Öz
Purpose- This study examines the unprecedented proposal to establish a U.S. Crypto Strategic Reserve incorporating major cryptocurrencies (Bitcoin, Ethereum, Ripple, Solana, and Cardano) as national reserve assets. It investigates whether this initiative represents a prescient adaptation to evolving financial technologies or a speculative gamble with national financial resources while analyzing the theoretical foundations, practical implications, and strategic considerations of integrating digital assets into sovereign monetary frameworks.
Methodology- The research employs a comprehensive mixed-methods approach combining qualitative theoretical analysis with quantitative assessment of market and economic data. An integrated theoretical framework draws from four key domains: monetary theory, institutional economics, financial innovation diffusion, and international political economy. Data collection includes historical comparative analysis of past monetary transitions, technical assessment of major cryptocurrencies, systematic policy document analysis, and financial market data evaluation focusing on volatility, correlation with traditional assets, and portfolio optimization modeling. Multiple strategic implementation scenarios are developed and assessed, accompanied by comprehensive stakeholder analysis.
Findings- The study reveals that cryptocurrencies currently fall short of meeting traditional reserve asset requirements due to extreme price volatility, limited liquidity during market stress, and inadequate regulatory frameworks. However, their integration offers potential benefits, including hedging inflation, reduced reliance on fiat reserves, and strategic positioning in the evolving digital financial landscape. Implementation challenges include regulatory uncertainty, constitutional questions about authority mechanisms, custody security requirements, and potential conflicts with traditional monetary policy objectives. The analysis identifies the Treasury's Exchange Stabilization Fund as a potential implementation mechanism while acknowledging governance and operational complexities.
Conclusion- While current limitations preclude immediate widespread adoption of cryptocurrencies as major reserve assets, technological developments and institutional adaptation suggest digital assets may eventually play a meaningful role in reserve management strategies. The study recommends a measured, incremental approach balancing innovation with stability, accompanied by robust regulatory frameworks and specialized governance structures to navigate this unprecedented monetary evolution.
Anahtar Kelimeler
Cryptocurrency reserves digital monetary policy financial sovereignty institutional adoption monetary evolution reserve diversification technological disruption
Kaynakça
- Adachi, M., Da Silva, P. B. P., Born, A., Cappuccio, M., Czák-Ludwig, S., Gschossmann, I., Pellicani, A., Plooij, M., Paula, G., & Philipps, S.-M. (2022). Stablecoins' role in crypto and beyond: Functions, risks, and policy (18).
- Ammous, S. (2018). The Bitcoin Standard: The Decentralized Alternative to Central Banking. Wiley.
- Andolfatto, D. (2021). Assessing the impact of central bank digital currency on private banks. The Economic Journal, 131(634), 525–540. https://doi.org/10.1093/ej/ueab002
- Antonopoulos, A. M. (2017). The Internet of Money: Volume Two. Merkle Bloom LLC.
- Auer, R., & Boehme, R. (2020). The technology of retail central bank digital currency (p. 16). Bank for International Settlements.
- Auer, R., Frost, J., Gambacorta, L., Monnet, C., Rice, T., & Shin, H. S. (2022). Central bank digital currencies: Motives, economic implications, and the research frontier. Annual Review of Economics, 14(1), 697–721.
- Auer, R., Monnet, C., & Shin, H. S. (2021). Central bank digital currencies: Design principles and balance sheet implications. BIS Working Papers, (976).
- Bank for International Settlements (BIS). (2021). Ready, steady, go? Results of the third BIS survey on central bank digital currency.
- Barrdear, J., & Kumhof, M. (2022). The macroeconomics of central bank digital currencies. Journal of Economic Dynamics & Control, 142, Article 104148.
- Biais, B., Bisière, C., Bouvard, M., & Casamatta, C. (2018). The blockchain folk theorem. Review of Financial Studies, 32(5), 1661-1715.
