US Government Can Manipulate Bitcoin if It Stockpiles 4,000,000 BTC, Warns Macro Guru Raoul Pal

Ex-Goldman Sachs director Raoul Pal believes that the gathering of tens of millions of Bitcoin (BTC) by the US authorities is just not all excellent news for the crypto king.

On the latest Bitcoin2024 convention, unbiased presidential candidate Robert F. Kennedy Jr. that his authorities would put aside 4 million Bitcoin as a strategic reserve if he received the election.

On the identical occasion, Senator Cynthia Lummis introduced that she has launched a invoice that may direct the US authorities to build up a million BTC or 5% of the overall provide of BTC over 5 years.

However macro guru Raoul Pal is worried concerning the potential conduct of the US authorities as soon as it builds up an enormous Bitcoin hoard.

Chatting with Skybridge Capital founder Anthony Scaramucci, Pal says the federal government has a historical past of abusing energy, and having a big BTC reserve permits it to closely affect Bitcoin’s worth motion.

“Sure, it is good for the crypto market as a result of there’s one other purchaser, nevertheless it’s additionally bizarre as a result of Bitcoin was set as much as attempt to exchange authorities management over cash, and now you are including the federal government as one of many largest consumers of personal cash.

I really don’t love that that a lot…

If the federal government can manipulate it, they will dump it available on the market, they will purchase extra and the following factor you realize, they’re utilizing it as in the event that they have been rates of interest to manage common cash, and we do not need that.”

On the time of writing, Bitcoin is buying and selling at $58,464, down barely on the day.

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