South Africa's central bank governor, Lesetja Kganyago, expressed skepticism about bitcoin as a reserve asset at the World Economic Forum in Davos. He compared holding bitcoin in reserves to stockpiling beef or apples and questioned the need for governments to hold specific assets like bitcoin. Kganyago also criticized the amount of money spent by crypto elites on lobbying pro-crypto U.S. congressional candidates, warning that it could lead to regulatory capture. Meanwhile, Coinbase CEO Brian Armstrong defended the lobbying efforts as part of a functioning democracy. The news also mentions that President Donald Trump has launched his own memecoin, raising ethical concerns and potential reputational risks for the crypto industry. Despite the controversy, Trump's sons have launched a family crypto venture, and lawmakers in the U.S. are forming subcommittees and working groups focused on digital assets. The article concludes with the question of whether the benefits of crypto innovation and investment outweigh the potential costs.



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