The statement on the U.S. Strategic Bitcoin Reserve was once seen as a turning point, but many experts now believe it is merely a politically motivated tactic lacking substance.
The strategic Bitcoin reserve is expected to change the landscape of the digital economy in the United States. However, the promises from the leaders have not led to specific actions, raising doubts about the feasibility and commitment of the government to this project.
MAIN CONTENT
The U.S. strategic Bitcoin reserve is currently regarded as just a fanciful idea, with no real progress.
Bitcoin could threaten the USD's position due to its decentralized and transparent nature, making it difficult for the U.S. government to accept.
Details about the strategic Bitcoin reserve: Why is this idea considered fanciful?
Justin Bechler, a well-known cryptocurrency expert, believes that the idea of a U.S. Strategic Bitcoin Reserve exists only in imagination, with no practical basis.
Mr. Bechler cites the previous government's failure to fulfill many important commitments, such as not publishing the Epstein list, not auditing Fort Knox gold, or changing key policies regarding Ukraine. These failures raise significant questions about the ability to implement a strategic Bitcoin reserve.
“Expecting the U.S. government to comprehensively adopt Bitcoin is unrealistic as they continuously miss previous commitments.”
Justin Bechler, Cryptocurrency Expert, 2024
Why is the USD hard to replace with Bitcoin?
The USD is not just a currency; it is also an important tool for financial and geopolitical control for the United States, according to analysis by expert Justin Bechler.
The USD helps the United States finance international operations, manage public debt, maintain influence with allies, and ensure internal stability. In contrast, Bitcoin's decentralized, transparent, and non-freezable nature poses significant challenges to the government's centralized power.
“Replacing the USD with Bitcoin means dismantling the axis of national financial power control of the United States.”
Justin Bechler, Cryptocurrency Expert, 2024
Is the U.S. government's ability to operate a Bitcoin reserve truly feasible?
A report from the U.S. Department of the Treasury highlights many management incidents of Bitcoin seizures by the IRS, indicating shortcomings in handling large-scale digital assets.
Expert Bechler questions whether the federal government has the competence and resources to manage a trillion-dollar Bitcoin reserve, given the past failures of Bitcoin seizures and controls.
U.S. Strategic Bitcoin Reserve: Political trick or practical plan?
According to Bechler's analysis, those still pushing for the strategic Bitcoin reserve are merely politicians seeking attention or worse, those who exploit misunderstandings for the public.
Making sensational statements related to Bitcoin may help them attract media attention but lacks the foundation to become sustainable and truly impactful policy.
Real-world examples and Bitcoin management data in the United States
From 2017 to 2023, the U.S. IRS has repeatedly seized and verified Bitcoin in criminal cases. However, internal reports reveal losses and ineffective management, making the concentration of Bitcoin in government hands very risky.
A comparison table of potential and risks between USD and Bitcoin in the role of national reserve
Criteria USD Bitcoin Control High, issued and operated by the U.S. government Decentralized, not subject to any organization Transparency Low transparency, financial activities at limited public levels Absolute transparency on public Blockchain Manipulation Potentially controllable, can print more money according to policy Cannot be created additional, cannot be frozen Geopolitical influence A significant influence tool, managing allies and adversaries No direct political impact mechanism
Frequently asked questions about the U.S. strategic Bitcoin reserve
Does the U.S. strategic Bitcoin reserve exist in reality?
Currently, it remains more of a political plan than a practical, enforceable policy, according to expert Justin Bechler.Why is it not easy for the United States to switch to using Bitcoin instead of USD?
The USD is not just a currency but also a tool of financial power; switching would lose the government's strategic control mechanism.Does the U.S. government have the capacity to manage a Bitcoin reserve?
According to Treasury reports, the ability to manage cryptocurrency assets still has many shortcomings and risks.Could Bitcoin become the reserve currency of the United States in the future?
The decentralized nature of Bitcoin makes it hard to accept as a national reserve currency in the near term.Could the idea of a Bitcoin reserve change?
Currently, this idea shows no specific signs of being implemented soon.
Source: https://tintucbitcoin.com/the-future-of-us-bitcoin-strategy-after-trump/
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