Yesterday, President Trump signed an Executive Order (EO) titled “Strengthening American Leadership In Digital Financial Technology.”
The document outlines the 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.
Most troublingly, it is not mentioned in the part of the document that addresses the potential for the President’s Task Force on Digital Asset Markets (also established via EO) to create a “storage” of digital assets.
Here’s exactly how it sounds:
“The task force shall evaluate the potential creation and maintenance of a national repository of digital assets and propose criteria for establishing such a repository, potentially derived from cryptocurrencies lawfully seized by the federal government through its law enforcement efforts.”
Bitcoin is one of 17 digital assets seized by the federal government.
"circulation" is jargon that means keep what they have but not necessarily buy anything
according to @arkhamhere are all the coins the USG has over $1m pic.twitter.com/CtLEuP5utA
— Alex Thorn (@intangiblecoins) 23 January 2025
The idea that the government would hold on to the 16 other cryptoassets that the government holds is both silly and nonsensical, as none of these other assets were designed to be a store of value, and some of them are just digital versions of it ever. – degrading US dollar.
In other words, there is no reason for the US to store digital assets that are constantly losing value relative to bitcoin. Without even getting into the features that set bitcoin apart from the other assets listed above—like its hard-coded perfect scarcity or its network’s level of decentralization—one only needs to note the fact that no digital asset has ever reached subsequent heights versus bitcoin in consecutive bull markets to understand why it makes sense to only hold bitcoin.
I mean, even a person whose business values ​​shitcoins for a living would agree:
I didn’t donate $12 million to Kamala or cost the GOP three extra Senate seats like Ripple did.
But I will still try to help @realDonaldTrump and team understand why XRP is the poster child for why we shouldn’t have a national crypto reserve.
Bitcoin Reserve or nothing.
— Ryan Selkis (d/acc) 🇺🇸 (@twobitidiot) 24 January 2025
So please President Trump, increase the bitcoin hoard by exchanging the 16 other digital assets you have for bitcoin and let’s call it a day. You must have seen how well the bitcoin-only method has worked for President Bukele, who you spoke to 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.