In a striking revelation on the latest episode of the Coin Stories podcast, host Nathalie Brunell interviewed The Digital Chamber founder & CEO Perianne Boring, who disclosed an unvarnished and previously unknown response from members of the United States Federal Reserve. According to Boring, when she discussed the idea of a US Strategic Bitcoin Reserve during a meeting with officials at the Board of Governors of the Federal Reserve System, one official declared it “the dumbest idea” ever.

Boring recounted the tense atmosphere in the Fed boardroom from last week. “When I brought this up I’d never seen a reaction like quite the one I saw at that boardroom table. You know the folks in the room at the FED were cussing, saying this is the dumbest idea they’ve ever heard. There’s nothing strategic about Bitcoin,” she recounted.

She added that they were nearly got “kicked out of the room because [the Board of Governors of the Federal Reserve] thought this was such a bad idea and how dare we even like to breathe this idea in the building of the Federal Reserve,” adding that Trump campaign promise to establish a national stockpile of Bitcoins “will not be without controversy” and “will not be without push backs.”

Brunell asked whether this opposition stemmed from a “knowledge and education gap” or an entrenched interest in preserving the status quo. Boring responded that it might be both, as the Fed currently has a monopoly on money issuance. Yet, she argued that incorporating BTC might actually preserve that by potentially backing the US dollar or Treasury bonds with BTC.

“I think for one, the Federal Reserve has a monopoly on money today and you know it’s in the Fed’s individual interest to protect that Monopoly although I actually think Bitcoin can preserve that by adding Bitcoin to the US balance sheet or backing the US dollar with Bitcoin or issuing bonds US Treasury bonds that are backed by Bitcoin,” Boring reasoned.

Will This Stop Trump’s Bitcoin Stockpile Plans?

Brunell pointed to recent statements by Trump and his family – in particular Eric Trump’s speech at the Bitcoin conference in Abu Dhabi – which show that the President-eclect could follow through

Go to Source to See Full Article
Author: Jake Simmons