Former Commodity Futures Trading Commission (CFTC) Chair Chris Giancarlo has expressed support for the idea of the United States establishing a Bitcoin reserve, calling it a “very forward-looking idea.” In a recent television interview, Giancarlo stated that holding Bitcoin “makes a lot of sense,” likening it to other commodities nations have traditionally stockpiled.
The discussion stemmed from recent considerations by certain U.S. states to add Bitcoin to their balance sheets. Giancarlo drew parallels to former President Trump’s proposal for a Bitcoin “stockpile,” noting the subtle difference between a stockpile and a reserve. He emphasized the historical precedent of countries stockpiling commodities like oil and gold, and more recently, China’s accumulation of resources like copper and soybeans.
Referring to Bitcoin as the “world’s first digital commodity,” Giancarlo argued that its inclusion in a national reserve is a logical step. While acknowledging the need to assess the financial capacity of individual states to manage such an asset, he expressed confidence in the concept’s applicability to the United States.
Addressing concerns about speculation outpacing the underlying blockchain technology, Giancarlo compared the current situation to the dot-com bubble. He argued that while prices may run ahead of technological development, this doesn’t negate the transformative potential of the technology itself. He used the analogy of e-commerce, which initially struggled due to limitations like dial-up modems and security concerns, but eventually flourished with advancements like faster internet speeds and secure payment platforms.
