From Trey Walsh, Executive Director The following are some examples of how to use The Progressive Bitcoiner
I’ll start off by saying I have many reservations about the United States Following a Strategic Bitcoin reserve, with the major plans I’ve observed including legislation proposed by Senator Lummis You can also draft your own. Executive Order from our Website Bitcoin Policy Institute This does not include the state-bystate proposals, as they are a slightly different approach and more straightforward given that some of them hold bitcoins to diversify assets. My Reservations include the timing of reservations, their political (polarizing ramifications), and how much they cost. BitcoinWhy the U.S. government would get more involved in this, as they are already the leader as a world reserve currency. Bitcoin could lead to more involvement/influence with Bitcoin’s development, and ramifications on Bitcoin As money for U.S. Citizens (would the privacy, mediums of exchange and self-custody, be more at risk?). What do you think? Nic Carter wrote an excellent piece questioning the SBR and advocating against the U.S. pursuing this which I’d highly encourage you to read.
While Support for SBR has been shown by many Bitcoin Most GOP politicians are proponents. Trump (in fairness Democratic Rep. Ro Khanna has said he’s supportive in theory I believe), there has yet to be any attention paid to this in a positive way from progressives. In In reality, it is only criticism. While I have my reservations and criticisms as I’ve clearly stated to be transparent here, I’d like to focus on some ways in which a U.S. Strategic Bitcoin Reserve Could be positive for you Americans, from a progressive’s lens and values with an emphasis on social safety net spending. This has yet to be discussed at any scale, and I’d like to offer some thoughts, and some actual social good this could do besides just “strengthen the United States as a global power and strengthen the dollar.” OkWhat could it do for real, everyday people? America? That’s what I care about, and probably you too.
This This is a picture of a breathtaking image captured by https://www.usdebtclock.org/. What the U.S. doesn’t have a solid answer for is how we are going to pay for the vital services needed and expected from citizens at this point when facing a debt and spending crises compared to our budget/tax receipts. Depending on who you ask and which economic theories you subscribe to, there are different ways for handling this—but the issue remains: the U.S. is kicking the can down the road regarding debt, spending and refusing to either raise taxes or cut spending dramatically and catastrophically. First, I want to establish the context, then give some examples of how a SBR can be used in relation to social safety net expenditure, budget deficits, and government for and by the people. Bitcoin.
1. Hedge Against Inflation The following are some of the ways to get in touch with us: Protect Public Programs
- Stability You can also find out more about the following: Social Spending: Inflation Devaluation of currencies reduces purchasing power in government budgets. This affects social safety net programs. A Bitcoin As a deflationary investment, the reserve could be used as a hedge to protect against economic risks and ensure stable funding of programs such as Medicare, Medicaid” Social Security. As The cost of things increases in dollar terms (salaries and healthcare costs, hospital equipment, medicines, treatments etc.), but the price decreases in Bitcoin terms.
- Future-Proofing Benefits: Bitcoin’s limited supply could protect against long-term depreciation of fiat currency, ensuring that entitlement programs maintain their value and benefit recipients in the decades to come.
2. Revenue Generation You can also find out more about the following: Safety Nets
- Asset Appreciation: Bitcoin A government-held stock that has seen a significant increase in price over the long term. The government owns the majority of shares in a company. Bitcoin Reserves could be used to supplement social program funding in times of need. The It is important to have a long term view and avoid short-term trading.
- Controlled Liquidation: Under a progressive framework, the government could design strict proThe following are some of the ways to get in touch with us:cols for selling portions of the reserve during economic downturns or crises to avoid undermining the reserve’s long-term value while supporting public welfare.
3. Alternative to Taxpayer Burden
- Reducing Taxpayer Reliance: TraditionallyTaxes are the main source of funding for safety nets, and they can have an adverse impact on households with lower incomes. A Bitcoin Reserves could be used as an alternative source of funding, decreasing the dependence on direct taxation to fund safety net programmes.
