Macro Musings with David Beckworth Will Luther and Josh Hendrickson on the Future of Bitcoin
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Aug 11, 2025 Will Luther, an associate professor at Florida Atlantic University and a fellow at the Bitcoin Policy Institute, joins Josh Hendrickson, chair of the economics department at the University of Mississippi and also a fellow at BPI. They discuss the concept of a strategic Bitcoin reserve and its implications for U.S. monetary policy. The duo explores Bitcoin’s potential to challenge U.S. financial hegemony and enhance stability amid volatility. They also dive into innovative financial products linked to Bitcoin, highlighting its evolving role in global finance.
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Bitcoin As An Insurance Policy
- Will Luther argues Bitcoin can serve as insurance against a future loss of dollar reserve status.
- Holding Bitcoin today hedges exchange-rate and reserve risks the U.S. might face later.
Policymakers See Bitcoin As Neutral Reserve
- Josh Hendrickson says policymakers worry about rising levels of U.S. government debt and the dollar's future status.
- He explains they view Bitcoin and gold as neutral reserve assets that don't transfer benefits to rival sovereigns.
Signal With A Meaningful Purchase
- Josh Hendrickson advises buying a meaningful amount of Bitcoin to create a credible international permission signal.
- Tiny purchases will look cynical, so scale holdings to be taken seriously.
