He broke the reserve as a way to balance losses in the strength of expenses caused by the inflation of the American dollar. On Thursday, the sacks repeated this line of arguments, Publishing on x“The US will not sell any bitcoins deposited in the reserve. It will be stored as a value warehouse. The reserve is like a digital Fort Knox for cryptocurrency often called “digital gold”.
The plan to establish a reserve met with joy from the faithful cryptocurrencies, which perceived this as a signal of the new legality of their industry and financially benefited from what is the US government’s commitment so as not to reduce Bitcoin prices, selling large amounts to the market.
But the plan has mistaken economists who claim that the idea is based on two defective assumptions: that the price of Bitcoins is to guarantee that it will increase, and secondly, that the government would be able to sell bitcoins back to American dollars at some stage without tilting the market in Noseive. The choice of collecting bitcoins confiscated by law enforcement authorities is also associated with alternative cost; While assets such as shares and bonds generate income, Bitcoin does not do what does not do to maintain.
“Having a reserve, which consists only of bitcoins, which the government has, is less disgusting [than using tax dollars to purchase additional coins] But still high-priced, “says George Selgin, retired director of the Monetary and Financial Alternative Center at the Cato Institute, American Think Tank promoting libertarian principles. “There is simply no good justification.”
Meanwhile, democratic legislators have registered concerns about potential conflicts of interests related to previous investments in Sacks and other members of the Trump administration in coins to be included in American supplies. “Legislators deserve sturdy leaders who will prioritize the public interest before their own lift,” wrote Elizabeth Warren, Senator Massachusetts, In letter addressed to bags on March 6.
Hillmann says that one of the possible influence of Trump resulting from the cryptocurrency reserve plan may be that individual US countries and other national governments have decided to form. “I expect US countries to start buying some of these resources. Because if the US government intends to stop them, you will also do it, “says Hillmann. – And guess what? Other governments around the world will do the same. The United States has always been in the field of finance. “
Already members of the Congress in the United States, including TexasIN Ohio AND New Hampshire They introduced bills that would authorize their relevant state treasures to buy Bitcoins; Just like politicians and authorities in BrazilThe The czech republicIN Hong Kong And elsewhere.
After establishing two American cryptocurrency supplies, especially if Trump manages to prevent their regulations, it is unlikely to be resolved – on the spot by the same political forces that led them to being. The same Firehose of Crypto Industry Dollars accustomed to lobbying for their creation, says Selgin, he will be returned to every politician who can try to employ resources.
“Even if a reserve appreciated [in value]It is not known that the government would ever use this discretion, selling, “says Selgin. “If already, probably the same people in the cryptocurrency community lobbyed to create them, they will intensively lobby before the implementation. They are interested in their own capital profits. “