US Government Not Buying More Bitcoin

According to Galaxy Digital's research division, the US government will not purchase Bitcoin in 2025, but it will protect its current supply.

The US government will not purchase more Bitcoin in 2025, but it will protect its current supply, according to Galaxy Digital’s research division.

“In 2025, the US government will not buy Bitcoin,” stated Alex Thorn, the head of Galaxy Research, in a Dec 27 Report.

The US government will instead use the Bitcoin it currently owns to build up a stockpile while talks on a reserve policy for the cryptocurrency continue.

Thorn stated there would be some movement among the departments and agencies to look into a more expansive Bitcoin reserve policy

The proposed Bitcoin Act 2024 by Senator Cynthia Lummis of Wyoming, if approved, would allow the US government to add Bitcoin as a reserve asset to its treasury by purchasing 200,000 BTC every five years, resulting in a total of one million Bitcoin that would hold for at least 20 years.

There is a chance that up to five nation-states and five Nasdaq 100 companies will include Bitcoin in their sovereign wealth funds or balance sheet.

The US government owns 183,850 Bitcoin, valued at approximately $17.36 billion, spread across several known addresses.

Shigeru Ishiba, the prime minister of Japan, stated that he does not fully comprehend the “movements” being made by nations such as the United States and others to adopt Bitcoin reserves. “The government finds it challenging to voice its opinions,” Ishiba stated.

Changpeng “CZ” Zhao, Binance founder, stated that China would be among the nations to establish a strategic Bitcoin reserve.  Although the shift might occur gradually, Zhao highlighted that  “smaller countries” would probably be the first to adopt a Bitcoin reserve.