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Here’s When the U.S. Might Create a Bitcoin Reserve, According to VanEck

Here’s When the U.S. Might Create a Bitcoin Reserve, According to VanEck

CryptodnesCryptodnes2024/12/19 10:22
By:Cryptodnes

Matthew Sigel, head of digital assets research at VanEck, believes that the U.S. may create a strategic Bitcoin (BTC) reserve sooner than expected.

He expects this to happen in the coming year, though he anticipates it will likely be established through executive action rather than legislation.

Sigel suggests that the U.S. government could repurpose the roughly 200,000 BTC it currently holds, obtained through asset seizures, by designating it as a Bitcoin reserve. This would involve pledging not to sell these holdings.

Sigel’s forecast includes the possibility that either the federal government or individual states, like Pennsylvania, Florida, or Texas, could initiate the reserve. He points to the potential for state-level action, with states such as Texas already making moves in this direction.

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Earlier this year, Senator Cynthia Lummis of Wyoming proposed a bill to create a national Bitcoin reserve, aiming to acquire one million BTC over five years to help bolster the U.S. dollar amid rising national debt.

On the campaign trail, President-elect Donald Trump also endorsed the idea of halting the sale of seized Bitcoin and instead holding the digital asset as part of a strategic reserve. Furthermore, a Texas lawmaker recently introduced legislation that would allow the state to establish its own Bitcoin reserve within its treasury.

According to Polymarket, there is a 41% chance that Trump will create a national Bitcoin reserve within his first 100 days in office.



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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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