Samson Mow, the CEO of Bitcoin-focused tech firm JAN3, believes that the US has a legitimate reason to increase its BTC holdings.
Mow says on the social media platform X that some crypto investors find the Strategic Bitcoin Reserve (SBR) underwhelming as President Trump’s executive order largely focuses on not selling the government’s seized BTC.
“Some Bitcoiners are saying the Strategic Bitcoin Reserve doesn’t do anything because it’s just seized assets and there’s no buying.”
But Mow says that the creation of the SBR is immense and has triggered “the real race for nation-state Bitcoin adoption.” He also says that a full audit of the government’s Bitcoin trove will reveal that the US is not the top BTC holder by country.
“It’s likely the US has 112,000 BTC or less because 95,000 belongs to Bitfinex and will be returned.
It does not have the 207,000 to 220,000 BTC number that many news sites usually go with. This would put China in the pole position with 194,000 BTC.”
In 2016, the crypto exchange Bitfinex lost about 120,000 BTC after suffering a massive security incident. The US government seized 95,000 BTC tied to the hack.
According to Mow, the US government will not allow a world where China has the largest Bitcoin stash.
“Now, you can imagine why that won’t be acceptable. With Bitcoin being deemed as strategic, the US will want to have the most – there will definitely be an audit of the supply and then ADDING to it.
Competition is good for Bitcoin.”
At time of writing, BTC is worth $86,388.
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