Bob McElrath, a former blockchain architect, calls the US Bitcoin reserve idea a ‘delusion of hope’, emphasizing that the government won’t invest in Bitcoin, given its relatively small size in the US economy.
The proposal by Senator Cynthia Lummis has sparked considerable debate. While some experts, like Michael Saylor, suggest it could enhance Bitcoin’s value, many remain doubtful about the practicality of such an initiative.
Critics like David Frum argue that the push for a Bitcoin reserve reflects fears among investors. Experts including James Surowiecki contend that a strategic Bitcoin reserve isn’t necessary for the US.