Making Bitcoin a Strategic Reserve Asset Contradicts 'Freedom From Government' Narrative, Says WSJ
The plan, which sounds similar to a proposal from Sen. Cynthia Lummis’ (R-Wyo.), doesn’t echo “freedom, sovereignty and independence from government coercion and control,” which former president Donald Trump said is what bitcoin stands for.
- Former president Donald Trump's alleged plan to make bitcoin a strategic reserve asset doesn't align with crypto's values, the editorial board of the Wall Street Journal wrote.
- Trump said at the Bitcoin Conference in Nashville last week that bitcoin stands for freedom and independence from the government, among other things, but that view doesn't align with how he would use bitcoin if he gets elected in November, the WSJ wrote.
The former president and current Republican nominee for this year’s presidential election caused chatter in the crypto industry earlier this month after several reports said he would announce those plans at the Bitcoin Conference in Nashville last weekend.
He did – partially – but he also told attendees that bitcoin stands for “freedom, sovereignty and independence from government coercion and control.”
But his views and plans don’t match up, the WSJ wrote.
“Freedom from government isn’t what he’s proposing,” the op-ed states. “He wants all future bitcoin to be made in America, which is a limit on freedom and would require a much bigger electric grid since bitcoin mining is energy intensive.”
The editorial board also criticized his alleged plans to make the cryptocurrency a “strategic reserve asset,” which it claims is based on a proposal by Sen. Cynthia Lummis (R-Wyo.)
According to the planned legislation, which Lummis announced at the conference, bitcoin could help hedge against rising inflation and foster the United States’ growth in the global financial system while also securing the U.S. dollar’s position as the world’s reserve currency.
“She says the government could reduce the national debt by investing in bitcoin,” the WSJ argued. “[...] If crypto currencies really are a libertarian vehicle to invest free from political vagaries, then they should trade on their own without government help.”
Trump’s “sketchy plan” to make Lummis’ bill a reality if he indeed takes office in January echoes the many contradictions of the billionaire’s MAGA platform while also clashing with much of what crypto stands for, the op-ed said.
More For You
Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
需要了解的:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
More For You
