Ex-Goldman Sachs Exec Raoul Pal Warns That the US Government Accumulating Millions of Bitcoin (BTC) Is Not All Good News

During the recent Bitcoin2024 Conference, independent presidential candidate Robert F. Kennedy Jr. said that his administration would stockpile four million Bitcoin

A recent statement by ex-Goldman Sachs executive Raoul Pal suggests that the US government’s plan to amass millions of Bitcoin (BTC) might not be entirely beneficial for the cryptocurrency.

During the Bitcoin2024 Conference, Robert F. Kennedy Jr., an independent presidential candidate, stated that if elected, his administration would add four million Bitcoin to the country’s strategic reserve.

At the same event, Senator Cynthia Lummis announced her proposal for a bill that would require the US government to acquire one million BTC or 5% of the total BTC supply over five years.

However, macro guru Raoul Pal expressed concern over the potential actions of the US government if it were to accumulate a vast Bitcoin trove.

In a conversation with Skybridge Capital founder Anthony Scaramucci, Pal highlighted the government’s history of abusing power and how having a large BTC reserve could enable them to manipulate Bitcoin’s price.

“Yes, it’s good for the crypto market because there’s yet another buyer but it’s also weird because Bitcoin was set up to try and replace the government’s control over money, and now you’re inserting the government as one of the largest buyers of private money.

I don’t really like that actually…

If the government can manipulate it, they could dump it onto the market, they could buy more and before you know it, they’re using it like they are interest rates in controlling regular money, and we don’t want that.”

Bitcoin is currently trading at $58,464, showing a slight decrease over the past 24 hours.

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