The first-of-its-kind reserve will be anchored by a stash of Bitcoin the government already owns, estimated to be worth billions of dollars.

Some Bitcoiners also believe that a reserve could serve as a hedge against inflation. They point to the fact that the dollar has gotten less valuable over time, and argue that Bitcoin’s value could be stronger than the dollar’s during global economic crises.

European leaders remained largely passive to the news about America’s so-called “Fort Knox for digital gold,” having already nixed the idea of a Bitcoin reserve in the past weeks and months. Some in the East suggested,