- Bossu, W., Itatani, M., Margulis, C., Rossi, A., Weenink, H., & Yoshinaga, A. (2020). Legal aspects of central bank digital currency: Central bank and monetary law considerations. International Monetary Fund.
- Brunnermeier, M. K., James, H., & Landau, J.-P. (2019). The digitalization of money (Working Paper No. 26300). National Bureau of Economic Research. https://www.nber.org/papers/w26300
- Buchanan, J. M., & Tullock, G. (1962). The Calculus of Consent: Logical Foundations of Constitutional Democracy. University of Michigan Press.
- Burniske, C., & Tatar, J. (2018). Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond. McGraw-Hill Education.
- Cheng, M., Chong, H. Y., & Xu, Y. (2023). Blockchain-smart contracts for sustainable project performance: Bibliometric and content analyses. Environment, Development and Sustainability, 1–24. https://doi.org/10.1007/s10668-023-03063-w
- Cohen, B. J. (2019). Currency Power: Understanding Monetary Rivalry. Princeton University Press.
- Cong, L. W., He, Z., Li, J., & Jiang, Y. (2021). Blockchain disruption and smart contracts. Review of Financial Studies, 34(5), 2177-2230.
- Davis, F. D. (1989). Perceived usefulness, perceived ease of use, and user acceptance of information technology. MIS Quarterly, 13(3), 319-340.
- Eichengreen, B. (2019). Globalizing Capital: A History of the International Monetary System (3rd ed.). Princeton University Press.
- Feyen, E., Klingebiel, D., & Ruiz, M. (2024). Can crypto assets play a role in foreign reserve portfolios? Not today, and likely not in the near future. World Bank.
- Hayek, F. A. (1976). Denationalization of Money: The Argument Refined. Institute of Economic Affairs.
- Hernandez, A. (2022). Bitcoin as a Global Currency Reserve. Saint Peter's University.
- Lin, S. Y., Zhang, L., Li, J., Ji, L. L., & Sun, Y. (2022). A survey of application research based on blockchain smart contract. Wireless Networks, 28(2), 635–690. https://doi.org/10.1007/s11276-021-02874-x
- North, D. C. (1990). Institutions, Institutional Change, and Economic Performance. Cambridge University Press.
- Ostrom, E. (2015). Governing the Commons: The Evolution of Institutions for Collective Action. Cambridge University Press.
- Prasad, E. S. (2021). The Future of Money: How the Digital Revolution Is Transforming Currencies and Finance. Harvard University Press.
- Rogers, E. M. (2003). Diffusion of Innovations (5th ed.). Free Press.
- Strange, S. (1988). States and Markets. Bloomsbury Academic.
- Zheng, X. (2024). Research on blockchain smart contract technology based on resistance to quantum computing attacks. PLoS ONE, 19(5), e0302325. https://doi.org/10.1371/journal.pone.0302325
Öz
Kaynakça
- Adachi, M., Da Silva, P. B. P., Born, A., Cappuccio, M., Czák-Ludwig, S., Gschossmann, I., Pellicani, A., Plooij, M., Paula, G., & Philipps, S.-M. (2022). Stablecoins' role in crypto and beyond: Functions, risks, and policy (18).
- Ammous, S. (2018). The Bitcoin Standard: The Decentralized Alternative to Central Banking. Wiley.
- Andolfatto, D. (2021). Assessing the impact of central bank digital currency on private banks. The Economic Journal, 131(634), 525–540. https://doi.org/10.1093/ej/ueab002
- Antonopoulos, A. M. (2017). The Internet of Money: Volume Two. Merkle Bloom LLC.
- Auer, R., & Boehme, R. (2020). The technology of retail central bank digital currency (p. 16). Bank for International Settlements.
- Auer, R., Frost, J., Gambacorta, L., Monnet, C., Rice, T., & Shin, H. S. (2022). Central bank digital currencies: Motives, economic implications, and the research frontier. Annual Review of Economics, 14(1), 697–721.
