Source: Cointelegraph Original: "{title}"
Cryptocurrency observers say that the establishment of a Bitcoin strategic reserve by the U.S. reduces the likelihood of the government "banning" the cryptocurrency and may encourage more countries to adopt Bitcoin.
On March 7, President Trump signed an order to establish a Bitcoin strategic reserve and digital asset repository.
David Sacks, head of cryptocurrency affairs at the White House, stated that the reserve will be funded by "Bitcoins seized by the federal government in criminal or civil asset forfeiture proceedings," estimated to be around 200,000 Bitcoins. This clearly disappointed traders, leading to an immediate 6% drop in Bitcoin prices.
However, many believe the market may have misjudged, and this news should be seen as positive.
President Trump signs the executive order for the Bitcoin strategic reserve. Source: David Sacks
Government Unlikely to "Ban" Bitcoin
Matt Hougan, Chief Investment Officer at Bitwise, stated that one of the impacts of the U.S. establishing a Bitcoin strategic reserve (SBR) is that it "greatly reduces the likelihood that the U.S. government will one day 'ban' Bitcoin."
Last November, the Federal Reserve Bank of Minneapolis hinted that Bitcoin could one day force the federal government to balance its budget.
The bank stated at the time: "Legally banning Bitcoin could restore a unique implementation of a permanent fundamental deficit, and taxing Bitcoin could achieve the same effect."
Source: Matt Hougan
Other Countries May Follow Suit
Hougan noted that the U.S. Bitcoin reserve also significantly increases the likelihood of other countries establishing Bitcoin reserves and accelerates the pace at which other countries consider building reserves, as it creates a brief window of opportunity for them to "get ahead" of potential Bitcoin purchases by the U.S.
According to BitBO data, the U.S. holds the most Bitcoins among countries, with 207,189 Bitcoins, valued at approximately $18 billion at current prices. China is estimated to hold about 194,000 Bitcoins, ranking second, while the UK holds 61,000 Bitcoins, coming in third.
El Salvador is the only country to designate Bitcoin as legal tender. According to the country's Bitcoin office, El Salvador continues to accumulate Bitcoin, currently holding 6,103 Bitcoins, valued at approximately $534 million.
Coinbase CEO Brian Armstrong stated, "I expect many countries in the G20 will take note of this and eventually follow the U.S. lead."
Legitimizing Bitcoin in the Eyes of Institutions
Hougan also believes that the establishment of a Bitcoin strategic reserve makes it more difficult for institutions like the International Monetary Fund (IMF) to position Bitcoin as a dangerous or unsuitable asset.
The IMF has consistently opposed sovereign nations like El Salvador investing in Bitcoin. On March 3, the IMF approved a plan to provide El Salvador with $1.4 billion in funding, contingent on El Salvador reducing its Bitcoin accumulation strategy.
One condition in the memorandum of understanding is that "the public sector of El Salvador must not actively accumulate Bitcoin."
Bitwise research director Ryan Rasmussen elaborated on this point, stating that the ultimate goal was never to "have the U.S. government buy up all the Bitcoins in the world."
He outlined the significance of the U.S. establishing a Bitcoin strategic reserve: "Other countries will buy Bitcoin, wealth management firms have no reason not to buy, financial institutions have no reason not to buy, pensions and endowments have no reason not to buy, concerns about the U.S. selling Bitcoin are eliminated, the U.S. is likely to buy more Bitcoin, and the likelihood of other countries buying Bitcoin increases, making it absolutely zero that the government will classify Bitcoin as illegal."
David Marcus, co-founder and CEO of Lightspark, simply stated, "This is a balanced outcome and the right decision at this time." He also added that he is "glad that reason has prevailed."
Bitcoin Has Made Significant Progress
Meanwhile, cryptocurrency lawyer John Deaton pointed out that Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick "have been instructed by the President to find ways to acquire Bitcoin 'without increasing the budget.'"
"Two years ago, if we suggested that such a thing might happen, we would have certainly been laughed off the stage."
Nate Geraci, president of ETF Store, added that just a year ago, regulators approved the first Bitcoin spot ETF in the U.S.
Bitcoin is currently rebounding, having reached $88,000 at the time of writing.
Related: Trump's cryptocurrency reserve falls short of expectations, Bitcoin plummets 6%
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