Making Bitcoin a Strategic Reserve Asset Contradicts 'Freedom From Government' Narrative, Says WSJ

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.