Bitcoin Reserve: A Tale of Fed’s Woes and Cryptocurrency’s Hopes 🤣

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Oh, the whimsical Austan Goolsbee, the grand maestro of the Federal Reserve Bank of Chicago, has spoken! He declared with a straight face that the Fed’s hands are tied when it comes to stuffing its balance sheet with anything and everything. 🙄

Chair Jerome Powell, the jester of the Federal Reserve, chimed in earlier, claiming that the Fed is legally forbidden from embracing the allure of Bitcoin by the Federal Reserve Act. And, shocker, they have zero interest in rewriting the rulebook. 📖🚫

Flashback to 2021, when Powell dismissed Bitcoin as an unreliable store of value, thanks to its wild mood swings. But lo and behold, during his latest press conference, he hinted that banks might dabble in crypto custody post the SEC’s SAB-121 guidance saga. The crypto crowd rejoiced, and Bitcoin soared like a phoenix. 🔥

Fast forward to last month, Powell had a change of heart, dubbing Bitcoin a digital gold, much to the delight of its die-hard fans. 🏆✨

Creating a Bitcoin Reserve: An Impossible Dream? 😴

Alas, the odds of a Bitcoin reserve materializing by April’s end have dwindled to a mere 16%, a far cry from the initial hype. 🎉💥

Yet, the eternal optimists among us still believe in the strategic reserve’s eventual emergence this year. 🌟

U.Today reported state-level schemes brewing in Texas, Florida, and Ohio, aiming to establish local Bitcoin reserves. Only time will tell which ones will survive the bureaucratic gauntlet. 🕰️🛡️

Enter Cynthia Lummis of Wyoming, the Bitcoin champion, who vowed to make the U.S. Treasury succumb to the crypto charm. With her newfound power atop a Senate subcommittee dedicated to digital assets, she’s set to prioritize the reserve’s creation. 🎯👑

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2025-01-31 22:02