BlockTower Capital\'s Ari Paul Thinks US Government Holding Bitcoin Strategic Reserve Is Unlikely to Happen Soon
- WBOYOriginal
- 2024-07-20 21:59:51929browse
Ari Paul, chief information officer at BlockTower Capital, believes the idea of the US government holding a Bitcoin strategic reserve is unlikely to happen soon.
BlockTower Capital chief information officer Ari Paul believes the US government is unlikely to establish a Bitcoin strategic reserve anytime soon.
Paul shared his thoughts in a July 18 post on X, stating, “I’d lay 10:1 against the US adding Bitcoin as a strategic reserve in the next four years.”
The BlockTower Capital exec noted that while former President Donald Trump might discuss the matter, its actual implementation is far-fetched. However, he added that such a statement from Trump could boost Bitcoin’s (BTC) price in the medium term.
“Plausible to me that Trump might say it, which would be very bullish for the BTC medium time frame,” Paul noted.
The BlockTower exec clarified that even if the next president announces they won’t sell the government’s current Bitcoin holdings, it doesn’t necessarily mean they’re establishing a strategic reserve. He questioned what counts as an official declaration, adding, “An off-the-cuff statement by Trump? An executive order?”
Governments typically maintain strategic reserves of essential resources for use in emergencies. For example, the US maintains the world’s largest emergency crude oil supply, known as the Strategic Petroleum Reserve, to counter potential oil shortages.
Paul’s comments come amid speculation that Trump might announce plans to make Bitcoin a strategic reserve if re-elected. Earlier on July 18, Simon Dixon, founder of BnkToTheFuture, hinted at this possibility in a post, stating, “Trump to announce a USA Bitcoin strategic reserve in Nashville.”
Related: Trump to Announce Bitcoin as USA Strategic Reserve Asset at Conference?
Echoing this sentiment, Dennis Porter, CEO of the Satoshi Act Fund, suggested that the implementation of a Bitcoin strategic reserve is “inevitable.” Meanwhile, Michael Goldstein, president of the Satoshi Nakamoto Institute, added, “Everyone should have a Bitcoin strategic reserve. You. Your family. Your business. Your city. Your state. Your country. Everyone.”
These discussions follow entrepreneur Mark Cuban’s speculation that geopolitical instability and inflationary pressures might propel Bitcoin to become a global reserve asset.
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