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Making Bitcoin a Strategic Reserve Asset Contradicts 'Freedom From Government' Narrative, Says WSJ
The plan, which sounds similar to a proposal from Sen. Cynthia Lummis’ (R-Wyo.), doesn’t echo “freedom, sovereignty and independence from government coercion and control,” which former president Donald Trump said is what bitcoin stands for.
- Former president Donald Trump's alleged plan to make bitcoin a strategic reserve asset doesn't align with crypto's values, the editorial board of the Wall Street Journal wrote.
- Trump said at the Bitcoin Conference in Nashville last week that bitcoin stands for freedom and independence from the government, among other things, but that view doesn't align with how he would use bitcoin if he gets elected in November, the WSJ wrote.
The former president and current Republican nominee for this year’s presidential election caused chatter in the crypto industry earlier this month after several reports said he would announce those plans at the Bitcoin Conference in Nashville last weekend.
He did – partially – but he also told attendees that bitcoin stands for “freedom, sovereignty and independence from government coercion and control.”
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But his views and plans don’t match up, the WSJ wrote.
“Freedom from government isn’t what he’s proposing,” the op-ed states. “He wants all future bitcoin to be made in America, which is a limit on freedom and would require a much bigger electric grid since bitcoin mining is energy intensive.”
The editorial board also criticized his alleged plans to make the cryptocurrency a “strategic reserve asset,” which it claims is based on a proposal by Sen. Cynthia Lummis (R-Wyo.)
According to the planned legislation, which Lummis announced at the conference, bitcoin could help hedge against rising inflation and foster the United States’ growth in the global financial system while also securing the U.S. dollar’s position as the world’s reserve currency.
“She says the government could reduce the national debt by investing in bitcoin,” the WSJ argued. “[...] If crypto currencies really are a libertarian vehicle to invest free from political vagaries, then they should trade on their own without government help.”
Trump’s “sketchy plan” to make Lummis’ bill a reality if he indeed takes office in January echoes the many contradictions of the billionaire’s MAGA platform while also clashing with much of what crypto stands for, the op-ed said.
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What to know:
- Fintech and crypto firms are increasingly applying for bank charters, anticipating a more favorable regulatory landscape.
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