Jack Nicastro at Reason — always with the spicy takes.
Here we get the calm, subtle gem:
"It's unclear how subsidizing demand for cryptocurrency would make the industry more innovative."
A source at one of the largest institutional-grade crypto prime services firms tells Reason that he hopes Trump "will pump the brakes on the reserve and instead keep working on…rolling back the Biden admin rules that have been holding the industry back."
My understand is that they're kinda doing that too. (A kid can dream.)
Our friend Nic Carter and his Bitcoin Magazine piece "I Don't Support a Bitcoin Strategic Reserve and Neither Should You" is included, as are quotes from AIER's excellent Peter Earle. (Very much like his mention of Norwegian wealth fund, and how America's fiscal/monetary situation is nothing like Norway's: #899606). This is like a who's-who of people and outlets I'm involved with!
What's a little bit overlooked is a shitcoin/bitcoin distinction, which even Bloomberg's Matt Levine hit on this week (#903034): bitcoin, by being like gold for a digital age, doesn't do anything, so is somewhat suited for inclusion in a "stockpile"; it's not too different from holding (or not?!) gold bars at Fort Knox. The other snake-oil crap "digital assets" are all supposed to do this or that thing (very unclear what), but they're not for sitting on, or moving economic value into the future.
It is, however, a good way to instantly reward friends with crypto holdings: the price of bitcoin and ethereum rose by 10 percent, XRP by 30 percent, solana by 20 percent, and cardano by 70 percent following Trump's announcement, reports Al Jazeera.
A little awkward that all these price moves were reversed in, like, a day. Oh well; journalism in a brave, new, fast-moving world.