“Nation-state adoption of Bitcoin in its current form should not be mistakenly interpreted as the state nobly surrendering the money printer to advance individual freedoms.

The most likely scenario, in my view, is that most governments will continue to issue fiat currency against their Bitcoin reserves, engaging in the same inflationary practices that debased gold-backed systems. The problem is not the asset backing the currency but the moral hazard of government control over money. History has shown us time and again that even the soundest monetary systems falter when subject to the whims of centralized authority.

The only way to achieve true fiscal discipline is to abolish legal tender laws and allow competing currencies, including Bitcoin, to flourish in the free market. As long as legal tender laws compel the use of fiat currency, governments will continue to inflate their money supply at the expense of the public, regardless of how much Bitcoin they hold.

An SBR would not change this dynamic. Bitcoin, locked in their reserves, will become a tool to prop up the very system it was designed to destroy.” nostr:npub123sfqjpgf54p28yd7cjlgrpcn4pra5zhlnheyldc39td9r3zhgpshcwk9x