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Bitcoin Reserves And The Incentives Of Civil Asset Forfeiture
An examination of the incentives created by structuring a Bitcoin reserve to hold seized coins with civil asset forfeiture existing.
Yesterday, President Trump announced the long awaited Strategic "Bitcoin" Reserve on Truth Social, and many in the space are pissed.
First, the Reserve appears to be far from Bitcoin only. "They're doing DEI for Charles Hoskinson," former CoinDesk Chief Insights Columnist David Z. Morris wrote on X – Hoskinson's Cardano (ADA) was announced to be included in the Reserve. "Cut cancer research to buy Cardano," another user posted.
Others take issue with possible investment interests surrounding the Trump administration: Trump's announcement is "a new level of corruption," wrote communications strategist Derek Martin, detailing David Sack's investment in Bitwise. "You get exit liquidity and you get exit liquidity everybody gets exit liquidity" posted Bitcoin Policy Institute fellow Troy Cross alongside a picture of Oprah. (Sacks has since stated that he has sold all of his cryptocurrency holdings).