Yesterday, President Trump Sign up Executive Order (EO) entitled “Strengthening American Leadership In Digital Financial Technology.”
The document outlines the ways in which the U.S. government will embrace “digital assets” and support the rights of citizens and businesses to engage with “cryptocurrencies” and “blockchain technology.”
Bitcoin isn’t mentiThe following are some of the most effective ways to improve your own effectiveness.ed once in the document.
Most concerningly, it’s not mentioned in the portion of the document that addresses the potential for the President’s Working Group on Digital Asset Markets (also established via the EO) to create a “stockpile” of digital assets.
Here’s exactly how it reads:
“The Working Group This report will evaluate and recommend criteria for the establishment of such a reserve, which may be created from the cryptocurrencies that have been legally seized by authorities. Federal Government through its law enforcement efforts.”
Bitcoin This is just one of the 17 digital assets that you can use. Federal Government The seized.
The The idea that the U.S. government would keep the 16 crypto-assets it holds is absurd and useless, since none of these assets was designed as a value store, and some of them were just digital copies of the depreciating U.S. Dollar.
In other words, there’s no reason for the U.S. to stockpile digital assets that are perpetually losing value versus bitcoin. Without even getting into the features that differentiate bitcoin from the other assets on the list above — like its hard-coded perfect scarcity or its network’s level of decentralization — one needs to only take note of the fact that no digital asset has ever made subsequent highs versus bitcoin in consecutive bull markets to understand why it makes sense to only hold bitcoin.
I mean, even someone whose company evaluates shitcoins for a living agrees:
SoPlease President Trump, beef up the bitcoin stockpile by swapping the 16 other digital assets you’re holding for bitcoin, and let’s call it a day. Surely, you’ve seen how well the bitcoin-only approach has worked out for President BukeleYou spoke to just the other day.
It’s time to show the world that we understand that bitcoin is the savings technology and that everything else is, well, something else.
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