Trump's Sketchy Bitcoin Plan Contradicts the MAGA Platform and Crypto Ethos

The plan, which sounds similar to a proposal from Sen. Cynthia Lummis’ (R-Wyo.), doesn’t echo “freedom, sovereignty and independence from government coercion and control,” which former president Donald Trump said is what bitcoin stands for.

Former President Donald Trump's reported plans to classify bitcoin as a "strategic reserve asset" if he wins a second term in the White House are at odds with the cryptocurrency's ethos of "freedom from government," according to an op-ed in the Wall Street Journal on Monday.

Trump, who is the Republican nominee for this year's presidential election, caused chatter in the crypto industry earlier this month after several reports said he would announce his plans to make bitcoin a strategic reserve asset at the Bitcoin Conference in Nashville last weekend.

He did mention those plans at the event, but he also told attendees that bitcoin stands for “freedom, sovereignty and independence from government coercion and control.”

However, his views and plans don't match up, the WSJ op-ed argues.

“Freedom from government isn't what he's proposing,” the op-ed states. “He wants all future bitcoin to be made in America, which is a limit on freedom and would require a much bigger electric grid since bitcoin mining is energy intensive.”

The editorial board also criticized Trump's plans to make bitcoin a strategic reserve asset, which are reportedly based on a proposal by Sen. Cynthia Lummis (R-Wyo.)

Under the planned legislation, which Lummis announced at the conference, bitcoin could help hedge against rising inflation and foster the United States' growth in the global financial system while also securing the U.S. dollar's position as the world's reserve currency.

“She says the government could reduce the national debt by investing in bitcoin,” the WSJ argued. “If crypto currencies really are a libertarian vehicle to invest free from political vagaries, then they should trade on their own without government help.”

Trump's “sketchy plan” to make Lummis' bill a reality if he wins a second term in the White House echoes the many contradictions of the billionaire's MAGA platform while also clashing with much of what crypto stands for, the op-ed concludes.

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