Arizona US Senate candidate Blake Masters proposed the notion of a national strategic bitcoin reserve late last month, proposing a policy that could potentially pay back significant portions of the US national debt and combat inflation.
Masters, a technology entrepreneur and longtime associate of Peter Thiel, made the proposal in a tweet.
China banned cryptocurrency last week.
Let’s do the opposite. The US government should buy a strategic reserve of Bitcoin — Fort Nakamoto, the new Fort Knox.
Related: my U.S. Senate campaign now accepts BTC donations. DM me or write [email protected] for info & to donate.
— Blake Masters (@bgmasters) September 27, 2021
Masters’ tweet alluded to Fort Knox, a US Army installation that hosts the national strategic reserve of gold. A strategic bitcoin reserve could provide the US government with an appreciating national investment, alleviating fiscal pressures on the US taxpayer. Bitcoin has outperformed some of the world’s most highly-sought assets over a consistent period, with some economic analysts pointing to the cryptocurrency as a future standard of the global economy.
Bitcoin is a currency that allows for peer-to-peer transactions without any involvement from a bank or national government, unlike traditional currencies such as the US dollar. Tesla CEO Elon Musk, a bitcoin enthusiast, has described the cryptocurrency as “almost as bs as fiat money,” a tacit statement observing crypto’s inherent independence that traditional currency can’t match.
The US government has been cold to bitcoin, generally, but it known that the federal government does possess bitcoin holdings as the result of asset forfeitures from federal criminal trials and other similar matters. The IRS seized $1.2 billion in bitcoin in 2021 alone.
Masters outraised his opponent, Arizona Attorney General Mark Brnovich, last quarter, surprising some political analysts who expected the established politician dominate Arizona’s Republican Primary for US Senate. The venture capitalist has pledged to fight against the imposition of a California-style third world model in Arizona, filming his most recent campaign ad in one of San Francisco’s infamous homeless encampments.
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