A prominent macro economist recently weighed in on Bitcoin's prospects within the global financial system, arguing the flagship cryptocurrency faces structural barriers to widespread central bank adoption. The core issue? Transparency of transactions. Unlike traditional reserve assets, Bitcoin's public ledger nature creates friction for sovereign entities—every movement gets recorded and visible, leaving no room for opacity that governments traditionally prefer. More critically, the decentralized architecture means state actors can't simply intervene or reverse transactions once they're settled, eliminating the financial control levers that central banks have grown accustomed to wielding. This fundamental mismatch between Bitcoin's transparency and immutability versus institutional desire for discretion and control suggests major reserve holdings remain unlikely in the foreseeable future. The tension highlights why governments may continue favoring centralized digital currencies they can actually govern rather than adopting Bitcoin as institutional reserves.