A US strategic Bitcoin reserve “dramatically increases the likelihood that other nations will establish strategic Bitcoin reserves,” says Bitwise’s Matt Hougan.
A strategic Bitcoin reserve in the United States reduces the possibility that the government will ever “ban” the cryptocurrency and could encourage many more nations to adopt Bitcoin, according to crypto observers.
On March 7, US President Donald Trump signed an order establishing a Strategic Bitcoin Reserve and a digital asset stockpile.
White House crypto czar David Sacks said that the reserve would be capitalized with “Bitcoin owned by the federal government that was forfeited as part of criminal or civil asset forfeiture proceedings,” estimated at around 200,000 BTC. This apparently disappointed traders, as it led to an immediate 6% fall in the price of Bitcoin.
