This morning, the Bitcoin Policy Institute (BPI) released a 53-page report on the pros of the United States establishing a strategic bitcoin reserve (SBR).
In July, @CynthiaMLummis announced the BITCOIN Act, the first bill in US Congress to propose a strategic #bitcoin reserve.
In our most comprehensive report to date, we endorse the United States adopting a strategic reserve. Read the report here: https://t.co/xQJG2Ebksi pic.twitter.com/gq3yI7oJUO
— Bitcoin Policy Institute (@btcpolicyorg) November 4, 2024
The authors of the report touched on four key benefits of holding bitcoin as a strategic reserve asset:
- Economic and monetary stability — bitcoin is a hedge against currency debasement and debt instability
- Geopolitical competition — the US could gain a strategic advantage over other countries that are contemplating starting a bitcoin reserve and can reinforce the US’ influence over global financial standards
- Energy and climate — Bitcoin mining can be leveraged to accelerate the movement toward renewable energy
- Financial inclusion and human rights — the US can promote both the concepts of individual freedom and financial inclusion for both US citizens and those abroad
While I agree that the US’ establishing an SBR would have these benefits, I also think it would send a certain message loud and clear: We embrace change in the United States.
We can tell the world that we’re aware of Bitcoin’s numerous positive attributes and that we want to use them to our advantage.
In doing so, we can shift the narrative around Bitcoin from something to be feared and controlled to something that should be embraced and utilized, and we can stand behind a tool that can be used to increase the financial buoyancy of both people and institutions around the globe instead of standing in its way.