USA’s Bitcoin $104,049.2It is expected to recognize as an official reserve asset and create a strategic reserve. It is predicted that this step will have serious repercussions in the digital asset market. VanEck’s head of digital asset research, Matthew Sigel, supported this plan, stating that the existing legal infrastructure is sufficient for such a move.
VanEck and Congress Initiatives
VanEck’s analyst Matthew Sigel stated that the USA could create a strategic reserve by reclassifying the approximately 200,000 Bitcoins it holds. “There is no need for Congress to pass a special law to take this step. “This is possible by executive order,” Sigel said, noting that the reserve idea is not complicated in practice.
In July 2023, Wyoming Senator Cynthia Lummis announced that she would introduce a bill proposing the creation of a Bitcoin reserve to support the dollar amid the US debt crisis. This bill envisages adding a total of one million Bitcoins to the reserves within five years.
State and Federal Approaches
The idea of creating a Bitcoin reserve finds support at the federal level as well as on a state basis. The Texas House of Representatives has introduced a bill to establish a strategic Bitcoin reserve in the state treasury. Similarly, Florida and Pennsylvania may also take steps in this regard.
Republican Presidential candidate Donald Trump is in favor of stopping the sale of Bitcoin and keeping it as a strategic asset. The probability of Trump implementing this plan within the first 100 days was also evaluated by the market forecasting platform Polymarket as 41%.
The US’s recognition of Bitcoin as a reserve asset is seen as an important step towards strengthening the place of digital currencies in the financial system. Analysts state that these initiatives may have long-term effects on the markets.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
