The US government is unlikely to start hoarding Bitcoin for its strategic reserve until other countries take the first step, crypto entrepreneur Mike Alfred said.
Alfred said in a podcast Published on Tuesday the US government will begin putting Bitcoin (BTC) to the reserve it created earlier this year “when there is enough external pressure.”
“When the United States government recognizes that others are acting before them, perhaps that will catalyze further action in the future,” he said, adding that the timeline for US government action is up in the air.
This comes as other business executives are pushing for the US government to increase the pace of Bitcoin accumulation to avoid the size of the stockpile falling behind other countries.
Most governments will have bitcoin when worth $1 million
Alfred said he is confident Bitcoin will be worth $1 million a coin by 2033, a more conservative estimate compared to Ark Invest CEO Cathie Wood and Coinbase CEO Brian Armstrong, who expect Bitcoin to be worth seven-figures as early as 2030.
“I think in time, almost every government will have direct or indirect exposure to property, and will look at it as a very common strategic type of property,” Alfred said.
US President Donald Trump signed an executive order in March directing the creation of a strategic bitcoin reserve that will use non-budgetary means to accumulate the cryptocurrency, but the plan has not yet been formally established.
In September, Galaxy Digital Analyst Alex Thorn It said there is a “strong chance” the US will announce this year that it has formed a Bitcoin reserve and is “formally holding BTC as a strategic asset.”
US government risks “front-run,” says Bitcoiner
Alfred added that “it seems impossible that the government will recognize Bitcoin before Trump.”
Related: Bitcoin sinks below $90k: bitmine, bitwise execs tip bottom this week
“I think we’ve made some progress in a short period of time,” he said.
Others are urging the government to move faster. Jan3 founder Samson Mow told Cointelegraph in June That the US “needs to start” acquiring Bitcoin this year or risk being “front-run” by countries like Pakistan, which are also planning to acquire Bitcoin.
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