Bitcoin Policy Institute pitches US strategic bitcoin reserve
On the eve of the US presidential election, the Bitcoin Policy Institute published a report endorsing a strategic reserve of bitcoin akin to US strategic reserves of gold, medical equipment, minerals, or petroleum. Asking whoever becomes president to ask the US Treasury Secretary to buy bitcoin, the 53-page research paper attempts to cover the pros and cons of investing in the crypto as a sovereign. The authors distinguish between bitcoin as a central bank asset held by the Federal Reserve and bitcoin as a discretionary investment of the US Treasury. The paper specifically advocates for the latter. Authors tossed around proposals like a multi-year, dollar cost-averaging purchase program — or buying enough bitcoin to equal the amount of the Treasury’s gold reserves . After these far-from-conservative examples, the authors recommended forming governance boards to plan a realistic fiscal policy. Readers might also be curious as to why the paper is asking for a strate...