See the World Through the Lens of Bitcoin Reserve Opponents

Understanding events thoroughly requires viewing them from diverse perspectives. Currently, we observe that the Bitcoin $99,432 reserve laws have failed to garner support even from some Republicans in various states. While it may seem intriguing to some, from their viewpoint, it is not as foolish as it appears. Today, let’s examine this concept through the eyes of Bitcoin reserve opponents.

Is Bitcoin Reserve Foolish?

RealClearMarkets editor and writer John Tamny shared his views on the strategic Bitcoin reserve narrative today. His perspective may help us comprehend the senators and representatives who voted against the reserve. It might also clarify why concepts that seem like dreams could indeed be unattainable.

John questions why a globally priced and accessible commodity should be kept as a reserve. Referencing the possibility of an embargo, he states: “If your answer is that nations could embargo us as they did in the 1970s, you should go back to school. The embargo in the 1970s did not prevent oil from reaching the U.S.; embargoes are symbolic rather than economic. Oil will continue to flow regardless.”

He believes cryptocurrencies are not triggers of wealth but merely outcomes. Many view cryptocurrencies as items anyone can create on a computer, suggesting that something better than Bitcoin can be made. The strength of Bitcoin today lies in its widespread acceptance. Will people attribute more value to a different asset than Bitcoin years from now? If the fundamentals and philosophy of Bitcoin are not exploited, this possibility becomes more challenging.

Crypto: Dreams and Realities

The expression “money laundering” does not quite match crypto. Hence, we have been advocating for a healthier term, “crypto assets.” People like Paul are not few in the U.S. and the world, even among participating Republicans. This is why we may not see a reserve as dreamt by crypto investors for years. Considering the attitudes taken by crypto-friendly politicians in statewide votes, the situation looks even worse from Paul’s perspective.