The idea of turning Bitcoin into a reserve asset of the United States carries significant risks of centralization for the cryptocurrency, Cardano co-founder Charles Hoskinson said Cointelegraph.
The initiative to use digital gold in this capacity was put forward by US presidential candidate Robert F. Kennedy Jr., who suggested that the Treasury Department buy 4 million BTC.
Hoskinson noted that this would amount to 19% of the asset’s total supply.
However, the businessman warned that owning such a significant stake could lead to undesirable consequences.
He extrapolated the situation to commodities, noting that it would be “unlikely if someone bought up 20% of the global oil supply or something like that.”
Republican presidential candidate Donald Trump said the United States should not sell government-owned bitcoins. He said the country should also become a “mining superpower.”
The politician suggested that the first cryptocurrency could become a key tool in solving the problem of the growing US national debt, which has exceeded $35 trillion.
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Source: Cryptocurrency
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