According to Bloomberg, there is just a 30% chance of the U.S. federal government overhauling its strategic reserve strategy and buying Bitcoin this year.
On the off-chance that the U.S. does make such a move, it could buy Bitcoin with the help of funds from the Exchange Stabilization Fund (ESF), according to Bloomberg. The ESF is usually used for foreign reserve intervention.
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Bloomberg does not see Congress approving any BTC buying within the next two years. Thus, the Bitcoin reserve momentum is expected to slow to a crawl this year.
All sizzle, no steak
As reported by U.Today, the U.S. officially created a Bitcoin reserve via an executive order on March 6.
Even though the EO was a watershed moment for Bitcoin when it came to legitimizing the fledging cryptocurrency, it failed to live up to some lofty expectations. In fact, it resulted in a painful Bitcoin price drop. The leading cryptocurrency is now down by 7% since the day the EO was signed.
The Bitcoin reserve will hold the coins forfeited by the government. Some members of the community have criticized the government for not actually buying BTC. In fact, some opined that the "reserve" is just a fancy new name for coins that the U.S. already owns.
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Pro-crypto Treasury Secretary Scott Bessent told CNBC earlier this month that stopping Bitcoin selling would be the first step. He also did not rule out that the U.S. government could actually start buying Bitcoin for the reserve.
The total Bitcoin holdings of the U.S. government are not public, but they are estimated to be close to 200,000.
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