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Trump’s ‘Strategic Bitcoin Reserve’ Plan Comes With a Twist
Rather than buy bitcoin directly, Donald Trump's plan calls for holding the US government's current bitcoin assets in reserve—and creates a separate stockpile for other crypto coins.
The plan to establish a reserve was met with jubilation by the crypto faithful, who saw it as a signal of their industry’s new legitimacy and stand to benefit financially from what amounts to a pledge by the US government not to depress the price of bitcoin by selling large quantities into the market. “Having a reserve that only consists of bitcoin the government possesses is less obnoxious [than using tax dollars to purchase additional coins,] but still costly,” 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. “Lawmakers deserve strong leaders who will prioritize the public interest ahead of their own bottom lines,” wrote Elizabeth Warren, senator for Massachusetts, in a letter addressed to Sacks on March 6.
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