As investment banks seriously discuss Bitcoin’s potential as a central bank reserve asset, public debate often centers on price volatility and regulatory sentiment. Yet, for policymakers and architects of national financial security, the issue instantly collapses from macroeconomics into an intensely concrete and grave challenge of state systems engineering. How does one custody hundreds of billions in value, an asset controlled by mere lines of private key code, with no sovereign backing? Tr...

As investment banks seriously discuss Bitcoin’s potential as a central bank reserve asset, public debate often centers on price volatility and regulatory sentiment. Yet, for policymakers and architects of national financial security, the issue instantly collapses from macroeconomics into an intensely concrete and grave challenge of state systems engineering. How does one custody hundreds of billions in value, an asset controlled by mere lines of private key code, with no sovereign backing? Tr...