US urged to sell government’s 1.4 billion lbs of cheese reserves to buy Bitcoin

The Bitcoin Policy Institute (BPI) has projected an unconventional attack to bolstering the US government’s Bitcoin reserves—selling disconnected the country’s Strategic Cheese Reserve.

In a March 7 post connected X, the BPI suggested that the US could usage proceeds from liquidating its food stockpile to money Bitcoin purchases.

According to the Institute:

“America should instantly liquidate its strategical food reserve and person the proceeds into Bitcoin.”

The BPI added that Bitcoin, alternatively than cheese, should beryllium the plus held successful strategical reserves.

Mathew Sigel, caput of probe astatine VanEck, echoed this sentiment, questioning the necessity of maintaining a food reserve. He suggested replacing it with a neutral plus similar Bitcoin, which could beryllium a smarter fiscal move.

The US reportedly holds betwixt 1.4 cardinal and 1.5 cardinal pounds of food successful acold storage, an estimated inventory worthy astir $3.4 billion. This stockpile exists owed to authorities policies designed to stabilize dairy prices and enactment farmers.

Bitcoin reserve

The connection follows President Donald Trump‘s caller announcement of the Strategic Bitcoin Reserve initiative.

This determination would let the United States to clasp onto its existent Bitcoin portion exploring budget-neutral strategies to grow its existing holdings without imposing further costs connected taxpayers.

White House AI and Crypto Czar David Sacks said:

“The US volition not merchantability immoderate bitcoin deposited into the Reserve. It volition beryllium kept arsenic a store of value. The Reserve is similar a integer Fort Knox for the cryptocurrency often called ‘digital gold.'”

With this successful mind, crypto assemblage members are proposing respective ways for the US to turn its Bitcoin reserves further.

Matthew Pines, the Executive Director of the BPI, suggested that surplus US dollars, golden reserves, overseas speech holdings, and gross from privatizing Government-Sponsored Enterprises (GSEs) could beryllium utilized to money further Bitcoin acquisitions.

The station US urged to merchantability government’s 1.4 cardinal lbs of food reserves to bargain Bitcoin appeared archetypal connected CryptoSlate.