Editorial Board

A Bitcoin Reserve Could Be the Biggest Crypto Scam Yet

Government crypto purchases would merely enrich current holders at the public’s expense.

December 9, 2024 at 11:00 AM UTC

By The Editorial Board

The Editorial Board publishes the views of the editors across a range of national and global affairs.

What goes up can come down.
Photographer: SeongJoon Cho/Bloomberg

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Does the US government need a strategic reserve dedicated to Bitcoin, as President-elect Donald Trump seems to be contemplating? At risk of oversimplifying: no. In fact, the idea looks like the biggest crypto rip-off yet.

Bitcoin has soared more than 50% since Nov. 4, topping $100,000 in part on hopes that crypto advocates — having donated some $135 million to Trump and dozens of successful congressional campaigns — will persuade Trump to make the reserve a reality. Much depends on the details.