Digital asset entrepreneur Mike Alfred hinted that the United States will not begin accumulating Bitcoin (BTC) until it gets a nudge from others.
Talks around the U.S. strategic Bitcoin reserve heightened bullish activities this year, taking prices to an all-time high.
US Bitcoin Accumulation Vital To Bull Swing
The U.S. crypto reserve created this year will see inflows delayed until other jurisdictions make the first move, Alfred noted in a recent podcast. According to him, external pressure will be needed to spur the government to act.
President Trump maintains a bullish stance on Bitcoin and is keen to make the country a global capital for BTC and AI. Alfred believes this drive will make the government acquire assets once other nations come on board.
On the flip side, several commentators argue that the U.S. government should be at the forefront of accumulation, rather than waiting for rivals. This would give the treasury a head start before prices soar.
“I think we’ve made quite a bit of progress in the short period of time, it’s not as much as some of the Maxis would have wanted. We’re not buying Bitcoin in the open market yet, but my suspicion is that it would happen externally… Once the US government recognizes that others are taking action before them, that’ll probably catalyze additional action in the future.”
At press time, Bitcoin is still underwater, trading at $91,633 after two weeks characterized by macro headwinds. With Bitcoin’s price plunging 25%, it offers a good opportunity for whales to scoop up assets before a recovery.
President Trump’s positive crypto leanings led to pro-market laws and a general sentiment boost. Above all, institutional interest in digital assets surged with a similar effect in other countries.
Global authorities modeled new crypto legislation on the United States and floated the idea of strategic reserves. Although Bitcoin price faces severe macro pressure, bulls project a strong rally backed by whale accumulations.
Furthermore, Alfred expects the Bitcoin price to reach $1 million by 2033 when major governments increase their exposure to the crypto leader. This bull case is conservative compared to Coinbase’s forecast of $1 million BTC by 2030.
Both projections were based on a bullish institutional demand market earlier this year. Aside from government and corporate buys, spot Bitcoin ETFs in the United States recorded inflows from traditional firms before recent struggles.
Source: https://zycrypto.com/america-will-buy-bitcoin-only-after-this-happens/
