US Establishes Bitcoin Reserve to Enhance Adoption and Legitimacy
Ryan Rasmussen from Bitwise Asset Management states that the establishment of a U.S. Strategic Bitcoin Reserve could enhance Bitcoin's legitimacy and reduce fears of government backlash. This reserve will consist of approximately 200,000 $BTC, valued at around $17.9 billion, sourced from forfeited assets without using taxpayer funds.
Key points include:
- The reserve is seen as a potential catalyst for global Bitcoin accumulation.
- Countries may feel pressured to increase their own Bitcoin holdings in response.
- Current Bitcoin holdings by notable countries are as follows:
| Countries | $BTC Held | Value |
| United States | 198,109 | $19,756M |
| China | 190,000 | $18,947M |
| United Kingdom | 61,245 | $6,107M |
| Ukraine | 46,351 | $4,622M |
| Bhutan | 11,791 | $1,175M |
Potential Effects
- A government-recognized reserve may prompt increased institutional investment.
- It could alleviate concerns regarding Bitcoin price volatility due to regulatory actions.
- Rasmussen anticipates ongoing U.S. accumulation of Bitcoin, leading to broader global adoption.