America is the envy of the world, underpinned by our unparalleled economic power, and derived from the supremacy of the US dollar as the currency of choice. In recent times, however, our dominance has been eroded. Whether due to negligence by former administrations or economic aggression from adversaries, other forms of currency have risen in an attempt to replace the dollar. With this, our ability to leverage access to U.S. backed financial institutions have diminished. Efforts to undermine our monetary dominance has led to fragmentation of the world’s financial system and marked an erosion of America’s global influence.
Furthermore, our national debt has become a financial albatross that threatens our ability to remain the sole global superpower. We now spend more of our national budget on interest payments on our national debt than we spend on vital services and social benefits. This must stop.
President Trump has a bold vision for our country – one which he has been implementing with skill and speed. A cornerstone of his vision is reinstating America’s monetary dominance, reestablishing the conditions for long-term stability, and reiterating our reliability on the world stage.
The President’s Executive Order to establish a Strategic Bitcoin Reserve should come as a nonpartisan, pragmatic step in the restoring of America’s dominance. The President understands Bitcoin can be used just as we used gold to bolster the US dollar. Bitcoin is an appreciating asset has the potential to reduce our national debt in years or even eliminate it all together. The President sees its potential and wants us to harness it for the good of our nation.
In tandem to the President’s EO, I co-sponsored a bill authored by Senator Cynthia Lummis of Wyoming to codify into law what the President has set in motion through his visionary Executive Order. Financial markets thrive on certainty and stability, and so does Bitcoin. By enacting the President’s Executive order into law, we accomplish just that: providing stability to an endeavor designed to help us build economic resilience and geopolitical might.
The good news is we already own billions worth of Bitcoin. Let’s have it work for us, let’s grow it, and let’s have it protect us while we’re early to the game. We lead the world in flight, in the race to the moon, now have worked to make America a leader in AI, and our mentality with Bitcoin should be no different. We need to show the world that we are the home of future financial innovation.
I have explained before the need to articulate Bitcoin and other cryptocurrencies to folks back home – to those I call “Toby and Edith.” We need them to understand this isn’t simply gambling on penny stocks, and embracing Bitcoin like we do gold will level the playing field for families and small businesses alike: allowing them to grow and prosper.
The issue remains relatively non-partisan at the moment whether due to indifference to learn the in-and-outs of Bitcoin or simply due to how new the concept is, but that presents us with an opportunity to teach folks here in Washington as well as the Tobys and Ediths around the country the benefits of employing a strategic Bitcoin reserve.
Running hand in hand with educating is ensuring that our regulatory framework encourages innovation and economic growth. We want to get this right the first time. With oversight on digital asset regulation from my position on the Senate agriculture committee, I intend to bring substantive discussion to the table, work with the CFTC to construct growth-friendly regulatory framework, and designate a delineation between the CFTC and the SEC when it comes to jurisdictional oversight of digital assets.
I look forward to the buy in from inside and outside Washington on Bitcoin and it’s potential to keep us safe and prosperous as a country. We all have work to do. I, for one, will be rolling my sleeves up and pitching in to make President Trump’s vision for Bitcoin a reality.
This is a guest post by Jim Justice. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
