Let’s get one thing out of the way – The United States already holds more bitcoin than any government in the world.

While this data is true, you wouldn’t exactly know this from the obscene amounts of FOMO being generated by industry lobbyists on social media.

On X, BTC Inc CEO David Bailey, has been pushing for an Executive Order by President Donald Trump that would put this in place on day one, while Satoshi Action Fund founder Dennis Porter has been stoking state-level enthusiasm, pledging to get states active in purchasing before the federal government as some act of patriotic frontrunning.

Look, I’m into the Strategic Bitcoin Reserve. Yes, the United States needs a long-term plan for the dollar, one that finds it (in all likelihood) giving up its status as a global reserve currency. 

Yes, the U.S. should be actively boosting the Bitcoin market and industry. But, this sky-is-falling approach just couldn’t be more at odds with all reason.

There are no other governments buying Bitcoin, nor with any (public) plans to. The next largest state holder of Bitcoin is apparently China, which has formally banned its use.

Of the countries that are actively buying Bitcoin with intent – Bhutan has just over 10,000 BTC, while El Salvador is stuck around 6,000 BTC. Neither are going to purchase more Bitcoin than the U.S. government already has – nor does either have a widely popular money printer.

Full stop – even if the U.S. government didn’t buy Bitcoin for a decade, its stockpile would be sizable. Sure, you may argue that it’s about sending a message, about showing leadership in the world, but there are many ways this can be done without blowing political capital.

Is a Strategic Reserve more important than regulation that will actually ease barriers to our industry? That will empower businesses to actually grow the sovereign use of the currency?

Let’s not forget the horrible taxation laws that make bitcoin holders think twice before using bitcoin for purchases..

All this is to say, Strategic Bitcoin Reserve advocates shouldn’t overplay their hand – a lot can be gained just by getting the U.S. government to stop selling the Bitcoin it already has, and there are arguably bigger gains to be had, or at least much worse laws to erase.

Would it be great if the U.S. government started buying Bitcoin? Surely. The industry has political capital to cash in, but let’s use it to spread Bitcoin adoption, not just pump our bags.

This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

Martin Gruenberg, Chairman of the U.S. Federal Deposit Insurance Corp. (FDIC), announced today that he’ll be stepping down on January 19, 2025, one day before Trump takes office.

I’d like to take this opportunity to tell Mr. Gruenberg not to let the door hit him on the way out.

The FDIC chair was one of the key players behind Operation Chokepoint 2.0 (as well as the first Operation Chokepoint), which included the unlawful debanking of a number of Bitcoin and crypto companies, which almost spurred a global financial crisis.

During this tenure, Gruenberg directed the FDIC to take unlawful action against banks that served the Bitcoin and crypto industry seemingly because the industry was politically unfavorable.

Gruenberg said he’d be leaving his post in May of this year, after reports of sexual harassment, bullying and discrimination occurring within FDIC under his watch surfaced but didn’t offer a date for his departure until today.

A number of prominent voices in the Bitcoin and crypto industry spoke out against Gruenberg, over the past two years. Most prominent among them was Castle Island Ventures partner Nic Carter.

The resignation of choke point Marty was bigger news than the ETH ETF. Here’s why: https://t.co/g1KVX4ASMn

— nic carter (@nic__carter) May 21, 2024

While Gensler will likely be remembered as the most disliked regulator by the Bitcoin and crypto industry under the Biden Administration, Gruenberg will be a close second.

As we move forward with a new administration that has pledged to be more fair to the Bitcoin and crypto industry, let us take a moment to celebrate the exit of Gruenberg, a corrupt bureaucrat who tried and failed to stop a burgeoning industry by abusing his power.

If you have been following Bitcoin news today, like I have, you can not be more bullish on Bitcoin. Seriously, what a time to be alive!

Just today:

• MicroStrategy purchased another 51,780 BTC for $4.6 billion and announced its plans to raise $1.75 billion to buy more bitcoin
• Semler Scientific bought another 215 BTC for $17.7 million
• Genius Group launched its Bitcoin treasury by purchasing 110 BTC for $10 million
• MARA Holdings announced a $700 million raise to buy more BTC
• Metaplanet issued ¥1.75B debt offering to buy more BTC
• Global healthcare group Cosmos Health adopted BTC as a treasury reserve asset

Insane, right?

The corporate Bitcoin adoption is going absolutely parabolic. The race among public companies to stack the most satoshis has kicked into hyperdrive.

Some other news:

• Donald Trump is meeting with Coinbase CEO Brian Armstrong and is expected to discuss appointments
• Donald Trump’s media $DJT in talks to purchase crypto trading platform Bakkt
• Options trading on BlackRock’s spot Bitcoin ETF could be listed as soon as tomorrow

It’s only Monday, and my head is already spinning! With this tidal wave of positive adoption, I’d be downright shocked if we don’t blast through $100,000 per Bitcoin this week.

I expect a flood of more bullish news and serious FOMO buying pressure this week. Seriously, tighten your seatbelts, folks—with this momentum, Bitcoin hitting a hundred grand is coming sooner than you imagined!

This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.