A top crypto analyst predicts the US government will create a Bitcoin reserve in 2024, possibly without needing Congress’s approval.
Executive Action, Not Legislation?
Matthew Sigel of VanEck, a major crypto asset manager, believes the government might simply reclassify its existing stash of around 200,000 Bitcoins (seized in criminal investigations) as a national reserve. He suggests they would pledge not to sell these Bitcoins.
State-Level Initiatives Also Possible
Alternatively, Sigel thinks one or more states could create their own Bitcoin reserves. He points to Pennsylvania, Florida, and Texas as the most likely candidates.
Political Momentum Behind Bitcoin Reserves
Several recent developments support this prediction:
- Senator Lummis’s Bill: Senator Cynthia Lummis proposed a bill to establish a million-Bitcoin reserve to help secure the US dollar.
- Trump’s Campaign Promise: President-elect Trump pledged to stop selling seized Bitcoin and hold it strategically.
- Texas Legislation: A Texas representative proposed a bill to allow the state to create its own Bitcoin reserve.
Betting Odds Favorable
A betting platform gives a 41% chance that President-elect Trump will establish a Bitcoin reserve within his first 100 days in office.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies./p>
