The Bitcoin Frontier Should the U.S. build a national strategic bitcoin reserve?
6 snips
Jan 7, 2025 
Join George Selgin, a monetary economics expert and former Director at the Cato Institute, as he delves into the complexities of bitcoin’s role in today’s economy. He shares his journey from marine biology to economics, defines money’s shifting landscape, and argues why bitcoin may not qualify as money. Selgin critically assesses the idea of a national bitcoin reserve, discussing its potential risks and costs to the U.S. dollar and highlighting the tension between bitcoin as an investment versus a viable currency.
AI Snips
Chapters
Transcript
Episode notes
An Unexpected Path to Economics
- George Selgin's father suggested he study economics, hoping he'd challenge free-market principles.
- Ironically, Selgin embraced free-market economics, eventually earning praise from Milton Friedman.
Hazlitt's Books
- Selgin once owned signed copies of Henry Hazlitt's books, including "The Inflation Problem and How to Resolve It."
- After selling them, they are now valued at thousands of pounds each.
Defining Money
- Economists define money as a generally accepted medium of exchange within a community.
- Bitcoin doesn't qualify as money in most places because it’s primarily exchanged for local currency before making payments.