One might think that virtually all Bitcoiners would be thrilled about the notion of the U.S. government acquiring BTC (and perhaps a basket of other cryptoassets) and effectively ratifying it as a global asset of consequence. However, I count myself among the few holdouts who don’t see the development as positive for either Bitcoin or the U.S. government itself. Here’s eight reasons why I don’t support the policy.
What is easily done is easily undone
If Bitcoiners want a reserve to last, they should want Trump to seek Congressional authorization for a purchase (as is customary for any large outlay). If it is done solely by executive fiat, the next administration will not feel bound by the policy and could trivially reverse it (and nuke the market in the process). If Bitcoiners sincerely believe it benefits the U.S. to acquire bitcoin and hold it for a long period of time, then they would have no issue insisting that the…