- Auer, R., Monnet, C., & Shin, H. S. (2021). Central bank digital currencies: Design principles and balance sheet implications. BIS Working Papers, (976).
- Bank for International Settlements (BIS). (2021). Ready, steady, go? Results of the third BIS survey on central bank digital currency.
- Barrdear, J., & Kumhof, M. (2022). The macroeconomics of central bank digital currencies. Journal of Economic Dynamics & Control, 142, Article 104148.
- Biais, B., Bisière, C., Bouvard, M., & Casamatta, C. (2018). The blockchain folk theorem. Review of Financial Studies, 32(5), 1661-1715.
- Bossu, W., Itatani, M., Margulis, C., Rossi, A., Weenink, H., & Yoshinaga, A. (2020). Legal aspects of central bank digital currency: Central bank and monetary law considerations. International Monetary Fund.
- Brunnermeier, M. K., James, H., & Landau, J.-P. (2019). The digitalization of money (Working Paper No. 26300). National Bureau of Economic Research. https://www.nber.org/papers/w26300
- Buchanan, J. M., & Tullock, G. (1962). The Calculus of Consent: Logical Foundations of Constitutional Democracy. University of Michigan Press.
- Burniske, C., & Tatar, J. (2018). Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond. McGraw-Hill Education.
- Cheng, M., Chong, H. Y., & Xu, Y. (2023). Blockchain-smart contracts for sustainable project performance: Bibliometric and content analyses. Environment, Development and Sustainability, 1–24. https://doi.org/10.1007/s10668-023-03063-w
- Cohen, B. J. (2019). Currency Power: Understanding Monetary Rivalry. Princeton University Press.
- Cong, L. W., He, Z., Li, J., & Jiang, Y. (2021). Blockchain disruption and smart contracts. Review of Financial Studies, 34(5), 2177-2230.
- Davis, F. D. (1989). Perceived usefulness, perceived ease of use, and user acceptance of information technology. MIS Quarterly, 13(3), 319-340.
- Eichengreen, B. (2019). Globalizing Capital: A History of the International Monetary System (3rd ed.). Princeton University Press.
- Feyen, E., Klingebiel, D., & Ruiz, M. (2024). Can crypto assets play a role in foreign reserve portfolios? Not today, and likely not in the near future. World Bank.
- Hayek, F. A. (1976). Denationalization of Money: The Argument Refined. Institute of Economic Affairs.
- Hernandez, A. (2022). Bitcoin as a Global Currency Reserve. Saint Peter's University.
- Lin, S. Y., Zhang, L., Li, J., Ji, L. L., & Sun, Y. (2022). A survey of application research based on blockchain smart contract. Wireless Networks, 28(2), 635–690. https://doi.org/10.1007/s11276-021-02874-x
- North, D. C. (1990). Institutions, Institutional Change, and Economic Performance. Cambridge University Press.
- Ostrom, E. (2015). Governing the Commons: The Evolution of Institutions for Collective Action. Cambridge University Press.
- Prasad, E. S. (2021). The Future of Money: How the Digital Revolution Is Transforming Currencies and Finance. Harvard University Press.
- Rogers, E. M. (2003). Diffusion of Innovations (5th ed.). Free Press.
- Strange, S. (1988). States and Markets. Bloomsbury Academic.
- Zheng, X. (2024). Research on blockchain smart contract technology based on resistance to quantum computing attacks. PLoS ONE, 19(5), e0302325. https://doi.org/10.1371/journal.pone.0302325
Ayrıntılar
| Birincil Dil | İngilizce |
|---|---|
| Konular | Davranışsal Finans, Finans, Finans ve Yatırım (Diğer), İşletme |
| Bölüm | Articles |
| Yazarlar | |
| Yayımlanma Tarihi | 30 Temmuz 2025 |
| Gönderilme Tarihi | 21 Nisan 2025 |
| Kabul Tarihi | 2 Haziran 2025 |
| Yayımlandığı Sayı | Yıl 2025 Cilt: 14 Sayı: 1 |
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