I thought about that yesterday too. I guess them selling bitcoin is a signal to other countries that it’s worthless, thus keeping the illusion of the dollars strength. Them keeping bitcoin would signal that it’s worth holding, which of course they don’t want to do.
However unlikely it is entirely that one US gov agency is selling bitcoin while others are buying it. I doubt it because why would they, but it is possible. Most governments are not monoliths. They are massive bureaucracies full of illogical inconsistencies.
Not that unlikely. US loading up on bitcoin would signal dollar weakness when dollar hegemony is the basic platform on which all US foreign and domestic policy is based.
Bitcoin bulls want to know: If you can easily buy a commodity on the stock market, in ETF form, does that drive demand for the commodity itself? The answer, judging by the past three years in the world of gold ETFs, is a clear no.
Yes, a friend of mine texted me about this when he was at costco a couple weeks ago. Their price over spot is not bad actually and it is costco so one would imagine they have worked with a reputable vendor who has verified it's real and pure.
I don't stack gold anymore but I would consider it if I did.
Devil's advocate.... do most people that want to buy gold an older generation because that is what a store of value has been for generations? Newer generation does not see gold the same way as a store of value as the newer generations.
So does this directly correlate to BTC ETF's? Dunno... just a random thought.
Gold is inherently valuable to most everyone as it is a precious metal and there is therefore not a lot of it. (Still, there is a bit of it). BTC doesn't have any intrinsic value beyond a digitally derived market.
The People's Bank of China alone bought 225 tonnes of gold in 2023, worth some $15 billion at current prices. Its current holdings now stand at 2,235 tonnes and represent about 4% of its international reserves.
When China is buying something this much it tends to sway in their favour
Wait until it comes out that another country has been secretly buying bitcoin. It’s only a matter of time.
Meanwhile the US is selling Bitcoin.
considering how much is wasted in gov spending you think a tiny position as a hedge could be justified…
I thought about that yesterday too. I guess them selling bitcoin is a signal to other countries that it’s worthless, thus keeping the illusion of the dollars strength. Them keeping bitcoin would signal that it’s worth holding, which of course they don’t want to do.
Which will be looked back on as one of the MANY signs that lead to the downfall of the US, unless they turn things around in the next administration.
However unlikely it is entirely that one US gov agency is selling bitcoin while others are buying it. I doubt it because why would they, but it is possible. Most governments are not monoliths. They are massive bureaucracies full of illogical inconsistencies.
Completely. So many governments across the world. I would be shocked that none of them aren’t stacking BTC within the next 10 - 15 years.
Not that unlikely. US loading up on bitcoin would signal dollar weakness when dollar hegemony is the basic platform on which all US foreign and domestic policy is based.
El Salvador has joined the chat
If it did already happen, it would have been leaked.
Paper gold market is massive. We don't need to worry about this happening in bitcoin until the paper market is maybe 5x what it is now.
Costco is trying to get some gold holders on board... would that be a GHODLer?
https://www.costco.com/1-oz-gold-bar-pamp-suisse-lady-fortuna-veriscan-new-in-assay.product.4000186760.html
Yes, a friend of mine texted me about this when he was at costco a couple weeks ago. Their price over spot is not bad actually and it is costco so one would imagine they have worked with a reputable vendor who has verified it's real and pure.
I don't stack gold anymore but I would consider it if I did.
Devil's advocate.... do most people that want to buy gold an older generation because that is what a store of value has been for generations? Newer generation does not see gold the same way as a store of value as the newer generations.
So does this directly correlate to BTC ETF's? Dunno... just a random thought.
Gold is inherently valuable to most everyone as it is a precious metal and there is therefore not a lot of it. (Still, there is a bit of it). BTC doesn't have any intrinsic value beyond a digitally derived market.
What is the "intrinsic value" of the SWIFT network? Or the Internet for that matter?
When China is buying something this much it tends to sway in their favour
But have they been taking delivery? Is Germany still trying to get their gold from New York or did they finish that?
I studied ancient history and philosophy as a 2nd studies after economics. I really love bronze age culture until today!
They're planning to get into the electronics business after hyperbitcoinization.
You don’t?
Gold is so dumb.
Too bad for them :)
Good for them
And what do they do with that? Nothing actually they should buy Bitcoin instead.