Does the US need a bitcoin reserve? BitGo CEO doesn't think so
Crypto enthusiasts and critics debate whether President-elect Donald Trump's second administration, which is expected to be crypto-friendly, could introduce a strategic bitcoin (BTC-USD) reserve. The prospect of a bitcoin reserve has contributed to bitcoin's climb, but BitGo CEO Mike Belshe tells Morning Brief Co-Hosts Seana Smith and Brad Smith that bitcoin is well-positioned regardless of a US crypto reserve. BitGo serves as a custodian for two of 21Shares’ US Spot ETFs: the ARK 21Shares bitcoin ETF (ARKB) and the 21Shares Core ethereum ETF (CETH). "I know there's some excitement about [a strategic bitcoin reserve], but I think actually, if there's one guy that doesn't need a bitcoin strategic reserve, it's the US Treasury," Belshe says, explaining, "I don't think the US government needs one because the US actually is the reserve currency and should focus on maintaining that capability. Other countries already have started using the dollar as a reserve years ago." Belshe notes that countries that have fixed their currency to the dollar, like El Salvador and Panama, are better candidates for a bitcoin reserve: "They should consider Bitcoin reserves and fix it to the bitcoin instead of the dollar because that would be a better reserve for them." Catch the first half of Yahoo Finance's interview with BitGo CEO Mike Belshe commenting on the outlook for the crypto space and bitcoin under a Trump 2.0 administration. To watch more expert insights and analysis on the latest market action, check out more Morning Brief here. This post was written by Naomi Buchanan.
