Has anyone seen
this article? Bitcoin has been getting a lot of mention on Yahoo Finance, some of it interesting, some of it not--but this write up had me scratching my head.
There's a senator apparently proposing this, but then there's an explanation by some guy George Tung from CryptosRus, which I've never heard of (and I've not googled it). In any event, this so-called reserve fund is supposed to be earmarked for repayment of the US's debt, something I'd find extremely risky at best given how volatile bitcoin is.
In order to justify the clickbait-y headline, there's some speculation that other countries might also start buying in an act of global keeping-up-with-the-Joneses, which in the media constitutes an arms race. As to why those countries would need to follow the US's bitcoin buying spree, who knows? No need to explain that when the writer of this can then add in corporate purchases and make the leap to this:
he scenario Tung describes grows even more intense if corporations join the race, such as BlackRock's speculated involvement. He asserts, "If four entities try to buy 40% of the supply...that alone will drive bitcoin into the millions." He highlights how limited the global supply of bitcoin is, mentioning that even smaller countries, like Bhutan and El Salvador, have already started acquiring significant amounts of bitcoin.
Fundstrat analyst Sean Farrell recently used the same logic to say he may need to adjust his $115,000 price target higher.
I'm curious as to what you all think about this article, this idea, or anything related to it. Me? I think it's total BS (though definitely bullish), but I tend to scoff at most crap that gets published online, especially if it's financial news--but I never rule out the possibility that I'm being a moron.
I think it’s pretty awesome that they are thinking about this strategic fund but today I read somewhere that the senator was suggesting we sell gold to buy Bitcoin? Like no let’s not do that keep the gold just print more money and buy Bitcoin 😂. Do both. Idk if that’s fact or fiction or what will happen but it’s definitely bullish if this keeps up the way it’s going!