fact now I'm curious as to whether the big SWFs in Norway, Singapore, and the Arab Gulf have invested in it(I'd bet they have) and if so how much.

Norway hasn't purchased BTC directly but does have exposure as an MSTR shareholder, which is an OG software tech company started in the late 1980s that has re-emerged with ambitions of becoming a de facto Bitcoin bank. It currently has more holdings than the USA and CCP governments combined.

 

[Rob Battisti]

Norway hasn't purchased BTC directly but does have exposure as an MSTR shareholder, which is an OG software tech company started in the late 1980s that has re-emerged with ambitions of becoming a de facto Bitcoin bank. It currently has more holdings than the USA and CCP governments combined.

Yeah you beat me too it. I forgot to mention that Norway has the bitcoin proxy in microstrategy.

I’m long on MSTR as well. Saylor is doing special things.

 

[HOLA]

What does crypto do that the dollar can't do? Why does the government need to put money into crypto?

I'm aware people have made money from it, but without a clear explanation of the capability and advantages of crypto it just looks like a speculative bubble.

Nothing. It's an anti-technology that improves on nothing. But we're in a post-truth society now, so "number go up."

 

[Deorum]

You are 100% right.

I truly do feel like all of our structural ills are due to the current structure of our money. Bitcoin fixes many things, it may not fix that, but it can help. If nation states adopt SBRs, it changes the way governments and people think about moneys. It’s very important, but — as you said — a bit too deep.

I will abandon that for now and just adopt your philosophy. STACK SATS!

What does crypto do that the dollar can't do?

It gives people options.

Bitcoin, not Crypto. A decentralized fixed supply, absolute scarcity. It's also no less (if not more) divisible, durable, fungible, and portable in addition to being censorship resistant. But that's neither here nor there from a nation-state perspective, and it certainly isn't helpful to look at it as adversarial to the USD given the status it holds as the world's reserve currency. It's a commodity, and the purpose of the US Gov holding it would be in the form of reserve capital. Are we thinking the speculative "bubble" bursts before or after it flips Gold (which I hold and love) as the most valuable asset in the world? Traders are thirsty for government and institutional adoption, HODLers take their bags offline into cold storage 10 million Sats at a time and don't give a shit. Neither does BTC.

 

[Cole train]

Its fine to invest in bitcoin (or any other stuff) as long as you follow golden rule

Only invest what you can afford to lose

Of course true sherdogger will just yolo it and put all life savings in some shitcoin to get rich fast

 

[italiamusica]

This is fucking stupid

 

[Dalarna3]

It's really just digital gold at this point.

 

[Cid]

Not gonna lie. American tax payer dollars going towards pumping up my bags is something I can get behind.

 

[Deorum]

Yeah you beat me too it. I forgot to mention that Norway has the bitcoin proxy in microstrategy.

I’m long on MSTR as well. Saylor is doing special things.

I've considered that but ultimately decided to stay on the sidelines. I closed shop on my entire equities portfolio back in 2019 and don't hold a single share of any publicly traded stonk. The entirety of net worth is tied to properties, precious metals, and satoshis with some cash to pay bills and cover the basic d2d needs.

It's really just digital gold at this point.

It's admittedly a superior hard asset, but I have a lot of admiration for the analog old horse. I frequently scoff at calls to sell my physical holdings in order to buy more BTC -- there's also an aesthetic and psychological attachment there that Bitcoin doesn't have. I will continue to stack Sats with disposable cash, keep my gold bars, and have both. Gold still does a good job as a SoV to protect purchasing power, but Bitcoin goes much further on year-over-year growth.