Calls for U.S. Bitcoin Reserve Intensify as Inflation and Debt Rise

Steven McClurg, Digital Assets Head at CoinShares, suggests the U.S. should create a strategic Bitcoin (BTC) reserve.

This idea is supported by pro-crypto figures like Donald Trump and Robert F. Kennedy Jr. and was echoed by Senator Cynthia Lummis at the Bitcoin Conference 2024.

McClurg told Bloomberg that Bitcoin, as a “global currency for the Internet,” should be part of America’s strategic assets.

He argues that adding BTC to reserves could help mitigate inflation and address the lack of a monetary standard since the U.S. left the gold standard in the 1970s.

McClurg acknowledges the difficulties, especially given the current deficit. He suggests using the 183,000 BTC held by the U.S. government and purchasing more, but emphasizes the need to address the deficit and control spending first.

The U.S. government recently moved 29,800 BTC worth $2 billion, which could complicate establishing a Bitcoin reserve.

If the current administration sells the remaining BTC before a pro-crypto president takes office, further purchases may be required. Despite these challenges, Senator Lummis believes a BTC reserve could help combat national debt.