Arthur Hayes isn’t buying the hype around a U.S. Bitcoin Strategic Reserve—he sees it as a ticking time bomb.

His take? Government-controlled BTC would be a political toy, not a financial strategy. One administration buys, the next dumps, wrecking the market whenever convenient. A single signature could send prices crashing.

Instead of securing bitcoin’s future, he argues, a government stockpile would create chaos, volatility, and uncertainty. Bitcoin’s strength is decentralization—letting politicians control it defeats the purpose.

Hayes has a different vision: BTC as a reserve asset, integrated into the system over time, strengthening both bitcoin and the dollar. But he warns that unless crypto holders step up and shape policy, the government will twist the rules to serve its own interests.

So, is a U.S. bitcoin reserve a dream… or a nightmare in disguise?