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Unchained
Is It a Good Idea for the US Government to Stockpile Bitcoin? - Ep. 683
Aug 2, 2024
George Selgin, a senior fellow at the Cato Institute, dives into the controversial proposals of Donald Trump, Robert F. Kennedy Jr., and Senator Cynthia Lummis regarding a U.S. Bitcoin reserve. He explores the symbolic nature of Trump's ideas and the strategic implications of Lummis and RFK's plans. The conversation raises ethical questions about government investment in cryptocurrencies, weighing risks for taxpayers against potential benefits, while also reflecting on the growing political support for Bitcoin in a shifting legislative landscape.
39:21
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Quick takeaways
- The proposed Bitcoin strategies by Trump, Lummis, and Kennedy differ in intent, highlighting tensions between political symbolism and fiscal strategy.
- Skepticism surrounds government investment in Bitcoin, focusing on the risks of volatile market speculation and its potential impact on taxpayer funds.
Deep dives
Proposals for a U.S. Strategic Bitcoin Reserve
Several political figures have proposed plans for the U.S. government to invest in Bitcoin, distinguishing their approaches in scale and intent. Donald Trump's proposal is the least ambitious, suggesting the government should simply hold onto seized Bitcoin without selling it, while acknowledging that this would mainly serve as a symbolic gesture. In contrast, Wyoming Senator Cynthia Lummis has proposed that the government actively purchase one million Bitcoins, which would amount to about $66 billion, and Robert F. Kennedy Jr. advocates for an even larger acquisition of four million Bitcoins. These proposals are met with skepticism regarding their feasibility, as the number of Bitcoin available to purchase is uncertain, given that many are held by long-term investors.
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