The Republicans and Donald Trump seem set on establishing a strategic crypto reserve. They are claiming this will somehow be an important source of economic security for the country. It’s clear that establishing the reserve will be an important way to give tens of billions of dollars to Donald Trump’s campaign contributors, but it is much harder to see how it will provide any economic security to the country.
How is state currency any different? You need to consider the alternative instead of blithely championing it.
State currencies are ideally based off of the economy as a whole, failing that then ya use strategic resources such as oil, metals, or even farmland if you produce enough agricultural output. While state currencies and their modern backings are esoteric due to the sheer fucking scale of it all cryptocurrency is esoteric in the same way stocks are, the average person doesn’t understand it and there’s a solid chance most folks when they do gain a vague understanding realize it’s stupid esoteric bullshit with undue influence.
This is like saying the Visa or Swift transaction clearing networks have no value. they clearly do.