US President Donald Trump wants to make his country a “Bitcoin superpower,” but the question remains as to who he is competing against. Speaking at Blockwork’s Digital Asset Summit on March 20 to a crowd of crypto industry executives and observers, he said, “Together we will make America the undisputed Bitcoin superpower and the crypto capital of the world.”The US crypto industry has benefited greatly from preferential executive orders from Trump’s White House, including the establishment of a “strategic Bitcoin reserve” — a move advocates regard as a key metric for Bitcoin adoption. However, many other countries, including major US trade partners, are just not ready to take on Bitcoin as a reserve asset, begging the question of who the US is competing against to become a “Bitcoin superpower.”US allies, trade partners and rivals aren’t competing on BitcoinCompared to major trade partners and geopolitical rivals, the US is certainly far ahead of the game in terms of Bitcoin adoption.
The US has strategic reserves of oil and grain, while China even has a strategic pork stockpile. The Bitcoin strategic reserve does neither of these, as there is no great demand among Americans for Bitcoin, and Bitcoiners certainly don’t want the price to remain stable. George Selgin, a senior fellow and director emeritus at the Cato Institute’s Center for Monetary and Financial Alternatives, said that the reserve’s stated goal of helping pay off US national debt was unrealistic.“The plan’s million-coin stash would have to more than double in value during its 20-year holding period just to compensate for the plan’s implicit interest cost.
Germany’s central bank chief Joachim Nagel has also dismissed the idea of a Bitcoin reserve, while Canadian Prime Minister Mark Carney has previously criticized Bitcoin as being a poor form of money. Related: What Canada’s new Liberal PM Mark Carney means for cryptoSouth Korea doesn’t feel ready to hold Bitcoin as a reserve asset, with the Bank of Korea stating that BTC is volatile and does not meet International Monetary Fund standards. Russia, for its part, has allowed crypto to be used in international settlements to circumvent sanctions.
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