So, let me get this straight. Donald Trump wants to turn the US into a “Bitcoin superpower.” Really? A superpower? What’s next, a Bitcoin army? 🪙💪
At Blockwork’s Digital Asset Summit, he stood in front of a bunch of crypto enthusiasts and declared, “Together we will make America the undisputed Bitcoin superpower and the crypto capital of the world.” Wow, that’s a bold claim! But who exactly is he racing against? The European Union? China? Or maybe just his own reflection? 🤷♂️
Now, let’s talk about those executive orders. They’ve been like a buffet for the crypto industry, serving up a “strategic Bitcoin reserve.” Sounds fancy, right? But let’s be honest, it’s more like a strategic “let’s see what happens” reserve. Advocates are all excited, but I’m just here wondering if anyone actually wants to hold Bitcoin as a reserve asset. Spoiler alert: not really. 😏
US Allies and Rivals: Not Exactly Competing
When you look at the competition, it’s like the US is playing chess while everyone else is still figuring out checkers. The EU, China, Mexico, Canada—none of them are exactly rushing to institutionalize Bitcoin. China, for instance, is like that friend who says they’re “on a break” but really just wants to avoid commitment. They banned Bitcoin, then allowed mining but said, “Nope, no using it!” Classic. 🙄
The EU passed some regulations, but let’s be real, they’re not exactly rolling out the red carpet for crypto. It’s like they’re saying, “Sure, we’ll let you in, but you can’t sit at the cool kids’ table.” And guess what? No Bitcoin reserves there either. Talk about a party pooper! 🎉🚫
Even Switzerland, the land of chocolate and neutrality, isn’t on board. Their central bank president said Bitcoin isn’t suitable as a reserve asset. I mean, come on! If Switzerland isn’t on board, who is? 🤦♂️
And then there’s Russia, using crypto to dodge sanctions. It’s like they’re saying, “We’ll take your Bitcoin, but only if it helps us out.” It’s a wild world out there! 🌍
Critics vs. Proponents: The Great Bitcoin Debate
Now, let’s talk about the critics. They’re not holding back. Cornell’s Eswar Prasad called the Bitcoin reserve “neither strategic nor sensible.” Ouch! He’s basically saying it’s a bad idea that benefits Bitcoin holders while leaving taxpayers holding the bag. Sounds about right! 💸
And let’s not forget about the “digital Fort Knox” claims. George Selgin shot that down faster than a bad date. He said the plan’s unrealistic and that the stash would need to double in value just to break even. Good luck with that! 😬
Even Bitcoin enthusiasts are rolling their eyes. Charles Edwards called the reserve a “pig in lipstick.” I mean, who knew Bitcoin could be so… glamorous? 🐷💄
The Bitcoin price didn’t even budge after Trump’s big announcement. It’s like the market said, “Yeah, whatever.” So here we are, the US is leading a race that no one else is even running. But hey, things could change! Right-wing parties in Europe are getting cozy with Bitcoin, and Brazil is thinking about it too. Who knows? Maybe one day we’ll all be Bitcoin billionaires! Or not. 🤷♂️💰
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2025-03-21 18:50