The article is poorly written, though. The sarcasm of Peter Schiff seems more precise.
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That tweet sounds like something I've heard before. Didn't some politician make a proposal years ago for buying bitcoin in order to fix the Social Security problem that's inevitably going to happen?
Whatever the case may be, any country buying bitcoin for any purpose (with taxpayers' dollars, I remind you) is extremely risky--and no matter how big a fan you or I may be of bitcoin, I don't think governments ought to be dabbling in it. And not just because of the risk; it goes against everything bitcoin stands for. I'm curious as to whether this story is going to be followed up on.
Yeah, it wasn't Peter who have thought of this idea first. I'm not sure if a politician has already put forward such a proposal, but this possibility has already been discussed before, at least the part that the Social Security fund be used to buy Bitcoin.
I'm partly of the idea that government shouldn't enter into the business of investing. Every penny that the government has should be spent. Whatever the government has should be used to serve and invest in its people. It isn't their business to make money. It's their business to look after the welfare of the people.
However, many countries have investment funds, sovereign funds, wealth funds, or whatever you call it. If they have such, why can't they indeed invest in Bitcoin?
Whatever Bitcoin stands for doesn't matter, does it? After all, it doesn't have a mechanism that prevents the government from investing into it.