- Reducing deficit spending: One One of the most common causes of inflation is the deficit spending through money-printing mechanisms by governments. Fed, Treasury The following are some examples of how to get started: Congress We can pass legislation far beyond the assets we have and our tax revenues. SBR could reduce the amount of money printed to finance government programs, social safety nets and other services. By The following are some examples of how to use Bitcoin The government can increase its fiscal strength by acquiring traditional reserves, such as gold. This will allow it to continue welfare programs and not rely solely on deficit expenditure.
4. Emergency Financial Assistance
- Crisis Mitigation Fund: During In times of financial crisis, governments often struggle to mobilize funds quickly for the expansion of safety nets. BitcoinA highly liquid, globally accessible currency can be used as a reserve in an economic crisis to make direct transfers of cash or fund unemployment benefits.
- Global Remittance Efficiency: Bitcoin’s borderless nature could streamline the delivery of international aid or remittances to support diaspora communities or vulnerable populations abroad, aligning with progressive values of global equity.
5. Promoting Financial Inclusion You can also find out more about the following: Vulnerable Populations
- Bridging You can also find out more about the following: Wealth GapA Strategic Bitcoin Reserve It could also be combined with policies to encourage the public’s ownership. BitcoinIndividuals and communities can participate in an alternative financial system, which is less reliant on the traditional banking structure. Look Programmes like the Alaska Permanent Fund Which pays dividends on basis of? Alaska’s oil reserve and production
- Direct Redistribution Mechanisms: The The government can use the gains to pay for expenses. Bitcoin Reserving funds Universal Basic Income Low-Income Households (LHI) Programs or Targeted Assistance Margot We discussed the possibility of this with Scott SantensA leading UBI expert will be on our podcast.
While Acceptance of the SBR is not directly related to it. Bitcoin At this point, there are more opportunities to explore. Bitcoin The mining industry and its community
6. Incentivizing Green Bitcoin Mining You can also find out more about the following: Job Creation
- Jobs You can also find out more about the following: At-Risk Communities: Bitcoin Incentives for mining companies to switch over to renewable sources of energy could lead them create new jobs and revitalize underserved communities, thus achieving a win-win situation in terms of both economic growth and environmental protection.
- Revenue You can also find out more about the following: Local Governments: Tax Revenues generated by sustainable Bitcoin The mining industry could redirect its efforts to local initiatives that would strengthen safety nets in the community, like affordable housing and healthcare.
7. Economic Resilience The following are some of the ways to get in touch with us: Fund Long-Term Programs
- Buffer Against Economic Crises: In When there are economic recessions or periods of geopolitical unrest, Bitcoin’s independence from fiat currency systems could provide a financial buffer. This Ensure that safety net programs are not disrupted.
- Strengthening You can also find out more about the following: Social Contract: By The government is committed to safeguarding vulnerable populations and ensuring national economic security by maintaining a reserve. This principle of progressivism is at the core.
8. Enhancing Public Trust The following are some examples of how to use Social Programs
- Transparent Funding Mechanism: Bitcoin’s blockchAin technology ensures a transparent ledger. Using a Bitcoin Reserves to partly fund social programs may increase public confidence in the allocation and management of resources, which could reduce skepticism over government corruption or waste. The SBR Bitcoin addresses will be publicized (like El Salvador does)
- Public Ownership: Progressives Could propose a small allocation of Bitcoin Citizens can directly benefit from the national reserve through credits or rebates tied to certain social programs. AgainReturn to dividends or the UBI
This The above is a mere tip of the theoretical iceberg as to how progressives may approach an Strategic Bitcoin Reserve. While My focus is on grassroots adoption and not intellectual debate. Bitcoin and how this can transform individual’s lives and communities around the world, it raises an important point — what social good could we imagine Bitcoin What can we do to meet the needs of our changing and ever-changing world, which is also fiscally challenged? Beyond What role can crypto traders play in making Wall Street richer? Bitcoin What role can technology play in improving people’s lives at a structural, deep level? We’ll continue to explore these questions here at The Progressive Bitcoiner.
This This is a post written by a guest. Trey Walsh. Opinions The views and opinions expressed by BTC customers are theirs alone. Inc The following are some examples of how to use Bitcoin Magazine.
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