Bitcoin (BTC) Strategic Reserve by the US Government Is \'Unrealistic\' in the Near Term: BlockTower Capital CIO

The idea of the United States government holding a Bitcoin strategic reserve may be "bullish" for its price, but is unrealistic to actually come to fruition in the near term

BlockTower Capital CIO says a US Bitcoin strategic reserve is unrealistic in the near term

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BlockTower Capital CIO: US Bitcoin strategic reserve unrealistic, but Trump might 'say' it

BlockTower CIO says a US Bitcoin strategic reserve is unrealistic in the near term.

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BlockTower Capital chief information officer Ari Paul has stated that the idea of the United States government adding Bitcoin to its strategic reserve is “bullish” for its price but “unrealistic” to come to fruition in the short term.

“I’d lay 10:1 against the US adding Bitcoin as a strategic reserve in the next 4 years,” Paul wrote in a July 18 X post.

“With that said, plausible to me that Trump might *say* it, which would be very bullish for the BTC medium time frame.”

His comments come amid discussion among traders about Bitcoin's struggle to reclaim the $65,000 price level as support in recent times.

Paul further explained that while it may be possible that the next president says they "don't intend to sell" any of the government's current Bitcoin holdings, it doesn't mean they're actually "establishing a Bitcoin Strategic Reserve."

“What counts as a declaration? An off the cuff statement by Trump? An executive order? The US gov confiscates bitcoin in an ongoing way already.”

A strategic reserve is a store of resources kept by governments for emergencies or unexpected events. For example, the US government holds the largest supply of emergency crude oil, the 'Strategic Petroleum Reserve' which is held to reduce the effects of potential oil supply problems.

Social media has been abuzz with speculation that Trump will make an announcement on Bitcoin at this year's Bitcoin 2024 conference in Nashville.

“Getting more & more confirmations that these rumours maybe true. Trump to announce a USA Bitcoin strategic reserve in Nashville,” BnkToTheFuture founder Simon Dixon wrote in a July 18 X post.

Related: Bitcoin ‘real bull run’ out of reach as retail demand metric hits 3-year low

“People don’t believe the USA could implement a Bitcoin Strategic Reserve but at this point it is inevitable,” Satoshi Act Fund CEO and co-founder Dennis Porter stated in a post on the same day.

“Everyone should have a Bitcoin strategic reserve. You. Your family. Your business. Your city. Your state. Your country. Everyone,” Satoshi Nakamoto Institute president Michael Goldstein aka "Bitstein" added.

The discussion comes after entrepreneur and investor Mark Cuban recently speculated that geopolitical instability and inflationary pressures may propel Bitcoin to become a global reserve asset.

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