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People have definitely mentioned that for the US via Strategy. Are you thinking about a scenario where Strategy takes their stash to another large state?
Either another US or another country.
Basically it becomes more like a one-time very large OTC buy - now obviously shareholders would demand a premium over spot, so the question is does the premium shareholders demand work out to be less than what gov would pay in slippage trying to buy very large amounts on 'market' (OTC or not)
That assumes it's done in an above board way. There's also the possibility of some sort of seizure on some flimsy pretense.
Very plausible.
I'm also thinking about how, if the seizure were ruled illegal after years in court, the damages would be based on the dollar value at the time of seizure. They wouldn't have to transfer the bitcoin back.
I was thinking recently that IF some large nation-state ever wanted to acquire a very large amount of bitcoin for reserve purposes, then acquiring a "BTC" would be most sensible way to do it. The mechanics of that would really work would be interesting though....