Trump's 'Stockpile' Bitcoin Plan Dismissed by Economic Expert
CryptoNewsTerminal Staff31 Jul, 2024
Trump's 'Stockpile' Bitcoin Plan Dismissed by Economic Expert
In an interview with Wired, Associate Professor James Angel of Georgetown McDonough School of Business stated that the plan to stockpile Bitcoin as a strategic national asset proposed by Donald Trump would have minimal economic impact. He argued that this idea relies on two precarious assumptions: that Bitcoin's price will continue to rise and that the government can sell Bitcoin back to the dollar without market disruption. However, Angel notes that the act of government purchasing Bitcoin will inflate its price, and subsequent sales to generate profit will trigger a price decline.