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 and an expert in monetary alternatives, dives into intriguing proposals for the U.S. government to establish a strategic Bitcoin reserve. He contrasts the varying approaches of Donald Trump and Senator Cynthia Lummis, expressing skepticism about government involvement in Bitcoin. Selgin argues that such investments are risky and primarily symbolic. He also discusses the potential implications of stockpiling Bitcoin, emphasizing the need for caution in these high-stakes financial decisions.
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Trump's Bitcoin Proposal
- Trump’s Bitcoin proposal involves the government holding onto already confiscated Bitcoin.
- This symbolic gesture signals Trump's pro-Bitcoin stance but has minimal financial impact.
Ethics of Seized Bitcoin
- The ethical concern with seized Bitcoin lies in the legitimacy of the seizure itself.
- Holding the Bitcoin raises fiscal questions about resource use, not ethical ones.
Lummis and RFK Jr. Proposals
- Lummis's plan aims to reduce government debt using potential Bitcoin profits.
- Kennedy's vague proposal sees Bitcoin as a strategic asset, similar to oil or minerals.