Recently, the notion of a Strategic Bitcoin Reserve has begun to animate Bitcoiners. Trump has advocated for holding a stockpile of seized Bitcoins, but certain proposals have gone further. Now, draft legislation like Senator Lummis’ BITCOIN Act proposes that the US government acquire 1m BTC over five years. Among Bitcoin enthusiasts, the notion of a Strategic Reserve is almost a foregone conclusion. But I don’t think it’s likely, nor do I think it’s a good idea. Allow me to explain.

Are we talking about a stockpile, a sovereign wealth fund, or a reserve?

First, there’s the notion of a “stockpile” of Bitcoins. Trump committed to this in his pre-election speech in Nashville,…

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