[protocolture]

I am pro crypto and I absolutely could not steelman this.

Well let me put it this way.

From the perspective of crypto, crypto doesn't need the government. Honestly, the way eth has been running since the move to PoS, sort of operates with a reserve already. Crypto the technology, crypto the ecosystem does not need this. Its kind of stupid and as the article makes out, would have cypherpunks rolling in graves, unless the US goes the whole hog and converts entirely to crypto (so we can publicly audit bank holdings etc, and the government cant issue money) but that's unlikely. Honestly, adoption should be driven by making crypto more accessible without compromising security, and nothing else.

From the perspective of the government, it might make sense to have a reserve if they were going to do some kind of integration/development of crypto technology. Even if it was just to bring a wafer of stability to the platform while they participate.

However, the people that this benefits the most are the traders, so my cynicism is very high here. What shits me the most is that this brings honest to god sovereign risk to a sector thats meant to be asovereign. What if the next president dumps it all at a loss?