I see that point and feel more conflicted on this one. Considering at the end of the day…I think it’s going to happen anyway.
Also, I like the self-custody part of the bill (I mean it’s obviously already lawful but nice to see)
And bitcoin is still money separate from the state, even if the state buys a shit ton. It doesn’t print or control the production or manipulation of bitcoin. It can run a node or miner just like the rest of us to get a “say.”
Good points.
More broadly, my greater fear is that such a “reserve” would enable and advance civil forfeiture of bitcoin at an unprecedented rate, as there would be programs and policies in place to more adequately “HODL” these assets, even when police actions may have nothing to do with bitcoin.
Civil forfeiture is a civil justice issue that hasn’t yet been addressed meaningfully in any state or federal legislation, and will only ramp up if agents and police know that Bitcoin is now fair game.
At the same time, I can absolutely see the usefulness of a government or central bank adding BTC to their portfolio, but this would only empower the federal gov’t with more power than I believe they should have (obviously spoken as a classical liberal).
I could also see KYC/AML laws being ramped up as a “responsible” measure for more inclusion of BTC into the financial system, which I believe would be harmful to many people across all layers of society.
