A top crypto expert predicts the US government will soon be adding Bitcoin to its reserves.
Government Bitcoin Purchases on the Horizon?
Alex Thorn, head of research at Galaxy Digital, a major crypto investment firm, believes the US government will buy Bitcoin (BTC) this year to boost its Strategic Bitcoin Reserve (SBR). He made this prediction during a recent appearance on Bloomberg Crypto. Thorn points out that the government already holds some Bitcoin from past confiscations, but believes additional purchases are coming.
He highlighted a March executive order establishing the SBR and prohibiting the sale of government-held Bitcoin. The order also tasked the Departments of Commerce and Treasury with finding ways to acquire Bitcoin without spending additional budget funds. Thorn noted that several government officials, including Treasury Secretary Scott Bessent and advisors Bo Hines and David Sachs, have publicly expressed positive views on Bitcoin as a store of value, making a government purchase seem increasingly likely.
A Budget-Neutral Approach
Thorn suggested a clever way the government could acquire Bitcoin without directly spending taxpayer money: selling some of its existing altcoins (other cryptocurrencies) to buy Bitcoin. This would involve trading altcoins directly for Bitcoin, avoiding the need for cash transactions. This method, he says, could be a smoother way to fulfill the government’s promises regarding the SBR.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before making any investment decisions.
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