US President Donald Trump has expressed his desire for the country to become a 'Bitcoin superpower.' His speech at a summit sparked discussions among crypto industry experts on the strategic significance of this move.
Global Bitcoin Competition
Compared to major trade partners and geopolitical rivals like the European Union, China, Mexico, and Canada, the US is significantly ahead in adopting Bitcoin. These countries are not ready to accept Bitcoin as a reserve asset, with China, the largest US trade partner, imposing restrictions and focusing on its own digital currency development.
Criticisms of the US Bitcoin Reserve Strategy
Critics question the value of the US Bitcoin reserve. Economist Eswar Prasad noted, 'This is neither a strategic nor sensible idea, but rather benefits bitcoin holders and risks US taxpayers.' Meanwhile, George Selgin argues that the reserve's goal of reducing national debt is only realistic if Bitcoin appreciates significantly.
Prospects and Potential Changes
While Bitcoin's price remained stable after Trump's executive order, future changes are possible. In Europe, right-wing parties supporting Bitcoin reserves are gaining popularity. Brazil is also considering establishing a Bitcoin reserve, potentially challenging US leadership in cryptocurrency.
Currently, the US leads the crypto race, though various countries might reassess their stance on Bitcoin reserves. The global economic impact and funding of such reserves remain uncertain.
