Trump Strategic Bitcoin Reserve Plan Faces Global Apathy and Domestic Scrutiny

Trump vows to make the US a “Bitcoin superpower” through a strategic reserve, but global rivals aren’t racing to compete — and critics question the move economic logic.

In a bold and unprecedented move, US President Donald Trump declared his vision of transforming the United States into a “Bitcoin superpower,” reiterating the pledge during his March 20 virtual appearance at Blockworks’ Digital Asset Summit.

“Together we will make America the undisputed Bitcoin (BTC) superpower and the crypto capital of the world,” Trump told a captivated audience of crypto executives and enthusiasts. His remarks come amid the rollout of policies like the creation of a strategic Bitcoin reserve, a first-of-its-kind initiative to accumulate BTC under federal oversight.

Despite Trump’s sweeping rhetoric, analysts are left asking: Who exactly is the US competing against in this digital arms race?

U.S. Alone at the Starting Line

Major global economies appear largely uninterested in emulating the US approach. China, America’s top trade partner and geopolitical rival, has banned Bitcoin for consumer use and instead focused its resources on the development of the digital yuan. While mining has been somewhat tolerated again, using or holding BTC remains off-limits.

The European Union, often lauded for regulatory progress, has passed the Markets in Crypto-Assets (MiCA) framework but hasn’t committed to Bitcoin as a reserve asset. Switzerland, widely known for its openness to digital assets, has also drawn a hard line. On March 1, Swiss National Bank President Martin Schlegel declared Bitcoin unsuitable for reserve holdings due to liquidity, stability, and security concerns.

Canada’s stance hasn’t shifted either. Prime Minister Mark Carney previously criticized Bitcoin’s use as money, and Germany’s central bank shares the skepticism. Even crypto-forward South Korea has ruled out BTC as a reserve due to volatility and IMF compliance issues.

Russia, while more experimental, has allowed crypto in cross-border transactions to skirt sanctions, but its central bank has not formalized any plan for a national Bitcoin reserve.

Domestic Doubts Mount

Domestically, Trump’s initiative is drawing skepticism from economists and crypto insiders alike. Critics argue that unlike oil or grain — commodities traditionally held in strategic reserves — Bitcoin lacks fundamental demand from the general American public.

Cornell economist Eswar Prasad dismissed the move as “neither strategic nor sensible,” saying it shifts risk to taxpayers while benefiting existing BTC holders.

George Selgin of the Cato Institute echoed the sentiment, criticizing the notion that a million-Bitcoin stockpile could meaningfully offset the national debt or act as a digital Fort Knox. “The stash would need to more than double in value over two decades just to cover its own interest costs,” Selgin said. He added that any future government sale of Bitcoin would likely face massive backlash from those same communities advocating its hoarding.

Even within crypto circles, the so-called “hold-only” strategy has been met with disappointment. Charles Edwards, founder of Capriole Investments, called the policy “a pig in lipstick,” voicing frustration over the missed opportunity to build something more dynamic and beneficial for the ecosystem.

A Superpower With No Rivals?

The irony remains that the US is racing to be a “Bitcoin superpower” in a race that few others are running. While this may position the US as a pioneer, it also isolates it from global collaboration or adoption trends that might lend legitimacy or market support.

The success of Trump’s Bitcoin ambitions — and the strategic reserve in particular — may hinge less on global competition and more on whether American investors and voters believe in the long-term potential of BTC as a national asset.

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