...
In essence, the government is long the total US BTC holdings multiplied by the effective capital gains taxation rate. BTC goes up, they get more money. BTC goes down, they get less money. It's the same exposure as a long BTC position.
...
Ok well using this logic, the US Government has a long position on every stock, option, futures/forwards contracts, commodity, bond, etc.
to have a position in something means to carry some risk. this applies only to "investors". extracting profit without carrying any risk is a form of theft, not an investment activity
US government is a thief, not an investor, they have no interest in anything, they simply confiscate profits.
if there are no profits they will simply increase debt ceiling - easy money
US treasuries is a pyramid scheme, the biggest one of all. bigger than the Egyptian ones.