427 sats \ 1 reply \ @kristapsk 26 Jul \ on: RFK Jr. Wants the US to Buy 9.4M BTC: A Fatal Blow to the Bitcoin System? bitcoin
“I would like to have the federal government begin to buy Bitcoin and over my term in office, ultimately have an equivalent amount of Bitcoin that we have gold.”
As a reminder, the US government has the largest declared reserves of gold, with 8,134 tons of the precious metal. At current gold prices, that's $615 billion!
A quick calculation shows just how much BTC RFK Jr. wants America to buy. That's 9.4 million BTC at today's price or 45% of the total Bitcoin supply to be mined. Considering that 3 or 4 million BTC are definitively lost forever, America would control over 55% of the Bitcoin supply available for use.
This calculation is totally wrong, you cannot buy such amount of BTC without driving it's USD price up much. There aren't 9.4 million BTC available on the market currently. So, actual BTC amount you need to buy to match US gold reserves is much much smaller.
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10 sats \ 0 replies \ @03365d6a53 26 Jul
yeah this article is dumb
the author is no better than the politicians he/she berates
EDIT (I see it's the OPs article)
It's well written, has some interesting facts, and well presented (visually)
It's the sensationalism I don't like
and the 9.4m thing is factually wrong
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