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BlockTower Capital: Unlikely US Will Establish Bitcoin Strategic Reserve by 2028
🔑📜Key Points:
Ari Paul’s Prediction:
- Ari Paul, CIO of BlockTower Capital, assigns "10:1" odds against the US creating a Bitcoin strategic reserve within the next four years. He views this as an unrealistic near-term development.
Potential Political Statements:
- While Paul acknowledges the possibility of political figures, such as Donald Trump, making bullish statements about Bitcoin, he clarifies that these do not constitute the creation of a strategic reserve.
Understanding Strategic Reserves:
- Strategic reserves are government stockpiles of essential resources for emergencies, similar to the US Strategic Petroleum Reserve. Currently, the US confiscates Bitcoin but hasn’t indicated plans to formalize it as a strategic reserve.
Social Media Speculation:
- Speculation is rife on social media about Trump potentially announcing a Bitcoin strategic reserve if he wins the upcoming election, particularly at the Bitcoin 2024 conference in Nashville.
- Simon Dixon and Dennis Porter are among those fueling the rumors, suggesting that a strategic reserve is inevitable.
Industry Reactions:
- Michael Goldstein of the Satoshi Nakamoto Institute supports the idea of widespread Bitcoin reserves, advocating for personal, business, and governmental adoption.
- Mark Cuban has speculated that geopolitical instability and inflationary pressures might drive Bitcoin to become a global reserve asset.
Market Impact:
- Despite current challenges in reclaiming the $65,000 price level, such high-profile endorsements and discussions could positively influence Bitcoin's medium-term outlook.
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