Arthur Hayes, co-founder and former chief executive of BitMex, said: "I don't think Trump is going to set out to build a bitcoin reserve. At the end of the day, I don't know what's the use of borrowing money to buy bitcoin on any of Trump's platforms." He said: "You had so much borrowing power before you destroyed the bond market. Would you borrow money to buy bitcoin? Would you borrow money to provide healthcare for the elderly who voted for you, or would you build more bombs so that the defence lobby likes you? You could borrow money to buy a lot of different things. I just don't think he would spend his money on bitcoin. While bitcoin proponents think bitcoin is important, there are a lot of other stakeholders who want borrowed money to go into their pockets". Regarding the implementation of bitcoin reserves, Hayes said "I hope I'm wrong". But he pointed out that the limited time before the midterm elections could limit the ability to implement major policy changes, and that there are many other things that need to be allocated time and budget.