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Ro Khanna supports Bitcoin reserves for US strategic advantage

Ro Khanna supports Bitcoin reserves for US strategic advantage

GrafaGrafa2024/10/03 04:45
By:Mahathir Bayena

Representative Ro Khanna has urged the U.S. government to hold confiscated Bitcoins (CRYPTO:BTC) as part of the Federal Reserve’s strategic reserves.

Khanna, a 48-year-old Democrat, highlighted the potential value of Bitcoin as a financial asset and advocated for its inclusion in the country's reserves.

This viewpoint has garnered attention across both political parties, initially introduced by the Trump administration and now gaining traction among Democrats.

According to Khanna, Bitcoin's potential for future appreciation makes it a valuable asset for the U.S. to retain, particularly when compared to gold.

"Given Bitcoin’s potential for future value appreciation, it is essential for the U.S. government to maintain confiscated Bitcoins as strategic reserves," Khanna said.

He believes storing Bitcoin offers lower costs and protection against inflationary pressures, making it a practical reserve asset.

Currently, the Justice Department often sells confiscated Bitcoins through Coinbase Prime agreements, which Khanna argues should stop.

Instead of reselling these assets, Khanna suggests that the government should treat Bitcoin similarly to gold and hold it as a long-term reserve.

Khanna has also been actively involved in shaping cryptocurrency regulations.

He co-sponsored the FIT 21 legislation with Representative Patrick McHenry, aimed at balancing regulatory oversight between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).

Additionally, Khanna has organized roundtable discussions with technology leaders, including Mark Cuban, to explore the benefits of decentralized systems like Bitcoin.

At the time of writing, the Bitcoin price was $61,313.65.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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