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RFK Jr. Wants the US to Buy 9.4M BTC: A Fatal Blow to the Bitcoin System?inbitcoinwetrust.substack.com/p/rfk-jr-wants-america-to-buy-94m-btc
154 sats \ 8 comments \ @ssaurel 26 Jul 2024 bitcoin
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438 sats \ 1 reply \ @kristapsk 26 Jul 2024
“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 2024
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 2024
Cant buy almost half the supply without driving the price up something nutty
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31 sats \ 1 reply \ @kepford 26 Jul 2024
If America were to control 9.4 million BTC, this would lead to enormous centralization and a huge amount of BTC that could not be used in a circular economy based on the Bitcoin system. In short, the idea of RFK Jr. would kill the idea of Bitcoin as a superior alternative monetary system.
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 2024
huge amount of BTC that could not be used in a circular economy based on the Bitcoin system.
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 \ @4rge 17 Oct 2024 freebie
Rf Jr's a dumbass
0 sats \ 0 replies \ @knorozov 26 Jul 2024
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 2024
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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