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Galaxy Research is of the belief there will be “some movement” within US government departments in 2025 to explore an “expanded Bitcoin reserve policy.”
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Galaxy Digital’s research division predicts that the United States government will not buy any Bitcoin in 2025 but will safeguard its existing supply.
“The US government will not purchase Bitcoin in 2025,” Galaxy Research head of research Alex Thorn said in a Dec. 27 report. Thorn said that instead, the US government will create a stockpile using Bitcoin (BTC), which it already holds, while discussions on a Bitcoin reserve policy will continue.
US government will explore Bitcoin reserve policy
“There will be some movement within the departments and agencies to examine an expanded Bitcoin reserve policy,” Thorn said.
According to Spot on Chain, the US government holds 183,850 BTC worth around $17.36 billion across various known addresses.
The US government has around 183.85K Bitcoin spread across 36 known addresses. Source: Spot On Chain
Iliya Kalchev, dispatch analyst from crypto lender Nexo, believes “the Bitcoin Reserve Act could be a landmark moment for Bitcoin signaling its “recognition as a legitimate global financial instrument.”
Another Galaxy analyst, “JW,” said there is a possibility that up to five Nasdaq 100 companies and five nation states may add Bitcoin to their balance sheets or sovereign wealth funds.
A stronger US stance on Bitcoin adoption could trigger a race to mine or acquire Bitcoin among nation states, according to JW:
“Competition among nation states, particularly unaligned nations, those with large sovereign wealth funds, or even those adversarial to the United States, will drive the adoption of strategies to mine or otherwise acquire Bitcoin.”
Other countries may wait to see US move on Bitcoin
On Dec. 26, Japan’s Prime Minister Shigeru Ishiba said he does not have enough understanding of “movements” by countries like the US and others regarding adopting Bitcoin reserves.
“It is difficult for the government to express its views,” Ishiba said.
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Meanwhile, former Binance CEO Changpeng “CZ” Zhao said China would be one of the countries that adopt a strategic Bitcoin reserve.
At the Bitcoin MENA conference in Abu Dhabi on Dec. 9, Zhao said he believed “smaller countries” would likely be the first to adopt a Bitcoin reserve, but the change could happen slowly.
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This article first appeared at Cointelegraph.com News
