Former Bitmex CEO Arthur Hayes warns against the idea of a U.S. Bitcoin Strategic Reserve (BSR), stating that it would lead to political manipulation, market chaos, and potential dumping of BTC by the government. He argues that government-controlled bitcoin reserves would be subject to political whims rather than sound financial strategy, and that future administrations may view bitcoin reserves as a readily available source of liquidity. Instead, Hayes proposes gradually integrating bitcoin into the financial system as a reserve asset and suggests a legal framework that protects bitcoin as a form of speech. He remains skeptical of meaningful policy changes without monetary stimulus or favorable legislation from the Federal Reserve or U.S. Treasury. Hayes urges crypto holders to actively shape policy rather than relying on politicians with financial interests in maintaining centralized control.



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