Bitcoin Strategic Reserve: Rebranding

While some figures in crypto industry have praised this decree, others remain skeptical and claim that the initiative is hardly more than a rebranding of existing government assets, without new substantial strategy. Donald Trump signs a decree for a Bitcoin strategic reserve The decree orders the United States department to initially finance the Bitcoin Strategic Reserve with BTCs seized through confiscations of criminal and civil assets.

The administration has promised not to sell these assets. “Bitcoin, the original crypto, is called” digital gold “because of its rarity and safety, having never been hacked. With a fixed offer of 21 million pieces, there is a strategic advantage to be among the First Nations to create a Bitcoin Strategic Reserve, “says the decree. According to data from Arkham Intelligence, the US government has 198,109 BTC in its public portfolios, valued at $ 17.5 billion at current market prices. US government’s crypto assets. Source: Arkham despite this important having, David Sacks, the IA and crypto advisor to the White House, noted that a complete audit of the government’s digital assets has never been carried out. The new executive decree imposes this report. “Bitcoin premature sales have already cost US taxpayers more than $ 17 billion in lost value. From now on, the federal government will have a strategy to maximize the value of its assets, “he wrote. It also authorizes neutral budgetary strategies in order to potentially acquire additional bitcoin. However, criticism argues that this reserve lacks substance. Sector experts are divided Jacob King, founder of Whalewire, criticized the recent attention around this reserve. “It has actually existed for over ten years; They only stuck a pompous title to calm the bitcoiners, “he noticed. King also stressed that the reserve would not imply any new purchase of Bitcoin. Thus, he believes that this initiative turns out to be generally insignificant on a market scale. Peter Schiff, a virulent critic of Bitcoin, also gave his opinion on the decree. According to him, the measure was taken under pressure from donors and members of the cabinet in conflict. He also described the decree as a “can” attempt to capitalize on bitcoin that the government already has. “If they grasp more bitcoin, they can also keep it. But they cannot buy more, because buying by definition requires payment, “he posted. However, despite the criticisms, some industry leaders see this decree as a key step towards the legitimization of the BTC on the world scene. “The final goal has never been that the American government buys all the bitcoin in the world,” said Ryan Rasmussen, research manager at Bitwise. Rasmussen explained that this measure will probably encourage other countries to buy bitcoin. It also expects the decree to put a certain pressure on wealth managers, financial institutions, pension funds and allocations for the adoption of the crypto. The reserve, he explained, will reduce concerns about the United States sale of its BTC assets and could pave the way for future acquisitions. He added that this also increases the probability that US states will adopt Bitcoin. Matt Hougan, CIO at Bitwise, is of the same opinion. He said that the decree could considerably reduce the probability of future bitcoin prohibitions, and added: “(the reserve) accelerates the speed to which other nations will consider establishing Bitcoin strategic reserves, as it creates a short-term window for nations to be ahead of the United States’s additional potential purchases. Analyst Nic Carter also praised the decree, which he describes as a keen campaign. He also stressed that Bitcoin had received official approval from the United States government, a distinction which is not given to other cryptos. Carter has noted that the use of taxpayers who did not help protect the initiative from negative reactions. “The announcement could not have been better,” he said. The signing of the decree took place only one day before the crypto summit organized at the White House. The Crypto community initially expected Trump to sign the Bitcoin Strategic Reserve Decree at this summit, which would then have increased the asset. However, this Thursday’s signature led to a drop in the value of the BTC. BTC course performance. Source: Beincrypto After having briefly found this level on March 5, Bitcoin finally fell under $ 90,000. At the time of writing this article, Bitcoin was negotiated at $ 87,469, accusing a 4.5 % drop in the last 24 hours. Morality of history: When donation strikes, Bitcoin Bulls tremble. Notice of non-responsibility Non-responsibility notice: In accordance with the guidelines of The Trust Project, BEINCRYPTO undertakes to provide impartial and transparent information. This article aims to provide exact and relevant information. However, we invite readers to verify the facts of their own and consult a professional before making a decision on the basis of this content.

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