The Government Shouldn’t Keep Crypto in a Digital Fort Knox

The Government Shouldn’t Keep Crypto in a Digital Fort Knox

Norbert Michel argues that locking digital assets away in a reserve fund is just one problem with Trump’s plan to boost cryptocurrencies.

Cliff Asness: The ‘Crypto Fort Knox’ Plan: A Disaster in the Making | The Acquirer's Multiple®

The idea of a “strategic cryptocurrency reserve” is so ridiculous that it’s almost hard to believe it’s real. And yet, on Thursday, President Trump issued an executive order to establish just such a fund, with his self-appointed crypto czar, David Sacks, describing it as “like a digital Fort Knox.” But as Cliff Asness astutely points out in his recent article The New ‘Crypto Fort Knox’ Is as Dumb as It Sounds, the U.S. has been off the gold stan…

Trump Orders Crypto Reserve, But Won’t Immediately Buy New Funds

U.S. President Donald Trump signed an executive order on March 6 to establish a strategic cryptocurrency reserve and stockpile. The order first creates a strategic reserve composed of Bitcoin (BTC) previously seized by the U.S. government and currently held by the Treasury. The government has committed to not selling Bitcoin stored in the reserve. It secondarily creates a U.S. Digital Asset Stockpile made up of assets other than the BTC seized b…

The United States will have a “strategic reserve” of cryptocurrencies, following a recent decree by President Donald Trump. “I will make sure the U.S. is the crypto capital of the world,” wrote the U.S. president on his social networks. His officials have qualified this new reserve as a “Digital Fort Knox,” referring to the military base of the U.S. Army that stores since 1937 much of the country’s gold reserves and other nations that have entru…