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Donald Trump’s Plan to Hoard Billions in Bitcoin Has Economists Stumped
The former US president has promised to establish a "national bitcoin stockpile" if he’s reelected and use it to offset inflation. But economists think the plan has little merit.
Senator Lummis is reportedly set to propose that purchases be funded partly using money that will be added to the US central bank’s balance sheet after the valuation of gold stores is updated to reflect the going market rate. “The question comes down to what the government would get out of the hoards of bitcoin it would be holding,” says George Selgin, director emeritus for the Center for Monetary and Financial Alternatives at the Cato Institute, a US think tank that promotes libertarian principles. After a period under the Biden administration in which crypto businesses have been targeted, they claim unfairly, by regulatory bodies in the US, the pitches by Trump and others were an attempt to send the general message, says Selgin, “that bitcoin is no longer the enemy.”
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