Armstrong’s comment trails the South African Reserve Bank Governor Lesetja Kganyago rebuffing any claims of the crypto asset as a national reserve. He asked what strategic benefit Bitcoin has, considering history was replete with gold as a store of value.
Armstrong has argued that Bitcoin could outperform gold in a decade. He noted Bitcoin’s $2 trillion market cap already makes up 11% of gold’s $18 trillion value. He suggested countries consider allocating a similar portion of their gold reserves to Bitcoin.
This debate took center stage at the World Economic Forum in Davos, where Kganyago opposed industries lobbying for specific assets without clear public policy benefits. Armstrong then cited Bitcoin’s decade-long performance as the best-performing asset and asked for gradual adoption by governments.
In the U.S., Bitcoin reserves are gaining momentum. Wyoming, Texas, and Massachusetts are pushing legislation to classify Bitcoin as a strategic asset. At least 15 other states, including Ohio and Pennsylvania, are considering similar measures.
Additionally, an executive order issued by Donald Trump recently seeks to create a “national digital asset stockpile” to show the probable shift in monetary strategy by the United States. The call comes amidst debate by Armstrong about the future monetary systems position of Bitcoin globally.
