BREAKDOWN: Should the US Federal Reserve Buy Bitcoin?

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4.8 • 689 Ratings

🗓️ 21 February 2021

⏱️ 15 minutes

🔗️ Recording | iTunes | RSS

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Summary

A reading of Alex Treece’s recent CoinDesk op-ed, “Why the US Needs Bitcoin.”

This episode is sponsored by Nexo.io.

On this week’s “Long Reads Sunday,” NLW reads Alex Treece’s recent essay “Why the US Needs Bitcoin.” The piece argues the U.S. will inevitably adopt bitcoin as a treasury reserve asset, but by doing so sooner rather than later it can enjoy geopolitical advantages.

NLW follows with a discussion of his assessment of the prospects of a digital dollar backed by digital gold.

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Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.1	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:16.0	The breakdown is sponsored by nexo.io and produced and distributed by coin desk.
0:22.5	What's going on, guys? It is Sunday, February 21st, and that means it's time for Long
0:28.3	Reads Sunday. And I have a fun one for you guys today. Obviously, we have been talking
0:34.6	all cycle about Bitcoin coming to institutions and more specifically
0:40.2	Bitcoin coming to corporate treasuries. Just this week, the motley fool of all people,
0:46.1	put $5 million of Bitcoin on its corporate treasury. Still, there is a sense that some people
0:52.5	have that this is still the small time. And what really
0:56.7	will be the big driver of some future cycle, if not this one, is sovereign wealth funds and
1:03.5	central banks themselves putting Bitcoin on the balance sheet. Today, I am reading an essay
1:10.3	from Coin Desk called Why the U.S. needs Bitcoin.
1:14.0	It is by Alex Treese, a co-founder at Zabo, and it's all about Bitcoin as a reserve asset for the
1:21.0	United States. So let's listen in. Why the US.S. needs Bitcoin.
1:30.1	Elon Musk and other VIPs have endorsed it.
1:34.9	Here's why the Federal Reserve should seriously consider BTC for its balance sheet.
1:38.2	The United States will adopt Bitcoin as a reserve asset.
1:38.9	Why?
1:42.6	Because it is unequivocally in U.S. strategic interest to do so.
1:45.0	The question is not if this will happen,
1:49.6	but when. Whether it happens within 12 months, two years, five years, or 10 years will have major implications for U.S. positioning for decades. Failure to embrace Bitcoin sooner rather
1:55.8	than later will damage U.S. strategic interests and benefit rivals adopting it first. By examining how the
	...

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