{"id":6706,"date":"2025-01-08T19:01:48","date_gmt":"2025-01-08T19:01:48","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=6706"},"modified":"2025-01-08T19:01:48","modified_gmt":"2025-01-08T19:01:48","slug":"bitcoin-reserve-plan-called-the-dumbest-idea-ever-by-fed-expert-unveils","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=6706","title":{"rendered":"Bitcoin Reserve Plan Called \u2018The Dumbest Idea Ever\u2019 By Fed, Expert Unveils"},"content":{"rendered":"
\n

In a striking revelation on the latest episode<\/a> of the Coin Stories podcast, host Nathalie Brunell interviewed The Digital Chamber founder & CEO Perianne Boring, who disclosed an unvarnished and previously unknown response from members of the United States Federal Reserve. According to Boring, when she discussed the idea of a US Strategic Bitcoin Reserve during a meeting with officials at the Board of Governors of the Federal Reserve System, one official declared it \u201cthe dumbest idea\u201d ever.<\/p>\n

Boring recounted the tense atmosphere in the Fed boardroom from last week. \u201cWhen I brought this up I\u2019d never seen a reaction like quite the one I saw at that boardroom table. You know the folks in the room at the FED were cussing, saying this is the dumbest idea they\u2019ve ever heard. There\u2019s nothing strategic about Bitcoin,\u201d she recounted.<\/p>\n

She added that they were nearly got \u201ckicked out of the room because [the Board of Governors of the Federal Reserve] thought this was such a bad idea and how dare we even like to breathe this idea in the building of the Federal Reserve,\u201d adding that Trump campaign promise to establish a national stockpile of Bitcoins \u201cwill not be without controversy\u201d and \u201cwill not be without push backs.\u201d<\/p>\n

Brunell asked whether this opposition stemmed from a \u201cknowledge and education gap\u201d or an entrenched interest in preserving the status quo. Boring responded that it might be both, as the Fed currently has a monopoly on money issuance. Yet, she argued that incorporating BTC might actually preserve that by potentially backing the US dollar or Treasury bonds with BTC.<\/p>\n

\u201cI think for one, the Federal Reserve has a monopoly on money today and you know it\u2019s in the Fed\u2019s individual interest to protect that Monopoly although I actually think Bitcoin can preserve that by adding Bitcoin to the US balance sheet or backing the US dollar with Bitcoin or issuing bonds US Treasury bonds that are backed by Bitcoin,\u201d Boring reasoned.<\/p>\n

Will This Stop Trump\u2019s Bitcoin Stockpile Plans?<\/h2>\n

Brunell pointed to recent statements by Trump and his family \u2013 in particular Eric Trump\u2019s speech<\/a> at the Bitcoin conference in Abu Dhabi \u2013 which show that the President-eclect could follow through with his words, and might even pay off some part of the national debt<\/a> with a \u201ccrypto credit card\u201d or even abolishing the capital gains tax on BTC.<\/p>\n

Asked about Trump\u2019s potential avenues to make good on his pro-Bitcoin rhetoric, Boring explained: \u201cSo there\u2019s a couple different ways to achieve [this]. So what candidate Trump promised to [create] is a strategic Bitcoin stockpile.\u201d<\/p>\n

Trump\u2019s campaign promise involves taking the 208,000 BTC currently in US government possession\u2014largely controlled by agencies like the US Marshals Service or the Department of Justice\u2014and transferring it to the Treasury\u2019s balance sheet. This plan is intended to \u201cmove [Bitcoin] to a place where it can\u2019t be sold or moved around for other purposes [\u2026] out of law enforcement hands [and] into the Treasury.\u201d<\/p>\n

Shortly after Trump unveiled the idea at the Bitcoin conference in Nashville, Senator Cynthia Lummis<\/a> introduced the Bitcoin Act, which proposes an even larger Strategic Bitcoin Reserve\u2014including the purchase of an additional 1 million BTC. Meanwhile, Robert F. Kennedy Jr.<\/a> has suggested an even bolder move\u20144 million BTC\u2014prompting Boring to observe: \u201cIt gets very, very bullish very, very quickly.\u201d<\/p>\n

In describing the legal mechanics, Boring noted that \u201cthere are significant executive authorities that the President of the United States has\u201d to execute at least the first part of the plan\u2014namely, consolidating the existing government-owned BTC under a new reserve. She explained that though a congressional act may generally be required to authorize large expenditures like buying additional Bitcoin, there are broad pockets of funding that the executive branch might tap into. \u201cI think if there\u2019s a will there\u2019s a way,\u201d said Boring. \u201cPresident-elect Trump did promise this to our community and I don\u2019t think anything is stopping him.\u201d<\/p>\n

Asked if she believed the US would own more Bitcoin in a year, Boring declined to give a direct prediction, but emphasized that the \u201cauthorities are there\u201d and that the project mostly needs firm leadership: \u201cThis really starts with leadership [\u2026] you need someone at the highest levels that [\u2026] is willing to execute on a bold mission.\u201d<\/p>\n

At press time, BTC traded at $95,722.<\/p>\n

\"Bitcoin<\/div>\n","protected":false},"excerpt":{"rendered":"

In a striking revelation on the latest episode of the Coin Stories podcast, host Nathalie Brunell interviewed The Digital Chamber founder & CEO Perianne Boring, who disclosed an unvarnished and previously unknown response from members of the United States Federal Reserve. According to Boring, when she discussed the idea of a US Strategic Bitcoin Reserve […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-6706","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/6706","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6706"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/6706\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6706"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6706"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6706"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}