Cryptocurrency entrepreneur Mike Alfred stated that the U.S. government is unlikely to start accumulating Bitcoin for its strategic reserves before other countries take action.
Alfred mentioned in a podcast released on Tuesday that the U.S. government will begin incorporating Bitcoin (BTC) into the reserves created earlier this year when "external pressure is significant enough."
"Once the U.S. government realizes that other countries are taking action before them, this could catalyze further action in the future," he said, adding that the timeline for the U.S. government's actions remains uncertain.
Meanwhile, other industry executives have been urging the U.S. government to accelerate its Bitcoin accumulation to avoid falling behind other countries in reserve size.
Alfred expressed confidence that Bitcoin's value will reach $1 million per coin by 2033, which he considers a relatively conservative estimate, compared to ARK Invest CEO Cathie Wood and Coinbase CEO Brian Armstrong, who expect Bitcoin to reach seven figures as early as 2030.
"I believe that by then, almost every government will hold this asset directly or indirectly, and it will be seen as a common type of strategic reserve asset," Alfred said.
U.S. President Donald Trump signed an executive order in March directing the creation of a strategic Bitcoin reserve, which would accumulate the cryptocurrency in a budget-neutral manner, but the plan has not yet been formally established.
In September, Galaxy Digital analyst Alex Thorn stated that the U.S. is "very likely" to announce the formation of a Bitcoin reserve this year and "officially hold BTC as a strategic asset."
Alfred added, "Before Trump, it seemed impossible for the government to even acknowledge Bitcoin."
"I think we've made significant progress in a short time," he said.
Others have urged the government to act more quickly. Jan3 founder Samson Mow told Cointelegraph in June that the U.S. "must start acquiring Bitcoin this year, or it risks being 'outpaced' by countries like Pakistan that have similar plans to acquire Bitcoin."
Related: El Salvador's latest $100 million Bitcoin (BTC) purchase reignites IMF agreement-related concerns
Original article: “Mike Alfred: The U.S. Won't Start Bitcoin (BTC) Reserves Until Other Countries Do”
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