A senior White House official has hinted at the possibility of the U.S. utilizing its gold reserves to acquire more Bitcoin (CRYPTO: BTC). What Happened: Bo Hines, the executive director of the President’s Council of Advisers on Digital Assets, ...
It’s bitcoin, the only thing it’s disrupting is the pyramid scheme space. It’s too volatile, too expensive(transaction fees), and too slow to be a useful currency. There is no reason for the government to buy in to a speculation bubble.
When there’s a disruptive force, you have a few options
try to kill it so it can’t disrupt
do nothing and be disrupted
dip you toes in, so if disruption happens you aren’t blindsided and can hopefully wade through it
take a chance and swim in it so you can be on the leading edge of that disruption.
They’ve kinda tried option 1 but failed.
Option 2 could lead to long term consequences
Option 3 leaves them prepared but not overly exposed
Option 4 would be pretty risky
So really, option 3 is probably the best bet given option 1 hasn’t been working.
It’s bitcoin, the only thing it’s disrupting is the pyramid scheme space. It’s too volatile, too expensive(transaction fees), and too slow to be a useful currency. There is no reason for the government to buy in to a speculation bubble.