The trade war between the United States and China, the world’s biggest economic powers, has been waging for years. Needless to say, digital currencies will soon emerge to be a part of this trade war.
In the meantime, however, before the wider releases of the Digital Yuan and the Digital Dollar, it’s worth looking at how both have treated cryptocurrencies. In light of China’s latest crackdown on crypto, this subject has gained even more significance of late.
In fact, such has been the response that even the most unusual of ideas are being put out. The latest to do so is Thiel Capital’s Blake Masters.
Blake Masters, Chief Operating Officer at Thiel Capital, recently took to Twitter to highlight an opportunity. Masters, currently a candidate for the U.S Senate, claimed,
“China banned cryptocurrency last week. Let’s do the opposite. The U.S government should buy a strategic reserve of Bitcoin — Fort Nakamoto, the new Fort Knox.”
Tongue in cheek or not, it’s worth looking at the Fort Knox reference. Now, one may be aware of Fort Knox from the James Bond movie Goldfinger. The Fort Knox gold vault is one of the most secure and secret places in America. It reportedly has $190B in gold.
Ergo, using some of these reserves to buy BTC could give way to a Fort Nakamoto.
That wasn’t all, however, with the candidate also announcing that his campaign would accept donations in Bitcoin. He added,
“My U.S. Senate campaign now accepts BTC donations…. I’ll forgive my HODLrs out there for shaving off some satoshis. It’s for a good cause.”
Meanwhile, retiring GOP Senator Pat Toomey shared similar sentiments as well. He called China’s “authoritarian crackdown” on crypto “a big opportunity” for the States in his tweet.
Needless to say, the response to Masters’ tweet was positive. For example, Balaji Srinivasan, former CTO of Coinbase, opined,
“Pretty awesome! First Senatorial candidate proposing that the US government buy a strategic reserve of Bitcoin.”
The timing of the aforementioned developments is interesting. Especially since Bitcoin miners have been migrating out of China of late, finding safe haven in friendlier locations such as North America.
In fact, according to American Mining co-founder Marty Bent, Chinese mining giant Bitmain moving its manufacturing operations from China to other countries would be “extremely bullish” for the largest cryptocurrency.