Ex-Goldman Sachs govt Raoul Pal believes that the US authorities accumulating hundreds of thousands of Bitcoin (BTC) is just not all excellent news for the crypto king.
In the course of the current Bitcoin2024 Convention, unbiased presidential candidate Robert F. Kennedy Jr. mentioned that his administration would stockpile 4 million Bitcoin as a strategic reserve asset if he gained the election.
On the identical occasion, Senator Cynthia Lummis introduced that she proposed a invoice that may drive the US authorities to build up a million BTC or 5% of BTC’s whole provide in 5 years.
However macro guru Raoul Pal is worried in regards to the potential conduct of the US authorities as soon as it builds an enormous Bitcoin trove.
In a dialogue with Skybridge Capital founder Anthony Scaramucci, Pal says the federal government has a historical past of abusing energy, and having an enormous BTC reserve places it able to tremendously affect Bitcoin’s worth motion.
“Sure, it’s good for the crypto market as a result of there’s one more purchaser nevertheless it’s additionally bizarre as a result of Bitcoin was set as much as try to substitute the federal government’s management over cash, and now you’re inserting the federal government as one of many largest patrons of personal cash.
I don’t actually like that really…
If the federal government can manipulate it, they might dump it onto the market, they might purchase extra and earlier than you realize it, they’re utilizing it like they’re rates of interest in controlling common cash, and we don’t need that.”
At time of writing, Bitcoin is buying and selling for $58,464, down barely on the day.
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