Summary
- A US crypto reserve has been suggested by President Trump, causing criticism for many reasons.
- The US dollar’s standing as the world reserve currency gives the US great power, and a crypto reserve would undermine that.
- Cryptocurrency is often used for criminal activity, such as hacking, ransomware and extortion, as well as for gambling.
- North Korea, for example, has hacked crypto to the value of $1.5bn in the past few months.
- Any reserve stockpile would likely see the value of those coins increase, enriching investors and benefiting criminals.
- It could also never come to fruition, with the executive order only committing to an evaluation of a possible stockpile.
By Elizabeth Lopatto
Original Article