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The Strategic Crypto Swindle
A bitcoin reserve would be a government-backed grift.
Trump’s announcement initially had the desired effect: The prices of bitcoin and ether each rose more than 10 percent on the news, while the total value of crypto assets jumped by more than $300 billion. What they hope for, in other words, is a handout for crypto holders—or, from the point of view of non-crypto-holding Americans, a misbegotten government backstop for purely speculative assets. Last, but not least, a crypto reserve would be a ready-made vehicle for corruption, creating colossal conflicts of interest over corporate regulation and government policy generally.
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