Disclaimer: Since we’re talking about Bitcoin and cryptocurrencies in this podcast, I must emphasize that the content of this podcast is for information and educational purposes ONLY. Nothing discussed here should be taken as personal financial or investment advice for any individual or group. Onwards!
Dr. Andrew Bailey returns to the podcast to talk about Bitcoin, or rather, the Bitcoin Strategic Reserve. Amidst the flurry of President Trump’s executive orders was one that was celebrated by many in the cryptocurrency world, but generally raised, at best, ambivalent eyebrows in the broader policy world: the creation of 1) a Bitcoin Strategic Reserve (BSR) and 2) a cryptocurrency stockpile.
On the surface, this seemed to be a major step forward in mainstreaming cryptocurrency, and Bitcoin in particular, while also fulfilling a Trump campaign promise. But how was such a strategic reserve going to work? How would American governments utilize it? Is it just a holding pen for cryptocurrencies, or is there more to it than that?
In this discussion, Andrew walks us through the whats, whys, and hows of the BSR. We talk about the executive order that established the BSR as well as ongoing legislative efforts to make the BSR a permanent feature of American strategic planning.
Along the way, we discuss the various ways Uncle Sam has come to hold Bitcoin, how much might be currently held, what, if any, plans are in the works to procure more, and how the BSR could impact Bitcoin’s status as what Andrew refers to as “resistance money.”
Being both a Bitcoin advocate and a neutral-to-skeptic observer of the BSR, Andrew is able to both blend deep insider knowledge of Bitcoin with awareness of the ins and outs of current policy discussions. You could hardly ask for a more informed and balanced take on this niche executive order.
Digging deeper
Andrew’s Book: Resistance Money
The last word
Worth requoting from the Episode 59 show notes:
Despite the hopes of many bitcoin diehards, it won’t end war, restore the traditional family, or fix the real estate market. It won’t improve nutrition, inspire a return to Renaissance-style art, or revive nineteenth-century architecture. Bitcoin does not fix everything. It fixes a few things - and even breaks some others. But what it does fix is of great consequence.
Resistance Money, page 14
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