A senior White House official has hinted at the possibility of the U.S. utilizing its gold reserves to acquire more Bitcoin (CRYPTO: BTC). What Happened: Bo Hines, the executive director of the President’s Council of Advisers on Digital Assets, ...

A senior White House official has hinted at the possibility of the U.S. utilizing its gold reserves to acquire more Bitcoin (CRYPTO: BTC).

“If we actually realize the gains on the U.S. gold holdings, that would be a budget-neutral way to acquire more bitcoin,” Hines said adding that there’s been “countless ideas” and the “best ideas" will be enacted by President Donald Trump.

  • FauxLiving@lemmy.world
    71·
    6 days ago

    Gold’s industrial value is a tiny percentage of it’s market value. Like fiat currency and Bitcoin, the value is that other people think it’s valuable.

    Gold’s price is more stable because it has more money invested in it so larger percentage swings are way less likely. Just like how penny stocks can see trading says where the value swings 40-50%, while Apple only moves 1-2%.

    I don’t think trading gold for Bitcoin is a good idea, but gold’s value is just as artificial as Bitcoin’s and the value of both stems from the same source: speculation.