Making Bitcoin a Strategic Reserve Asset Contradicts ‘Freedom From Government’ Narrative, Says WSJ

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.”

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.