Strategic Bitcoin Reserves remain one of the most intensely debated topics in the digital currency landscape. Just a few days back, US President Trump has signed an Executive Order that states the establishment of both a Bitcoin Reserve and a broader Digital Asset Stockpile in the US. In this new episode of the Bitcoin, Fiat & Rock’n’Roll (BFRR) podcast, host Jonas Gross explores the topic of Bitcoin Reserves with Dr. Jürgen Schaaf, advisor to the Senior Management at the European Central Bank (ECB). Following a previous episode that examined the pro-Bitcoin Reserve perspective, this conversation dives deep into the counterarguments.

Dr. Schaaf points to Bitcoin's fundamental limitations. He argues that Bitcoin mainly failed to deliver on its original promise as a payment system, points to its extreme volatility as a barrier to mainstream adoption and questions its utility. The discussion distinguishes between three distinct reserve models that are often conflated in public discourse: strategic reserves, foreign exchange reserves, and sovereign wealth funds. Dr. Schaaf provides an analysis of whether from his perspective any of these three frameworks presents a legitimate economic case for institutions holding Bitcoin —with conclusions that may surprise listeners.

After two comprehensive episodes on Bitcoin reserves—examining both the supportive and critical viewpoints—stay tuned for an upcoming episode where the BFRR team will thoughtfully reflect on these discussions and share their own perspective on this both controversial and timely topic.

Bitcoin, Fiat & Rock'n'Roll Website

Bitcoin, Fiat & Rock'n'Roll Telegram Channel

x Profile Jürgen Schaaf

LinkedIn Profile Jonas Gross

Previous episode with Frank Schäffler on Bitcoin Reserves

Paper Schaaf & Bindseil: The distributional consequences of Bitcoin

Article FAZ by Jürgen Schaaf and Ulrich Bindseil: Was Gegen eine strategische Bitcoin-Reserve spricht

[BFRR Episode: ](Bitcoin-Papier der EZB: Zerstört Bitcoin die Demokratie](https://www.bfrr.de/bitcoin-kritik-in-paper-der-ezb/)

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