Texas House introduces bill to establish a strategic bitcoin reserve
Texas House introduces bill to establish a strategic bitcoin reserve
cross-posted from: https://reddthat.com/post/31041767
Strategic exit liquidity for the rich fucks who are lobbying to have others hold the bag.
Oh yeah, let's make a reserve out of a volatile non-liquid digitial asset with extremely limited and contextual utility. Let's also send the treasurer to the WinStar World Casino.
Didn't some country already try this and fail miserably?
Edit: Oh yeah, El Salvador invested $150M in bitcoin only for it to lose half its value lol
Edit 2: lmao at the replies. For those of you who haven't read the Wikipedia article on this, here's the gist of it:
If you look at all of this and genuinely think that the recent (and undoubtedly temporary) increase in the value of Bitcoin makes this whole thing a "Big Chungus W win for Bitcoin" or whatever, I strongly urge you to stay away from crypto and any casinos for your own sake. I assure you that there are plethora of better ways to spend the time of government employees and taxpayer money, and you deserve better than whatever faux-utopia crypto bros have sold to you. Actually investing in the country's infrastructure and economy, or even something like Norway's sovereign wealth fund, are much better ways to improve the economy without some long-term gamble that causes citizens to suffer.
As of March 2024, El Salvador's bitcoin gambit stood at a 50% profit, with bitcoin having recorded a new all-time high of over $69,000. --the article
And btw, it's currently over $100k. So even higher.
Bitcoin has only gone up so I'm not sure how that would even be possible...
It has had a few ups and downs in that time frame and the people that are very much anti-blockchain anything seem to cheer every time there is a (local) dip in value. But, as you say, if you look at its value since its inception....well, it was just under 107K today.
Did you read the article you posted?
I have a better idea for a crypto plan. Let's chain crypto bros to their mining rigs and throw them both into the ocean. Take out two pieces of trash at once.
Why invest in the future when you can invest in Ponzi scheme 2.0!
There should be a law against being this dumb.
Hmmm.
I wonder if they have certain expectations (read inside information) about the inevitable collapse of the USD that will coincidentally happen during the next presidency of the guy with ties to Russia and his VP who is backed by the dark-right silicon crypto bros.
Nah. That's crazy talk.
Edit:
Consider that Peter Thiel bankrolled JD Vance and that he, musk, zuck, et al have essentially established a technocratic state within the new admin. https://www.ft.com/content/408fb864-5831-4b1d-beef-fd1966b3beed
https://www.cbsnews.com/news/jd-vance-trump-vp-peter-thiel-billionaire/
The Wall Street Journal reported that Musk might support that PAC to the tune of around $45 million per month. Musk has denied that specific claim since, but the America PAC, which is run by Lonsdale, appears to be created to support the “PayPal Mafia” worldview — which includes (and indeed depends on) the bankruptcy of the United States.
https://washingtonspectator.org/peter-thiel-and-the-american-apocalypse/
At least PayPal had a suitably grand mission—the kind that post-bubble skeptics would later describe as grandiose: we wanted to create a new internet currency to replace the U.S. dollar.
~ Peter Thiel Zero to One https://archive.org/stream/zero-to-one-peter-thiel-and-blake-masters/Zero%20to%20One%20-%20Peter%20Thiel%20and%20Blake%20Masters_djvu.txt
I no longer believe that freedom and democracy are compatible.
~ Thiel The Education of a Libertarian https://www.cato-unbound.org/2009/04/13/peter-thiel/education-libertarian/
https://newrepublic.com/article/183971/jd-vance-weird-terrifying-techno-authoritarian-ideas
And one final, very important thought:
I mean it's almost certain the value of the dollar is going to tank and that the US is hit with at least a recession if not another depression if Donvict does even half the things he's said he will, but banking a bunch of bitcoin isn't going to help with that. Anything that tanks the dollar will likely tank the value of bitcoin as well. This reads more like a) idiots that don't understand bitcoin and b) an attempt to pump the price up so some of the more heavily invested techbros can exit the market before it tanks.
If they actually wanted to form a strategic reserve they should have picked something with inherent value like buying a bunch of lithium, Iridium, or just plain old gold (which is honestly one of the least valuable metals as it has very few actual uses outside of acting as a corrosion barrier).
Consider that Peter Thiel bankrolled JD Vance and that he, musk, zuck, et al have essentially established a technocratic state within the new admin. https://www.ft.com/content/408fb864-5831-4b1d-beef-fd1966b3beed
https://www.cbsnews.com/news/jd-vance-trump-vp-peter-thiel-billionaire/
The Wall Street Journal reported that Musk might support that PAC to the tune of around $45 million per month. Musk has denied that specific claim since, but the America PAC, which is run by Lonsdale, appears to be created to support the “PayPal Mafia” worldview — which includes (and indeed depends on) the bankruptcy of the United States.
https://washingtonspectator.org/peter-thiel-and-the-american-apocalypse/
At least PayPal had a suitably grand mission—the kind that post-bubble skeptics would later describe as grandiose: we wanted to create a new internet currency to replace the U.S. dollar.
~ Peter Thiel Zero to One https://archive.org/stream/zero-to-one-peter-thiel-and-blake-masters/Zero%20to%20One%20-%20Peter%20Thiel%20and%20Blake%20Masters_djvu.txt
I no longer believe that freedom and democracy are compatible.
~ Thiel The Education of a Libertarian https://www.cato-unbound.org/2009/04/13/peter-thiel/education-libertarian/
https://newrepublic.com/article/183971/jd-vance-weird-terrifying-techno-authoritarian-ideas
Etc...
Yes. Yes it is.
Please see my edit. You may rethink your response
Google: set reminder for 2 years.
I wonder if that's why BTC started approaching 107K.
Yay I can't wait for my tax dollars (and probably SS) to buy useless crypto from rich idiots. If only we could put that money into high speed rail, healthcare, school lunches, ... Nah that stuff is clearly less important.