Author: Sam Lyman, Forbes; Translator: Deng Tong, Golden Finance
"We want all remaining Bitcoin to be made in the United States!"
Republican presidential candidate Donald Trump expressed strong support for Bitcoin in a Truth Social post last month. In the same post, he recognized the geopolitical significance of the world's largest cryptocurrency, and warned that any policy that seeks to hinder Bitcoin "will only help Russia." Trump's statement not only made him the first nominee of a major political party to support Bitcoin, but also brought into focus the discussion about classifying Bitcoin as a strategic reserve asset.
These discussions are gaining traction in policy circles due to Bitcoin-friendly political leaders. For example, former presidential candidate Vivek Ramaswamy has been advising President Trump on Bitcoin and digital assets since January. Ramaswamy took a unique stance in the final weeks of the campaign, suggesting that the dollar be backed by a basket of commodities, which could include Bitcoin. Ramaswamy’s plan echoes a similar proposal by independent presidential candidate Robert F. Kennedy Jr., in which a small portion of the U.S. Treasury “would be backed by hard currency, gold, silver, platinum, or Bitcoin.” Ramaswamy and Kennedy’s proposals aim to curb inflation by pegging the dollar to a deflationary asset, thereby preserving its value over time. Senator Cynthia Lummis, the “crypto queen” of Congress, is another proponent of using Bitcoin to improve the nation’s finances. In February 2022, she suggested that the Federal Reserve diversify the $40 billion in foreign currencies on its balance sheet by adding Bitcoin. She still sees benefits to holding digital currencies as part of a nation’s financial portfolio.
After Trump’s posts hinted at Bitcoin’s growing political importance, I asked Senator Lummis about her thoughts on the discussion surrounding Bitcoin as a strategic reserve asset. Senator Lummis seemed intrigued by the idea. In her own words, “Bitcoin is an incredible store of value and I certainly see the benefit of diversifying our nation’s investments.”