The proposed legislation to direct the U.S. Treasury to purchase 1 million bitcoins worth $68 billion is deeply concerning. Cryptocurrency like bitcoin is an extremely energy-intensive and environmentally destructive technology. Investing taxpayer funds into such a volatile and speculative asset class would be an irresponsible use of public resources that should be allocated towards more productive purposes benefiting society. Bitcoin mining already consumes more electricity annually than many countries, accelerating climate change and environmental degradation. Rather than propping up this wasteful industry, the government should incentivize renewable energy adoption and sustainable investment. Public funds are better directed towards building resilient infrastructure, supporting working families, funding education and healthcare initiatives, or other policies yielding tangible public benefits. Furthermore, cryptocurrencies like bitcoin are plagued by volatility, illicit usage, and lack of oversight. They have become playgrounds for financial speculation rather than serving any legitimate economic purpose. Endorsing bitcoin risks undermining the U.S. dollar's global reserve currency status. The federal government should exercise prudence in safeguarding its fiscal stability rather than gambling on an unproven, deregulated asset. For these reasons, I urge you to firmly oppose any efforts to compel the Treasury to establish a "strategic Bitcoin reserve." National economic priorities must align with building an equitable, sustainable future rather than subsidizing a destructive, high-risk digital payment system devoid of societal value. Responsible stewardship of public funds is paramount.
First sent on July 28, 2024 by Tyler
