Shouldn't they keep the gold as well?
There is a second best and it's gold!
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Discussion
Think about all the cost required to keep said gold secured or even transport that said more gold can be found and mined on earth or space we could always add gold to the treasury after they have 1M coins
Not if China and the UAE have it all.
I would personally keep it and print USD to buy Bitcoin.
If that’s an option of course yes no brainer but it would rise our debt interest payments and national debt I believe the goal here is to lessen the debt and government payments to help acquire more bitcoin not going to happen over night going to take years to accumulate 1M coins
I think we will soon have an ideological war which asset will be actual money. There can only be one money. All central banks have been piling into gold because it used to be money forever (fiat is not money, it's currency, the central banks themselves hold and trade the money)
Imagine the world learns Bitcoin is better money, and you are a country with a million or more of the 21m supply of all the money that will ever exist and you push this real hard (with your influence and your financial markets and your big military etc). If this succeeds gold will lose its monetary premium and everybody will fomo into the new, better money before the cake is fully distributed. It would require a world power to do this step. And it might be happening right before our eyes.
I'm definitely all in on Bitcoin, but gold is physical and has utility, both for jewellery and electronics.
Gold is better than fiat and given the choice, I would print money, not sell the gold.
If I understand this correctly (and I may very well not), the U.S. gold reserves are priced at about $40/ounce for accounting purposes - a holdover from the old gold standard days. I believe Lummis' proposal is to sell gold IOUs to the Federal Reserve for dollars at the market rate (currently about $2600/ounce). That way, the gold doesn't actually move anywhere, the Federal Reserve balance sheet stays balanced, and the government suddenly has a huge stockpile of USD they can spend on Bitcoin.