Former Chairman of the US Commodity Futures Trading Commission (CFTC), Christopher Giancarlo, expressed his support for the idea of the US creating a Bitcoin reserve during a recent interview, calling it a “forward-looking idea.”
Giancarlo said Bitcoin is in a unique position as the world's first digital commodity, likening its potential role to traditional resources such as gold, oil and copper that nations have historically stockpiled.
“Countries have been hoarding commodities since the beginning of time,” he explained, adding: “We used to hoard gold. China hoards rebar, copper, and soybeans. Bitcoin, the world’s first digital commodity, can similarly serve as a strategic asset.”
The discussion also touched on former President Donald Trump’s proposal for a national Bitcoin reserve. Giancarlo underlined the subtle difference between “stock” and “reserve,” noting that both concepts emphasize Bitcoin’s potential as a strategic asset for the United States.
“I think it makes sense for the United States,” he said, adding that a Bitcoin reserve would be a bold and forward-thinking move in the evolving financial landscape.
Giancarlo also addressed concerns that speculation in Bitcoin is outpacing the development of the underlying blockchain technology. Drawing parallels with the dot-com bubble, Giancarlo noted that in the early stages of adoption, price often outpaces technology, but the technology eventually catches up.
“During the dot-com bubble, prices outpaced the underlying technology. But over time, innovations like 4G, PayPal and Amazon delivery transformed e-commerce into the reality we know today. The same will likely be true for blockchain and Bitcoin,” he said.
*This is not investment advice.
