Potential Risks of Using Bitcoin as a US Reserve Asset

A recent proposal by Robert F. Kennedy Jr. to include Bitcoin among the United States' reserve assets has raised serious concerns within the crypto community.

Charles Hoskinson, one of the co-founders of the Cardano blockchain platform, expressed his worries in an interview with Cointelegraph, highlighting the risks of such a move, particularly the threat of centralizing the cryptocurrency.

According to Hoskinson, if the US Treasury were to acquire 4 million Bitcoins, equivalent to 19% of the total supply, it could set a precedent that would shift the balance of power in the global financial market. While such a purchase might boost Bitcoin's price and solidify its status in the United States, it also carries significant geopolitical risks.

A similar situation has been observed in other sectors, such as the oil market, where the concentration of resources in the hands of specific countries has led to the creation of cartels capable of exerting significant influence on global processes. In the case of Bitcoin, such a scenario could fundamentally alter its decentralized nature and turn it into a tool for political leverage.

These remarks from Hoskinson come at a time of growing interest in cryptocurrencies among US political leaders. For example, Donald Trump, the Republican presidential candidate, recently advocated for maintaining national reserves in Bitcoin and proposed making the US a global leader in mining. He also suggested that Bitcoin could help address the national debt, which has surpassed $35 trillion.

Thus, incorporating Bitcoin as a US reserve asset could not only change its economic role but also impact global financial stability, creating new challenges and opportunities for all market participants.