Texas House introduces bill to establish a strategic bitcoin reserve (www.cnbc.com)

submitted 1 week ago by FenrirIII@lemmy.world to c/politics@lemmy.world

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cross-posted from: https://reddthat.com/post/31041767

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[-] orclev@lemmy.world 4 points 1 week ago* (last edited 1 week ago)

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).

[-] masterofn001@lemmy.ca 2 points 1 week ago* (last edited 1 week ago)

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://www.vanityfair.com/news/2023/08/musk-thiel-zuckerberg-andreessen-alternate-autocratic-reality

https://thehill.com/policy/cybersecurity/320592-palantir-helped-support-nsa-spy-program-xkeyscore-report/

https://newrepublic.com/article/183971/jd-vance-weird-terrifying-techno-authoritarian-ideas

Etc...

this post was submitted on 14 Dec 2024

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