In a recent Executive Order titled “Strengthening American Leadership In Digital Financial Technology“, President Trump outlined the U.S. government’s roadmap for integrating digital assets into its policy framework. Despite its critical role in the cryptocurrency landscape, Bitcoin is notably absent from this discussion.
The Executive Order emphasizes government support for “digital assets” and the protection of American citizens and businesses engaging with various forms of cryptocurrency and blockchain technology. However, Bitcoin, regarded by many as the leading digital asset, is conspicuously missing, particularly in the section detailing the establishment of a national digital asset stockpile.
The President’s Working Group on Digital Asset Markets was tasked with evaluating the potential creation of this stockpile. The language used suggests a focus on existing assets, much of which were seized by the government, raising concerns regarding the future of America’s digital currency strategy. The statement reads:
“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.”
Currently, Bitcoin is among 17 digital assets held by the Federal Government. However, the idea of stockpiling these assets, especially those other than Bitcoin, is questionable. Most of them lack the intrinsic value and reliability that Bitcoin offers as a store of value. Instead, many alternatives are merely digital renditions of the depreciating U.S. dollar.
Critics argue that investing in these lesser assets is misguided; none have shown the capacity to outperform Bitcoin in subsequent market cycles. It becomes evident that Bitcoin’s scarcity and decentralized nature uniquely position it as a preferable choice for a national reserve.
In light of these considerations, it begs the question: Why doesn’t the government liquidate these other digital assets in favor of enhancing its Bitcoin holdings? With examples like President Bukele of El Salvador demonstrating the positive impacts of a Bitcoin-centric approach, it’s time for the Trump administration to acknowledge Bitcoin’s essential role in the future of digital finance.
As a nation, understanding and embracing Bitcoin as part of a robust economic strategy not only safeguards American wealth but also positions the U.S. as a leader in the innovative realm of cryptocurrency. The call is clear: President Trump, prioritize Bitcoin over other digital assets for a sustainable future.
