Expert says US BTC reserves are just a “fantasy”
US Bitcoin Reserve: Bold Idea or Far-fetched?
The idea of the US building a strategic Bitcoin reserve is controversial among experts.
While some see this as a strategic move, many experts flatly reject its feasibility.
"Illusionary dream" or breakthrough opportunity?
Bob McElrath , former blockchain architect at Fidelity Investments , called the idea “a pipe dream” and said, “Bitcoin is a drop in the bucket compared to the U.S. economy. Don’t expect the government to back your money.”
Still, some Bitcoin proponents push the idea.
Michael Saylor , co-founder of MicroStrategy , has called on the US government to sell gold and switch to Bitcoin.
Wyoming Senator Cynthia Lummis even proposed creating a Bitcoin reserve in her bill, attracting a lot of public attention.
Fierce debate among experts
Those outside the cryptocurrency space say the US building up its Bitcoin reserves makes no strategic sense.
David Frum , editor at The Atlantic , commented:
“The main motivation for this idea seems to stem from the fear of a lack of buyers for Bitcoin, forcing the government to act as a ‘buyer of last resort.’”
Similarly, James Surowiecki , author of “The Wisdom of Crowds ,” stressed that the US does not need to hold Bitcoin for strategic reasons.
Bitcoin Future: Opportunity or Risk?
Even within the pro-Bitcoin community, the idea is met with skepticism. Mike Novogratz , CEO of Galaxy Digital, predicted that the US Bitcoin reserve project could fail .
However, he also expects that if successful, Bitcoin price could increase sharply to $500,000 .