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All financial authorities must be concerned that, should bitcoin continue gaining acceptance, the levers of fiscal policy will cease to function (FT View, February 21).
Added to this is the nagging fear that others will be first to embrace the changing reality and gain advantage. This is the classic “prisoner’s dilemma”. The choice is to hold the line and trust others to do likewise or break ranks and look after your own interests.
One solution would be to begin to build a position as part of the nation’s reserves (selling a mix of existing reserves to fund purchases), either alone or in concert. This is the cheapest way to add stability and would potentially offer great upside. Then go public with a commitment to buy more.
The alternative is to try to hold the line, all the time knowing that withdrawal tends to collapse into rout.
Full Disclosure. I hold 5 per cent of my wealth in bitcoin.
Raymond Gill
Radford Semele, Warwickshire, UK
