US President Donald Trump signed an executive order last March establishing a Strategic Bitcoin Reserve in the US.
While the US is actively seeking ways to acquire Bitcoin (BTC), cryptocurrency entrepreneur Mike Alfred said that the US will not stockpile BTC unless sufficiently pressured by other countries.
At this point, Mike Alfred argued that the US government will start purchasing Bitcoin for its strategic reserve when there is “sufficient pressure from outside, that is, from other countries.”
Speaking on the Coin Stories podcast, Alfred stated that the US will only start building BTC reserves when sufficient external pressure is applied.
Stating that other countries need to start purchasing BTC for the Bitcoin reserve, Alfred said that the US will have no choice but to react to this, but that it is difficult to predict the exact timing of such purchases.
“Despite announcing a strategic Bitcoin reserve plan earlier this year, there has been no active buying yet.
Once the U.S. government realizes that others have acted before it, this will likely trigger additional actions in the future.
The catalyst for the US will be the point where it sees other countries starting to accumulate before them.”
Alfred also stated that Bitcoin could reach $1 million by 2033, by which time most countries will hold Bitcoin directly or indirectly.
Things to Know About Bitcoin Reserve!
Donald Trump announced his plan to create a ‘Strategic Bitcoin Reserve’ with the executive order he signed last March.
White House cryptocurrency advisor David Sacks, who later revealed details about the Bitcoin reserve, stated that the reserve would be funded by Bitcoins seized by the government through criminal or civil asset forfeiture, and therefore would not impose any additional cost on taxpayers.
But Trump also ordered Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick to investigate how the country could finance additional Bitcoin purchases without costing taxpayers a penny.
However, the reserve system has not yet been officially launched. Galaxy Digital analyst Alex Sohn recently said that the US could formalize its Bitcoin reserves as early as this year.
*This is not investment advice.