The proposal to establish a strategic Bitcoin reserve in the U.S. has sparked animated discussions among experts and market participants, with some viewing it as an unattainable dream.
The Idea of a Strategic Bitcoin Reserve
The proposal for creating a strategic Bitcoin reserve was put forward by Senator Cynthia Lummis for consideration by the U.S. Congress. The idea has garnered support from several economists and investors who view Bitcoin as a promising alternative to gold.
Critical Feedback from Experts
Bob McElrath, a former blockchain architect at Fidelity Investments, criticized the idea, calling it 'hopium hallucination' and 'a dumb idea.' He remarked that expectations of U.S. support for Bitcoin are unfounded, given that Bitcoin is a weak substitute for a strong economy like the U.S.
Opinions of Supporters and Skeptics
MicroStrategy co-founder Michael Saylor proposed replacing gold with Bitcoin in the country's reserves, arousing interest among some politicians. However, leading figures in the cryptocurrency industry, such as Mike Novogratz from Galaxy, are also cautious about these initiatives. Novogratz noted that if the reserve idea materializes, it could lead to a significant Bitcoin price surge.
The initiative of establishing a strategic Bitcoin reserve remains controversial. Experts have differing opinions on its feasibility and potential impact, stirring a wide resonance both within and beyond the crypto industry.
