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Bloomberg editorial criticizes U.S. proposed Bitcoin reserve as “biggest crypto scam”

Author: Content Editor
A recent Bloomberg editorial criticizes the U.S. government's plan to create a strategic Bitcoin reserve, calling it a probable major scam and highlighting the unclear aims and fiscal risks involved. The editorial argues that Bitcoin lacks the purpose of conventional strategic reserves and should not be used by governments for fiscal or social planning. It warns that spending taxpayers' money on Bitcoin could result in significant monetary loss, stimulate inflation, and weaken the value of the U.S. dollar. The editorial also points out the volatility and lack of intrinsic value of Bitcoin, posing a risk to taxpayers' money. Additionally, it highlights the potential impact on the financial structure and economy if banks adopt Bitcoin as collateral, leading to another financial collapse. The editorial concludes that the government-backed Bitcoin reserve is unwise, benefiting current owners of Bitcoin while exposing taxpayers to risks. It suggests that crypto economies should remain within the crypto sphere to avoid risks to the national economy.

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