STEVE HANKE: A US BITCOIN STRATEGIC RESERVE = A STUPID IDEA.

Source: https://citizenwatchreport.com/steve-hanke-a-us-bitcoin-strategic-reserve-a-stupid-idea/
Published: Jan 7, 2025
Author: Horse
Post Date: 2025-01-07 20:36:16 by Horse
Views: 855

Steve Hanke @steve_hanke

A US BITCOIN STRATEGIC RESERVE = A STUPID IDEA.

Savings funneled into Bitcoin aren't building factories, creating jobs, or driving innovation.

https://twitter.com/i/status/1876297676842557734

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#1: Pinguinite    To: Horse (#0)

???..... The exact same reasoning would say not to invest in gold or silver.

Pinguinite posted on 2025-01-08 08:51:49   Reply   Private Reply

#2: Horse    To: Pinguinite (#1)

Gold and silver have been money for more than 6,000 years. Bitcoin has not.

Horse posted on 2025-01-08 11:08:33   Reply   Private Reply

#3: The_Rock    To: Horse (#2)

Gold and silver have been money for more than 6,000 years. Bitcoin has not.

The_Rock posted on 2025-01-08 11:31:36   Reply   Private Reply

#4: Pinguinite    To: Horse (#2)

The timelessness of metals was in no way part of his reasoning for rejecting the idea. It was simply based on the theory that if you hold bitcoin, no one can use the held bitcoin to do anything constructive. Seems he's comparing this to putting money in a savings account which allows the bank to loan it back out (15-20x over) to help the economy that way. THAT is his problem with bitcoin investments.

Pinguinite posted on 2025-01-08 12:15:10   Reply   Private Reply