Bernstein: US cryptocurrency task force will focus on establishing a national Bitcoin reserve

according to CoinDesk, investment bank Bernstein released a research report pointing out that the US cryptocurrency working group will focus on establishing a national Bitcoin reserve. Analyst Gautam Chhugani's team believes that this move may trigger global sovereign nations to compete to include Bitcoin in their reserve assets.

The report discusses the key issues facing the establishment of reserves: first, the determination of the purchasing subject, if carried out by the Federal Reserve, would require legislative approval; second, the source of funds, which could be resolved through issuing bonds or selling part of the gold reserves. The report also mentions that the US government may include approximately $20 billion worth of Bitcoin seized from criminal activities in the national reserve.

It is worth noting that the Trump administration had previously announced the establishment of a Sovereign Wealth Fund (SWF), which will consider major US cryptocurrency companies as strategic investment targets. Bernstein recommends that investors prepare for a new bull market in Bitcoin and related stocks.