Bill Dudley, Columnist

A Bitcoin Reserve Would Be a Bad Deal for Americans

Government purchases could send the price soaring — while worsening the government’s finances, fueling inflation or both.

December 6, 2024 at 11:30 AM UTC

By Bill Dudley

Bill Dudley is a Bloomberg Opinion columnist. A former president of the Federal Reserve Bank of New York, he is a member of Coinbase Global's advisory council.

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Photographer: Eva Marie Uzcategui/Bloomberg

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Bitcoin has shot up more than 40% since Donald Trump’s victory in the US presidential election, in part on hopes that he’ll champion a government reserve devoted entirely to the cryptocurrency. He supported the idea during his campaign, and crypto-friendly legislators have offered ways to make it happen.

It's hard to fathom how this would benefit most Americans.