Bitcoin prices have surged more than 40% since Donald Trump won the U.S. election, fueled in part by speculation that his administration could push for a national Bitcoin reserve.
Trump championed the idea on the campaign trail, and crypto-friendly lawmakers are reportedly drawing up plans to make it a reality. Bitcoin holders are thrilled at the prospect of a price hike, but for the average taxpayer and the U.S. economy, this proposal could spell disaster.
A bill currently before Congress suggests buying 1 million Bitcoin over five years, with a mandatory holding period of at least two decades. If passed, such a program could lead to a dramatic spike in Bitcoin prices as investors rush to ride the wave. But what happens when the dust settles?