And—let’s be honest—although some Bitcoin fans may sincerely believe that a Strategic Bitcoin Reserve will strengthen the US dollar, many more favor it despite not caring a fig about the dollar’s future because they expect it to make them richer, and don’t mind if it does so at others’ expense.

If the US government wants to avoid losing money on its foreign exchange holdings, the sensible way for it to do so is by disposing of those holdings, gradually or otherwise, not by accumulating some other risky asset. Concerning helping precious metal markets: here, for once, is something a gold stockpile does. But then the question becomes, what reason is there for the government to prop up the gold market, other than to enrich gold miners and investors at others’ expense?