While US Presidential candidate Donald Trump continues to attract attention with his Bitcoin moves, he recently promised to make Bitcoin a strategic reserve asset at the 2024 Bitcoin Conference.
While Trump's Bitcoin promises made a big impact, they received both support and criticism.
The US newspaper Wall Street Journal, which generally attracts attention with criticism, criticized former President Donald Trump's plan to make Bitcoin a strategic reserve asset and argued that this plan is incompatible with cryptocurrency values.
Donald Trump made a splash in the crypto industry at the Bitcoin Conference in Nashville by promising to make Bitcoin a strategic reserve asset and have all remaining Bitcoins mined in the United States.
However, stating that the main value of Bitcoin is to be free from government control, WSJ stated that these promises of Trump are contrary to the basic values of BTC.
The WSJ also claimed that Trump's BTC move may have been motivated by his desire to provide financial support for his campaign.
“Trump's views and plans do not align with Bitcoin.
“He wants all future Bitcoins to be produced in America, which puts a limit on freedom and would require a much larger power grid because bitcoin mining is energy intensive.”
Criticism of Cynthia Lummis's Bitcoin Bill!
The WSJ also criticized U.S. Senator Cynthia Lummis' bill to make Bitcoin a “strategic reserve asset.”
According to WSJ Lummis' bill, Bitcoin could help protect against rising inflation, support US growth in the global financial system, and also secure the US dollar's position as the world reserve currency. However, WSJ opposes Bitcoin being considered a strategic asset.
“They say the government can reduce the national debt by investing in Bitcoin.
Although they portray Bitcoin as a symbol of independence from government control, their proposed policies and bill allow for greater government involvement in the cryptocurrency industry. This contradicts his thoughts.
Because with actions such as the government purchasing Bitcoin and mining being done in the USA, the government is further intervening in BTC.
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“If cryptocurrencies are truly a viable means of investing, free from political whims, then they should be traded on their own, without government assistance.”
*This is not investment advice.