While some of the numbers in the cryptometer appreciated this decree, others remain skeptical and claim that the initiative is almost more than rebranding of existing government assets, without a new strategy.
Donald Trump signs a Decree for Strategic Reserve on Bitcoins
The Decree shall order the Ministry of Finance of the United States to initially fund the Bitcoins strategic reserve with BTC confiscated by the confiscations of criminal and civic assets. The administration promised that it would not sell these assets.
“Bitcoin, the original crypto, is called” digital gold “because of his rarity and security because he has never been attacked. With a fixed offer of 21 million units, there is a strategic advantage to be among the first nations to create a bitcoin strategic reserve, ”says the decree.
According to Arkham Intelligence data, the US government has 198 109 BTCs worth $ 17.5 billion at current market prices in its public portfolios.
Despite this important, David Sacks, IA and crypto consultants in the White House, noted that the complete audit of the government’s digital assets has never been carried out. The new Decree on Executive Decree imposes this report.
“Early Bitcoin sales have already cost taxpayers more than $ 17 billion in lost value. From now on, the federal government will have a strategy that maximizes the value of its assets, ”he wrote.
It also allows neutral budget strategies to get additional bitcoins. Criticism, however, claims that this reserve lacks a substance.
The sector experts are shared
Jacob King, founder of Whalewire, criticized the recent attention of this reserve.
“In fact, it existed for more than ten years; They only calmed down the pompous title to calm the bitcoiners, ”he noted.
The king also stressed that the reserve would not mean any new purchase of bitcoins. It therefore believes that this initiative will prove to be generally insignificant on a market scale.
Peter Schiff, a virulent critic of Bitcoin, also expressed his opinion on the decree. According to him, the measure was supported under pressure from donors and members of the cabinet in conflict.
He also described the regulation as an attempt to “make a can” earn on bitcoins that the government already has.
“If they understand more bitcoins, they can also keep it.” However, they cannot buy more because the purchase requires payment by definition, ”he said.
Despite criticism, however, some industry leaders consider this decree a key step towards legitimizing BTC on the world scene.
“The ultimate goal has never been that the US government is buying all bitcoins in the world,” said Ryan Rasmussen, a research manager.
Rasmussen explained that this measure is likely to encourage other countries to buy bitcoins. It also expects the decree to exert some pressure on wealth managers, financial institutions, pension funds and allocation on the adoption of crypto.
The reserve, explained, will reduce concerns about the sale of its BTC of the United States and can prepare a way for future acquisitions. He added that it also increases the likelihood of US states to accept bitcoins.
Matt Hougan, Cio Bitwise, has the same opinion. He said the decree could significantly reduce the likelihood of future bitcoin bans and added:
“(Reserve) speeds up speed at which other nations will plan to set up bitcoin strategic reserves because it creates a short -term window for further potential purchases of the United States. »»
The analyst Nic Carter also appreciated the decree described as a zealous campaign. He also stressed that Bitcoin received official consent from the United States government, a distinction that is not due to other crypts. Carter 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 trough crypt in the White House. Initially, the Krypto community expected Trump to sign the Bitcoin Strategic Reserve Regulation, which would then increase the asset. However, this Thursday signature led to a decrease in the BTC value.
After briefly found this level on March 5, Bitcoin finally fell below $ 90,000. At the time of writing this article, Bitcoin was negotiated for $ 87,469, accusing a 4.5 % drop in the last 24 hours.
Morality of History: When donated, bitcoin bulls are trembling.
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