In the current economic environment, Bitcoin’s role as a potential strategic reserve asset is sparking heated discussions within and outside the cryptocurrency industry.
Although it is seen as a tool that can fight inflation and provide stability to the economy, this view is recognized by many people, believing that Bitcoin has the potential to become a strategic reserve asset. However, there are also voices that are skeptical and believe that incorporating Bitcoin into the U.S. Federal Reserve system may not be a solid strategy.
The divergent views not only highlight Bitcoin’s complex place in finance, but also reflect deep disagreements over its function as a store of value and economic stabilizer.
Does not have the input characteristics of goods and services in the real economy
As the debate over Bitcoin as a strategic reserve asset heats up, prominent banking and administration lawyer Todd Phillips has issued a sharp critique of the issue. Phillips’ questioning is directed at the initiative of U.S. Senator Cynthia Lummis, who is working to bring Bitcoin into the mainstream financial system.
According to Fox Business News, Loomis is drafting landmark legislation that could prompt the Federal Reserve (Fed) to buy and hold Bitcoin as the country's strategic reserve asset. This move may herald major changes in the cryptocurrency industry.
Loomis plans to unveil the bill at the annual Bitcoin conference this Saturday, where former U.S. President Donald Trump will give a speech. Loomis hopes that if Trump is re-elected, he will support the bill and the ideas behind it.
However, Phillips is skeptical. He compares Bitcoin to oil (often referred to as "liquid gold"), arguing that Bitcoin lacks the properties of oil as a necessary input or component in the production of goods and services in the real world. Phillips believes that Bitcoin does not have the properties required to be a strategic reserve asset because it is not an input to tangible products and services.
Phillips further emphasized that the real purpose of the proposal of Bitcoin as a strategic reserve asset may be to enhance the value of existing Bitcoin holders. He pointed out: "This strategic reserve Bitcoin proposal is essentially asking the Federal Reserve to buy Bitcoin to enhance the interests of speculators who already hold Bitcoin." This view has triggered an in-depth discussion on the true value and purpose of Bitcoin as a reserve asset.
BTC will be an invisible contributor to US GDP
Todd Phillips’ criticism of Bitcoin as a strategic reserve asset has sparked rebuttals from heavyweights in the cryptocurrency community, including Matthew Sigel, a leader in digital asset research at VanEck. Sigel questioned Phillips’ position, saying it seemed to imply that Bitcoin lacks inherent value.
Siegel stressed that Bitcoin not only has the unique ability to stabilize renewable energy grids, but its intangible assets account for up to 60% of the U.S. GDP. He further pointed out that Bitcoin's market value has exceeded $800 billion without the support of a traditional corporate structure, which in itself is a strong proof of its value.
In previous posts, Siegel has delved into and refuted the idea that crypto assets lack intrinsic value. He cited a number of factors that challenge this argument, including the massive market capitalization that Bitcoin has achieved without a traditional corporate structure and its status as a leading asset over the past decade.
Siegel's argument not only provides a defense of Bitcoin's intrinsic value, but also provides a new perspective on Bitcoin's role as a part of the U.S. GDP. This shows that Bitcoin is not just a speculative asset, but has been integrated into and become an important part of the U.S. economy. #比特币 #战略储备资产 #通胀对冲 #加密货币行业
Conclusion:
In this diverse and rapidly changing financial world, the discussion of Bitcoin as a strategic reserve asset is not only an assessment of a digital currency, but also a test of the adaptability and innovation capabilities of the entire financial system. The debate sparked by Bitcoin touches on the nature of money, the source of value, and the true meaning of economic stability. As technology continues to advance and financial markets continue to evolve, the future role of Bitcoin may continue to be controversial, but its position and influence in the modern economy cannot be ignored.
Ultimately, whether Bitcoin can become a reliable strategic reserve asset will depend on how we understand and utilize its unique properties and how we integrate it into the existing economic system. This requires the joint efforts of policymakers, financial experts, and society as a whole to ensure that we can fully utilize the potential of Bitcoin while avoiding its risks. With a deeper understanding of the value and function of Bitcoin, we can hopefully find a balance between financial innovation and economic stability, laying the foundation for future economic prosperity.
