Yesterday, President Trump signed an Executive Order (EO) titled “Strengthening American Leadership in Digital Financial Technology.”
The document outlines ways in which the US government will embrace “digital assets” and support the rights of citizens and businesses to engage with “cryptocurrencies” and “blockchain technology.”
Bitcoin is not mentioned once in the document.
More interestingly, it is not mentioned in the portion of the document that addresses the potential for the President’s Working Group on Digital Asset Markets (also established through the EO) to create a “stockpile” of digital assets.
Here’s exactly how it reads:
“The working group will evaluate the potential creation and maintenance of a national digital asset stockpile and pursue the criteria for establishing such a stockpile, potentially derived from cryptocurrencies legally seized by the federal government through its enforcement efforts.”
Bitcoin is one of 17 digital assets that the federal government has seized.
"stockpile" is slang for keeping what they have, but not necessarily buying anything
second @arkhamhere are all the coins the USG holds over $1 million pic.twitter.com/ctleup5uta
– Alex Thorn (@intangiblecoins) January 23, 2025
The idea of the government holding onto the other 16 cryptocurrencies the government holds is both silly and pointless, as none of those other assets were designed to be stores of value, and a portion of them are just digital versions ever -Debasing US dollar.
In other words, there is no reason for the United States to accumulate digital assets that perpetually lose value against Bitcoin. Without even going into the characteristics that differentiate bitcoin from the other assets in the list above—such as its perfect codified scarcity or the level of decentralization of its network—one need only take note of the fact that no digital asset has ever achieved successive highs against Bitcoin in consecutive bull markets to understand why it makes sense to only hold bitcoin.
I mean, even someone whose company rates crap for a living agrees:
I didn’t donate $12 million to Kamala or cost the GOP three Senate seats like Ripple did.
But I will still try to help @realdonaldtrump And the team understands why XRP is the poster child for why we shouldn’t have a national cryptocurrency reserve.
Bitcoin Reserve or nothing.
– Ryan Selkis (D/ACC) 🇺🇸 (@twobitidiot) January 24, 2025
So please, President Trump, bolster your bitcoin stash by trading the 16 other digital assets you hold for Bitcoin and call it a day. Surely, you saw how well the Bitcoin-only approach worked for President Bukele, with whom you spoke just the other day.
It’s time to show the world that we understand that Bitcoin is the savings technology and that everything else is, well, something else.