Is It a Good Idea for the US Government to Stockpile Bitcoin? - Ep. 683

Unchained

Laura Shin

News, Tech News, Business News

4.5 • 1.3K Ratings

🗓️ 2 August 2024

⏱️ 39 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In this episode, George Selgin, senior fellow at the Cato Institute, discusses the recent proposals by Donald Trump, Robert F. Kennedy Jr., and Senator Cynthia Lummis for the U.S. government to establish a strategic bitcoin reserve. George provides his insights into the differences between these proposals, their potential implications, and why he believes the government should not be investing in bitcoin or other assets. Show highlights: 00:00 Intro 01:16 How the Bitcoin proposals by Trump, RFK Jr., and Lummis differ 04:08 Why George believes that Trump’s proposal to not sell the government’s bitcoin is just symbolic 07:36 What the purpose of acquiring BTC is in the Lummis and RFK proposals 11:29 Whether the government should even be investing in bitcoin or other assets 18:53 How would the government buy BTC as per the Lummis bill 25:08 How likely is it that the bill passes through Congress 27:40 Crypto News Recap Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! iTrustCapital Polkadot Guest George Selgin, Senior Fellow and Director Emeritus of the Cato Institute's Center for Monetary and Financial Alternatives Links Trump’s proposal: Unchained: At Bitcoin Conference, Trump Promises to Fire SEC Chair Gary Gensler If He Wins Trump Has Made Promises to Crypto Voters. If He’s Elected, What Could He Actually Do? Lummis proposal: Unchained: A Bitcoin Strategic Reserve for the U.S.? Senator Cynthia Lummis Reveals Her Bill Decrypt: There’s a Problem With Senator Lummis’ Bitcoin Reserve Plan, Cato Institute Expert Says Lummis Introduces Strategic Bitcoin Reserve Legislation RFK. Jr proposal: RFK Jr. Proposes 550 Daily Bitcoin Purchase Plan for U.S. Economy | Kennedy24 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	I think about the original motivation for Bitcoin, the philosophy behind it if you like,
0:06.8	the more the government has, and that's again not just the US government, but governments in in general the less it's actually able to do the things
0:16.8	that its founders wanted it to do. Hi everyone, welcome to Unchained, your no-hive resource for all things crypto.
0:28.5	I'm your host Laura Shin, author of The Cryptopians.
0:32.0	I started covering crypto nine years ago and as a senior
0:34.6	editor of Forbes was the first mainstream media reporter to cover
0:37.3	cryptocurrency full-time. This is the August 2nd 2024 episode of Unchained.
0:41.8	With I-Trust Capital, you can buy and sell
0:44.7	crypto in a tax advantage retirement account. Enjoy significant tax
0:48.5	advantages 24-7 access and the industry's lowest fees.
0:53.0	Pocodod is the original and leading Layer Zero Blockchain with over 2,000 plus developers,
0:58.0	and the Pocodot 2.0 upgrade will be a massive accelerator for the ecosystem.
1:03.0	Join the community at POGOT. Network slash ecosystem slash community.
1:09.0	Today's guest is George Selgin, Senior Fellow at the Cato Institute.
1:13.4	Welcome George.
1:14.4	It's nice to be here, Laura.
1:16.4	We're here to discuss some proposals for the U.S. government to establish a strategic
1:21.8	Bitcoin reserve.
1:23.7	One of these was by former president and Republican presidential nominee, Donald
1:28.1	Trump, and another by Wyoming senator Cynthia Lomis, and the third presidential candidate Robert F. Kennedy Jr.
1:35.4	also made a similar suggestion at the Bitcoin 2024 conference.
1:40.7	I'm sure listeners have heard about this, but let's just make sure they understand the details so in broad jokes can you
	...

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