Outside Source
Richard Byworth, managing partner at alternatives investment firm Syz Capital, says the United States’ creation of a strategic Bitcoin reserve is historic for the entire crypto market.
According to Byworth, President Donald Trump’s signing of the executive order that established a strategic Bitcoin (BTC) reserve is “a seminal moment” for the crypto industry. The investment manager noted this during an interview with CNBC’s Squawk Box on Monday, Mar. 10.
His comments follow last week’s inaugural crypto summit at the White House, a key event for crypto and especially for Bitcoin.
“The fact that the United States is getting to the point of understanding that they need to create a strategic reserve in this asset to maintain their position as the number one currency, and also to make sure that they are well positioned for future assets, is very significant,” he noted.
Byworth highlighted the significance of the U.S. taking the lead, as opposed to the expectation that smaller countries would make such a move first. He mentioned El Salvador, the first country in the world to adopt Bitcoin as legal tender. A lot has changed for El Salvador since then, including recent developments involving the International Monetary Fund.
But the U.S. is a global powerhouse, and its creation of a strategic Bitcoin reserve is a major statement. In Byworth’s opinion, the next key step is for the U.S. to take a non-partisan approach to the topic.
If this happens and heralds further policy shifts and anchoring into law, it could be a cascade of positive moves across the globe. Nothing stops other countries from following suit and creating their own strategic Bitcoin or crypto reserves, he said.
U.S. to sell crypto stockpile to buy BTC?
Although some experts have argued that an SBR won’t be enough to make America the world’s crypto capital, Byworth stated that the development is bullish for BTC and the broader ecosystem.
“The market has been a little, you know, disappointed with whether or not the government will go ahead and buy Bitcoin. But this ‘budget neutral’ statement that they have made – that they will acquire more Bitcoin in a budget neutral way – is important as well because it does open the door to a number of different potential ways to acquire more Bitcoin.”
One of these budget-neutral ways to buy BTC could involve offloading assets in the envisioned crypto stockpile.
In his earlier remarks on the crypto reserve, Trump had named top altcoins including XRP, Solana and Cardano. These assets will now form part of the stockpile, which the Syz Capital exec says could be sold to offer funds for accumulating more BTC.
This article first appeared at crypto.news
