Bob McElrath, former blockchain architect at Fidelity Investments, has rejected the idea of creating a strategic Bitcoin reserve in the United States, calling it a "delusional hope".
"It's a silly idea. Don't expect the United States to pump money into your pocket. Bit is just a small fish compared to the U.S. economy."
The possibility of the U.S. government building a Bitcoin reserve has become one of the factors expected to drive the value of this currency.
Previously, Michael Saylor, co-founder of MicroStrategy, had urged the U.S. government to sell gold and switch to supporting Bit.
The idea of a strategic Bitcoin reserve was first proposed by Senator Cynthia Lummis of Wyoming, in a bill she introduced earlier this year.
This proposal has attracted widespread attention, with many experts debating the prudence and feasibility of this move for the U.S. government. However, even prominent Bit supporters have expressed skepticism about the U.S. government's ability to implement such an initiative.
Mike Novogratz, CEO of Galaxy, predicted that a Bit reserve would be difficult to implement. However, if this were to happen, he believes the Bit price could skyrocket to $500,000.
The idea of a strategic Bit reserve has also faced strong opposition from some experts outside the crypto community.
David Frum, a senior editor at The Atlantic, recently shared that the main reason for establishing a Strategic Bit Reserve seems to be Bit hodlers' concerns about scarcity and the need for the U.S. government to act as the "biggest fool" in case no one else is willing to invest in Bit anymore.
Meanwhile, James Surowiecki, author of The Wisdom of Crowds, shares the view that the United States does not need to hold Bit for strategic reasons.
Disclaimer: This article is for informational purposes only and is not investment advice. Investors should do their own research before making decisions. We are not responsible for your investment decisions.
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