Cenk Uygur of The Young Turks criticized the idea of the U.S. government establishing a Bitcoin strategic reserve, alleging that it will benefit the crypto backers of President-elect Trump and “crypto bros” and “crypto guys.” But he later admits that crypto supporters also includes “corporate Democrats,” whom he apparently disfavors compared to progressives.
What Uygur does not discuss is the 15 year return of Bitcoin. If the U.S. government invests in Bitcoin, game theory suggests that other countries will follow suit because they risk to lose more by remaining on the sidelines while the U.S. amasses a Bitcoin reserve.
Let’s also look at the Bitcoin strategic reserve of El Salvador, which started buying Bitcoin in 2021. They have an unrealized profit of nearly $330 million.
MSNBC had a similar segment railing on Bitcoin. But, at least one commentator, Dan Nathan, co-founder of Risk Reversal, injected some numbers into the analysis: Bitcoin “has delivered on one important thing. It is a store of value not too different from gold. It’s up 30,000% in the last 15 years. There’s very few other assets on the planet that have done that, maybe NVIDIA. It’s a $2 trillion market cap. It’s not going away.”
Bitcoin “has delivered on one important thing. It is a store of value not too different from gold. It’s up 30,000% in the last 15 years. There’s very few other assets on the planet that have done that, maybe NVIDIA. It’s a $2 trillion market cap. It’s not going away.
If you think MAGA movement is a strong political movement, just wait till you see these Bitcoiners. This is one of the strongest financial, religious movements I have ever seen. I’ve been in the business 30 years. It’s hear to stay….
Some of the smartest people that I know in finance and in tech believe in this [Bitcoin] and believe in the technology underlying it.”
-Dan Nathan, Co-Founder of Risk Reversal
There should be public debate over Senator Lummis’s bill, The Bitcoin Act of 2024. But the debate should be informed with data and empirical analysis.