In
the
ongoing
global
economic
and
geopolitical
rivalry,
the
United
States
may
have
a
powerful
new
weapon
–
Bitcoin
(BTC).
That
is
the
argument
made
by
Sam
Lyman,
the
director
of
public
policy
at
Riot
Platforms,
one
of
the
largest
Bitcoin
mining
companies.

America’s
Key
To
Economic
Supremacy?

Writing
for
Forbes,
Lyman
drew
parallels
between
today’s
competition
in
the
digital
asset
economy
and
the
historic
“space
race”
between
the
US
and
the
Soviet
Union
during
the
Cold
War. 

 

Just
as
the
US
prevailed
in
the
space
race
by
landing
the
first
man
on
the
moon,
Lyman
believes
Bitcoin
could
become
America’s
“Trump
card”
in
its
economic
rivalry
with
China.

The
key,
Lyman
says,
is
for
the
US
to
classify
Bitcoin
as
a

strategic
reserve
asset

–
a
resource
that
a
nation
accumulates
to
bolster
its
defenses,
stabilize
its
economy,
or
gain
a
competitive
edge
over
rivals.
Historically,
commodities
like
gold,
oil,
and
critical
minerals
have
served
this
purpose
for
countries
worldwide.

However,
Lyman
argues
that


with
its
scarcity,
portability,
and
emerging
status
as
a store
of
value,
Bitcoin
could
be
an
ideal
digital
complement
to
physical
gold
reserves. 

Bitcoin
Vs
Gold

As
China
and
Russia
“aggressively”
accumulate
gold
to
reduce
their
dependence
on
the
US
dollar,
another
administration
in
the
US
could
counter
by
making
Bitcoin
a
key
part
of
its

 

financial
arsenal.
Lyman
added:

Classifying
Bitcoin
as
a
strategic
reserve
asset
would
be
the
starting
pistol
in
the
Bitcoin
Space
Race.
If
the
United
States
–
the
wealthiest
country
in
the
world
and
the
home
of
global
capital
–
begins
accumulating
Bitcoin
on
its
balance
sheet,
then
other
countries
would
have
powerful
incentives
to
do
the
same.

According
to
Lyman,
this
could
slow
or
even
reverse
the
recent
flight
from
the
US
dollar
into
physical
gold
by
major
US
adversaries.
Instead,
Lyman
argues,
it
would
spark
a
“digital
gold
rush”
as
nations
scramble
to
stockpile
the
world’s
most
scarce
digital
asset.

The
idea
has
already
gained
traction
among
some
US
politicians.
Riot’s
executive
revealed
in
the
article
that
House
Majority
Leader
Tom
Emmer
told
Lyman
that
“diversifying
our
investments
is
a
common-sense
next
step”
as
the
US
continues
to
embrace
the
“ownership
economy.” 

Emmer
reportedly
expressed
to
Lyman
an
eagerness
to
discuss
the
matter
further
with
former
President

Donald
Trump,
who
has
publicly
supported
Bitcoin
and
warned
of
the
dangers
of
ceding
ground
to
China
and
Russia
in
the
digital
asset
space.

As
Bitcoinist

reported

on
Wednesday,
Senator
Cynthia
Lummis
is
reportedly
preparing
to
announce
a
bill
requiring
the
Federal
Reserve
to
purchase
and
hold
BTC
as
a
strategic
reserve
asset.
Ultimately,
the
goal
is
to
get
Trump’s
support
for
the
supposed
bill. 

 

Whether
the
US
will
ultimately
wield
Bitcoin
as
a
“Trump
card”
against
its
rivals
remains
to
be
seen.
However,
with
growing
interest
from
political
leaders
and
the
crypto
industry,
it’s
possible
that
it
could
have
significant
geopolitical
implications
in
the
years
ahead.

When
writing,
the
largest
cryptocurrency
on
the
market
is
trading
just
above
$65,000
after
failing
to
consolidate
above
its
1-month
high
of
$68,000
earlier
this
week. 

Featured
image
from
DALL-E,
chart
from
TradingView.com

Go to Source
Author: Ronaldo Marquez

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