U.S. Congressman Nick Begich Wants America to Stop Selling Its Bitcoin — And Start Treating It Like Gold

Bitcoin Magazine

U.S. Congressman Nick Begich Wants America to Stop Selling Its Bitcoin — And Start Treating It Like Gold

Congressman Nick Begich (R-AK) sat down with the Bitcoin Policy Institute at PubKey in New York for a wide-ranging conversation that touched on his path from startup founder to Capitol Hill, his landmark American Reserve Modernization Act, and the dual promise and peril of artificial intelligence.

The interview offered a window into one of Congress’s more technologically fluent members — a distinction Begich traces not to his political career but to the decades before it.

Begich’s resume reads unlike most of his colleagues. After undergraduate studies in entrepreneurship at Baylor University and an MBA from Indiana University focused on information technology and decision sciences, he spent time at Ford Motor Company before returning to Alaska to found a software development firm. 

Starting with a credit card and a laptop, he built the company to roughly 150 employees across three countries, with a practice centered on early-stage startups — helping founders transform PowerPoint pitch decks into fundable products, often in exchange for equity stakes.

That background, he said, shapes how he operates in Washington. “Congress can be a frustrating place,” Begich said. “You’re not a CEO. You can’t say, ‘We’re doing this.'” 

He drew a parallel between the consensus-building required in the House and the kind of obstacle navigation that defines startup life — facing capital constraints, entrenched competitors, and perpetual skepticism from investors. The difference, he noted, is that in Congress the runway is measured in election cycles, not funding rounds.

JUST IN: Congressman Nick Begich says he introduced a Strategic Bitcoin Reserve bill because the world reserve currency "may not be the U.S. dollar forever."

"It could be a digital asset." pic.twitter.com/TIWd1NgDIa

Begich entered Bitcoin in early 2013, operating on the thesis that it could serve as a hedge against dollar depreciation for his business. 

He lost roughly 440 Bitcoin in the Mt. Gox collapse — “I got Goxed,” he said — but emerged from the bankruptcy process with what he described as a positive outcome, and his conviction in the asset intact.

That conviction is now law in proposal form. The American Reserve Modernization Act, or ARMA, which attracted significant co-sponsorship, would create a mechanism for the federal government to retain Bitcoin seized through law enforcement rather than auction it off. 

The idea, Begich said, stems from a simple question: if Bitcoin can function as a reserve asset for a private company, what could it do for a government?

His argument rests on two properties he considers non-negotiable for reserve assets: scarcity and diffusion. Gold, he said, satisfies both — it is hard to produce, and broad ownership has built consensus around its value over centuries. 

Bitcoin, he argued, is approaching that same status within the digital asset ecosystem, representing close to 60 percent of total cryptocurrency market capitalization.

“Once those network effects are in play,” Begich said, “the earlier you are to that cycle, the more advantaged you will be.”

He also framed ARMA as an insurance policy — not a bet on Bitcoin’s dominance, but a hedge against the possibility that the dollar does not remain the world’s reserve currency. 

“Every 93 years on average, that reserve currency changes hands,” he noted, pointing to historical transitions through Portugal, Spain, France, and Britain. Holding gold is an acknowledgment of that reality, he argued. Bitcoin should be viewed in the same light.

The conversation shifted to artificial intelligence, where Begich was measured but direct about the stakes. He described two competing visions of an AI future: one defined by abundance — cheaper healthcare, higher productivity, broader access to economic opportunity — and one defined by displacement, where the removal of human roles at scale creates what he called “a disintermediation of purpose.”

On the question of open-source AI models, Begich pushed back against the idea that openness is an unqualified good at advanced capability levels. He cited the logic behind keeping nuclear and certain biotechnology research restricted — some asymmetric risks, once released, cannot be contained. 

“The genie is out of the box,” he said of AI broadly, but argued that the full open-sourcing of frontier models, particularly post-AGI systems, hands negative actors a tool with no practical upper bound on the harm they can cause.

He was pointed in his characterization of China’s open-source model strategy, suggesting it is less a gesture of openness than an economic tool — a way to undermine the investment case for American AI development and collapse the domestic ecosystem from the outside.

This post U.S. Congressman Nick Begich Wants America to Stop Selling Its Bitcoin — And Start Treating It Like Gold first appeared on Bitcoin Magazine and is written by Micah Zimmerman.