An expert at a major cryptocurrency asset management firm predicts that the United States will establish a strategic Bitcoin reserve in the coming year. Matthew Sigel, the head of digital assets research at VanEck, shared his insights in a recent interview with Natalie Brunell. Sigel believes that the US government may create this reserve through executive action, rather than through Congressional legislation.
According to Sigel, the US government already holds around 200,000 Bitcoins that were seized in various criminal activities. He suggests that these seized Bitcoins could be reclassified as a Bitcoin reserve, with a pledge not to sell them. Sigel also speculates that individual states like Pennsylvania, Florida, or Texas may establish their own Bitcoin reserves in the near future.
This idea of a national Bitcoin reserve gained traction earlier this year when Republican Senator Cynthia Lummis of Wyoming announced plans to introduce a bill aimed at accumulating one million Bitcoins, or 5% of the total supply, over five years. President-elect Donald Trump has also expressed interest in strategically holding onto seized Bitcoins as an investment, rather than selling them on the open market.
Recently, a member of the Texas House of Representatives proposed legislation that would allow Texas to create a strategic Bitcoin reserve within its treasury. The decentralized betting platform Polymarket is currently placing the odds at 41% that Trump will establish a national Bitcoin reserve within his first 100 days in office.
As this idea gains momentum, it will be interesting to see how the US government and individual states navigate the process of creating and managing a Bitcoin reserve. Stay tuned for more updates on this developing story.
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(Image credit: Midjourney)