Arthur Hayes Doubts the United States Will Add More Bitcoin to Its Reserves

BitMEX co-founder Arthur Hayes has expressed doubt that the United States will add more Bitcoin to its reserves, despite recent moves to create a strategic Bitcoin stockpile.

BitMEX co-founder Arthur Hayes has expressed skepticism that the United States will add to its Bitcoin reserves, despite recent moves to create a strategic Bitcoin stockpile.

During a May 1 interview, Hayes pointed out that with the U.S. already holding 198,012 Bitcoin, which is currently valued at over $18 billion, it's unlikely the country will increase its holdings.

"The United States is a deficit country," Hayes explained. "The only way they can do a Strategic Reserve is by not selling the Bitcoin they've already seized."

He also downplayed the possibility of the U.S. government openly purchasing Bitcoin, noting the difficulties any elected official would face in announcing such plans. Hayes highlighted the stereotype of "Bitcoin bros" and questioned whether that's the image the U.S. would want to portray.

In March, President Donald Trump signed an executive order to establish a Bitcoin reserve, which is largely composed of Bitcoins confiscated from criminals.

Hayes' skepticism is shared by other crypto leaders, such as Sergej Kunz, the co-founder of 1inch, who mentioned that if the U.S. starts purchasing Bitcoin, other countries will quickly follow suit, leading to a collective rush for the asset.

Moreover, Hayes remains optimistic about Bitcoin's dominance over altcoins. He anticipates the same pattern of Bitcoin entering altcoin season in 2021, which could further boost BTC's dominance to 70%. Currently, Bitcoin's dominance stands at 64.78%, having risen steadily since the beginning of the year.