An analyst at one of the biggest asset managers in crypto thinks the US will establish some form of a strategic Bitcoin (BTC) reserve next year.
Matthew Sigel, the head of digital assets research at VanEck, says in a new interview with Natalie Brunell that the reserve might not be generated from Congressional legislation, however.
“I think more likely it’ll be an executive action that tries to reclassify the roughly 200,000 Bitcoin that the US government already owns, having seized in crimes or other events, and just call that a Bitcoin reserve and pledge not to sell it.
Our prediction for next year is that there will either be a national Bitcoin reserve like what I’ve just described, or that one or a handful of states will pass their own, and I think the most likely candidates for that are Pennsylvania, Florida or Texas.”
In July, Republican Senator Cynthia Lummis of Wyoming said she would announce a bill to establish a BTC reserve as a means of securing the value of the US dollar amid a record-breaking national debt. The legislation would drive the US government to accumulate one million BTC, or 5% of BTC’s total supply in five years.
On the campaign trail this year, President-elect Donald Trump promised that the US would stop selling its trove of seized Bitcoin on the open market and instead strategically hold the asset as an investment.
Earlier this month, a member of the Texas House of Representatives proposed new legislation that would enable the Lone Star State to establish a strategic Bitcoin reserve within its treasury.
The decentralized betting platform Polymarket currently prices the odds that Trump will create a Bitcoin reserve in his first 100 days in office at 41%.
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