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427 sats \ 1 reply \ @kristapsk 26 Jul
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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55 sats \ 0 replies \ @030a29f333 26 Jul
Cant buy almost half the supply without driving the price up something nutty
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31 sats \ 1 reply \ @kepford 26 Jul
Fundamental misunderstanding of bitcoin here.
Comments like this and many others make me wonder why people even believe in bitcoin. If this were true Bitcoin would be dead already.
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31 sats \ 0 replies \ @kepford 26 Jul
I didn't spell it out but bitcoin is infinitely divisible. Its just math. If 9.4 million BTC was lost it would not have any impact on the ability to use bitcoin in a circular economy.
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0 sats \ 0 replies \ @knorozov 26 Jul
Ok that was it, pack it up guys, it was fun while it lasted.
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0 sats \ 0 replies \ @nullama 26 Jul
USD can be created out of thin air, but not Bitcoin.
After a few Bitcoins are bought, the USD price to BTC price will reflect this.
The USD will be worthless and BTC insanely expensive. So, they wouldn't be able to buy the amount of BTC they want to using USD.
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