Bob McElrath, former blockchain engineer at Fidelity Investments Poured Trump rejected the idea of ​​creating a strategic reserve of Bitcoin in the United States, calling it a “hopium hallucination.”

“It's a stupid idea,” he said. “Don't expect the United States to pump your money. Bitcoin is small compared to the American economy.”

The possibility of the US government creating a Bitcoin reserve has emerged as one of the main bullish catalysts.

As reported by U.Today, MicroStrategy co-founder Michael Saylor has urged the US government to sell gold for Bitcoin.

Senator Cynthia Lummis of Wyoming originally introduced the idea of ​​creating a strategic reserve for Bitcoin in her bill introduced earlier this year. The proposal has since gained a great deal of attention, with many experts debating whether or not this was a wise move on the part of the US government.

However, even some of Bitcoin's most prominent supporters are skeptical that the US government would create such a reserve. As reported by U.Today, Galaxy CEO Mike Novogratz predicted that the Bitcoin reserve implementation is likely to fail. However, if that happens, the cryptocurrency mogul expects it to rise to $500,000.

The idea has also attracted very strong opposition from some critics outside the cryptocurrency space.

“The main argument for the Bitcoin Strategic Reserve seems to be that Bitcoin holders are worried about an impending shortage of more fools and need the US government to act as the biggest fool of last resort,” David Frum, a senior editor at The Atlantic, recently wrote. On social media.

James Surowiecki, author of The Wisdom of Crowds, opined that there is no strategic need for the United States to hold Bitcoin.