{"id":7770,"date":"2025-01-25T22:16:29","date_gmt":"2025-01-25T21:16:29","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=7770"},"modified":"2025-01-25T22:16:29","modified_gmt":"2025-01-25T21:16:29","slug":"dear-president-trump-embrace-the-bitcoin-standard-over-altcoin-alternatives","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/01\/25\/dear-president-trump-embrace-the-bitcoin-standard-over-altcoin-alternatives\/","title":{"rendered":"Dear President Trump: Embrace the Bitcoin Standard Over Altcoin Alternatives"},"content":{"rendered":"\n

Yesterday, President Trump endorsed an Executive Order (EO) named \u201cStrengthening American Leadership In Digital Financial Technology<\/a>.\u201d<\/p>\n

The document describes how the U.S. government plans to adopt \u201cdigital assets\u201d and uphold the rights of individuals and enterprises to participate with \u201ccryptocurrencies\u201d and \u201cblockchain technology.\u201d<\/p>\n

Bitcoin does not appear even a single time in the document.<\/p>\n

Most alarmingly, it is absent in the section that discusses the potential of the President\u2019s Working Group on Digital Asset Markets (which is also set up through the EO) creating a \u201cstockpile\u201d of digital assets.<\/p>\n

Here\u2019s the specific wording:<\/p>\n

\u201cThe Working Group shall assess the feasibility of creating and maintaining a national digital asset stockpile and suggest criteria for establishing such a stockpile, potentially sourced from cryptocurrencies lawfully confiscated by the Federal Government via its law enforcement initiatives.\u201d<\/p>\n

Bitcoin is one of 17 digital assets that the Federal Government has confiscated.<\/p>\n

\n

"stockpile" is terminology that indicates retaining what they have, but not necessarily acquiring anything <\/p>\n

as per @arkham<\/a>, here's a list of coins that the USG possesses over $1m pic.twitter.com\/CtLEuP5utA<\/a><\/p>\n

— Alex Thorn (@intangiblecoins) January 23, 2025<\/a><\/p><\/blockquote>\n

The notion that the government intends to keep the 16 other crypto assets currently in its possession is both absurd and unnecessary since none of those additional assets were created to serve as a store of value, and a portion of them are merely digital forms of the continually depreciating U.S. dollar.<\/p>\n

In simpler terms, there\u2019s no justification for the U.S. to accumulate digital assets that are incessantly diminishing in value compared to bitcoin. Without delving into the characteristics that set bitcoin apart from the other assets listed above \u2014 such as its inherently defined perfect scarcity or the degree of decentralization in its network \u2014 it suffices to mention that no digital asset has ever reached new peaks against bitcoin in consecutive bull markets to grasp why it is logical to exclusively possess bitcoin.<\/p>\n

I mean, even a person whose company appraises shitcoins for a living concurs:<\/p>\n

\n

I didn\u2019t contribute $12 million to Kamala or cost the GOP three extra Senate positions as Ripple did.<\/p>\n

But I\u2019m still going to attempt to assist @realDonaldTrump<\/a> and his team in comprehending why XRP epitomizes why a national crypto reserve ought to be avoided.<\/p>\n

Bitcoin Reserve or nothing.<\/p>\n

— Ryan Selkis (d\/acc) \ud83c\uddfa\ud83c\uddf8 (@twobitidiot) January 24, 2025<\/a><\/p><\/blockquote>\n

Therefore, I implore you, President Trump, to enhance the bitcoin reserve by exchanging the 16 other digital assets you currently possess for bitcoin, and let\u2019s conclude this matter. Surely, you\u2019ve noted how successful the bitcoin-only strategy has been for President Bukele<\/a>, with whom you conversed just the other day. <\/p>\n

It is time to demonstrate to the world that we recognize bitcoin as the ultimate savings technology, while everything else is, essentially, something different.<\/p>\n