The Con

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Posted by griff
11/16/2024 5:12 pm
#1

https://www.foxbusiness.com/money/pennsylvania-house-introduces-bill-implement-strategic-bitcoin-reserve

“The new bill, called the Pennsylvania Bitcoin Strategic Reserve Act, introduced in the Pennsylvania House of Representatives on Thursday, is the first of its kind and would allow the state’s treasury to allocate up to 10% of its roughly $7 billion state funds into bitcoin as a way to help combat inflation and diversify its investments beyond traditional assets like bonds and cash reserves.”

The game is afoot.


If you would only recognize that life is hard, things would be so much easier for you. - Louis Brandeis
 
Posted by Anon
11/17/2024 2:26 pm
#2

It looks like they want to transition from coal mining to bitcoin mining and are setting themselves up as a sellers' market to attract mining companies. The politicians know that the cost of any failures in this plan will be borne by the taxpayers and not come out of their own pockets. That also makes it easier for them to go with a high-end 10% instead of the conventional 5% recommendation for holding cryptocurrency in a diverse portfolio. The States should be required to buy bitcoin from the Federal government's holding of 203,000 Bitcoin (about $12 billion) to avoid conflicts of interest with the Feds applying that income to reduce the national debt.

 
Posted by Diaphone Jim
11/17/2024 5:43 pm
#3

The awful roller coaster ride is only on the first rung of the first climb.

 


 
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