Long answer: no, oil is needed for the functioning of our society. Helping smooth price volatility is useful and valuable. On the other hand, BTC is not needed for our society to function, and so there is little to no value in managing prices of it. This appears to be an attempt to hedge against the collapse in the trust in the dollar.
> This appears to be an attempt to hedge against the collapse in the trust in the dollar.
Or maybe an attempt to accelerate a reduction of trust in the dollar? Any cryptocurrency in the strategic reserve is being purchase with dollars, which increases the number of dollars in circulation, and will also be directly inflationary (if it’s newly issued dollars) or increases the US debt (if those dollars are obtained by issuing debt, which classical macroeconomic theory suggests is also inflationary).
Maybe it's a good idea to have a currency that isn't being inflated and devalued all the time with every little thing the government does. Kind of gold. Maybe digital gold? I'll call it bitgold. Or what about bitcoin?
That depends on whether there’s a use for oil aside from as a tradable commodity, and additionally on whether there are scenarios in which we might need it for that potential use case in quantities that exceed our ability to easily acquire it.
Long answer: no, oil is needed for the functioning of our society. Helping smooth price volatility is useful and valuable. On the other hand, BTC is not needed for our society to function, and so there is little to no value in managing prices of it. This appears to be an attempt to hedge against the collapse in the trust in the dollar.