Yesterday President Trump signed a Executive Order (EO), entitled “Strengthening American Leadership In Digital Financial Technology.”
Document outlines ways the U.S. will embrace “digital assets” Support the right of businesses and citizens to engage in “cryptocurrencies” You can also find out more about the following: “blockchain technology.”
Bitcoin doesn’t appear in this document.
It’s most concerning that it is not addressed in the section of the document which addresses the possibility for the President’s Working Group on Digital Asset Markets to be created (also via the EO). “stockpile” The digital asset is a collection of assets.
The exact words that it says:
“The Working Group shall evaluate the potential creation and maintenance of a national digital asset stockpile and propose criteria for establishing such a stockpile, potentially derived from cryptocurrencies lawfully seized by the Federal Government through its law enforcement efforts.”
Bitcoin is just one of the 17 digital assets that have been seized by the Federal Government.
"stockpile" It is used to describe someone who holds on to their possessions, without necessarily having purchased anything.
According to @arkham, here's all the coins that the USG holds over $1m pic.twitter.com/CtLEuP5utA
— Alex Thorn (@intangiblecoins) January 23, 2025
This is a ridiculous and unproductive idea. These 16 assets are not designed as stores of value and some of them just represent digital versions of the U.S. dollars, which is devaluing every day.
The U.S. has no good reason to keep digital assets which lose value over time compared with bitcoin. Without even getting into the features that differentiate bitcoin from the other assets on the list above — like its hard-coded perfect scarcity or its network’s level of decentralization — one needs to only take note of the fact that no digital asset has ever made subsequent highs versus bitcoin in consecutive bull markets to understand why it makes sense to only hold bitcoin.
I mean, even someone whose company evaluates shitcoins for a living agrees:
Ripple’s actions costing the GOP 3 additional Senate seats and $12 million to Kamala is not what I did.
Still, I am going to try and help. @realDonaldTrump The team at XRP understands why XRP has become the symbol of why a national cryptocurrency reserve is not needed.
Bitcoin Reserve or none
— Ryan Selkis (d/acc) 🇺🇸 (@twobitidiot) January 24, 2025
Please, President Trump, increase your bitcoin holdings by exchanging the other 16 digital assets that you hold for bitcoin and call it a night. Surely, you’ve seen how well the bitcoin-only approach has worked out for President BukeleYou just spoke with.
We need to demonstrate that Bitcoin is the saving technology, and everything else, is just something else.
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Source: bitcoinmagazine.com
