Introduction: President Trump’s Executive Order on Digital Assets
Yesterday, President Trump signed an Executive Order (EO) titled “Strengthening American Leadership In Digital Financial Technology.” The EO outlines how the U.S. government will embrace “digital assets” and support the rights of citizens and businesses to engage with “cryptocurrencies” and “blockchain technology.”
However, Bitcoin isn’t mentioned once in the document. Most concerningly, it’s not included in the part 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.
The National Digital Asset Stockpile
Here’s how the EO addresses this issue:
“The Working Group shall evaluate the potential creation and maintenance of a national digital asset stockpile and propose criteria for establishing such a stockpile, potentially derived from cryptocurrencies lawfully seized by the Federal Government through its law enforcement efforts.”
Bitcoin is one of 17 digital assets the Federal Government has seized.
Why Bitcoin Should Be the Focus
The idea that the government would hold onto the 16 other crypto assets it’s holding is both silly and pointless, as none of these assets were designed to be a store of value. Many of them are just digital versions of the ever-debasing 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 diving into the features that differentiate Bitcoin from the other assets on the list—such as its hard-coded perfect scarcity or its network’s level of decentralization—one needs only to look at the fact that no digital asset has ever made subsequent highs against Bitcoin in consecutive bull markets.
Even Experts Agree on Bitcoin
Even someone whose company evaluates shitcoins for a living agrees that Bitcoin stands alone.
So, please, 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 for President Bukele, with whom you spoke just the other day.
Conclusion: The Case for Bitcoin-Only Strategy
It’s time to show the world that we understand Bitcoin is tasavings technology. Everything else is just something else.