Bitcoin Reserve Would ‘Benefit Special Interest Groups,’ Former Fed Chairman Warns
Former chairman of the New York Federal Reserve Bill Dudley on Friday voiced strong concerns over the United States potentially including Bitcoin (CRYPTO: BTC) in its national reserves, a proposal gaining momentum among crypto-friendly legislators.
In an opinion piece, Dudley argues that such a move could harm the interests of the general public and compromise the dollar’s standing as the global reserve currency.
He highlighted the potential downsides of establishing a government Bitcoin reserve, stating, “If the United States adopts Bitcoin as a reserve asset, it would likely benefit specific interest groups at the expense of the majority.”
He also warned that such a strategy would be more about inflating Bitcoin’s value than delivering any tangible benefit to the government or citizens.
Bitcoin, which …
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