Galaxy Digital's research department predicts that the U.S. government will not buy Bitcoin in 2025 but will protect its existing supply.
“The U.S. government will not buy Bitcoin in 2025,” Alex Thorn, head of research at Galaxy Research, stated in a report on December 27. Thorn mentioned that instead, the U.S. government will hoard the Bitcoin (BTC) it already owns, while discussions about Bitcoin reserve policy will continue.
The U.S. government will explore Bitcoin reserve policy.
There will be movements within departments and agencies to consider an expanded Bitcoin reserve policy,” Thorn said.
According to Spot on Chain, the U.S. government currently holds 183,850 BTC, worth about $17.36 billion, across multiple known addresses.
The U.S. government has approximately 183.85K Bitcoin distributed across 36 known addresses. Source: Spot On Chain
Iliya Kalchev, an analyst from the cryptocurrency lending company Nexo, believes that the “Bitcoin Reserve Act could mark a significant moment for Bitcoin, signaling its recognition as a legitimate global financial instrument.”
Another analyst from Galaxy, “JW,” stated that up to five companies in the Nasdaq 100 and five countries may add Bitcoin to their balance sheets or sovereign wealth funds.
A stronger U.S. stance on Bitcoin acceptance could trigger a race to seek or buy Bitcoin among countries, according to JW.
“Competition among nations, especially non-aligned countries, those with large sovereign wealth funds, or even countries that oppose the U.S., will drive the adoption of strategies to mine or buy Bitcoin.”
Other countries may wait for the U.S. move on Bitcoin.
On December 26, Japanese Prime Minister Shigeru Ishiba stated that he does not have enough understanding of the “movements” of countries like the U.S. and others regarding Bitcoin reserve acceptance.
“It is very difficult for the government to express its stance,” Ishiba said.
Meanwhile, former Binance CEO Changpeng “CZ” Zhao said that China will be one of the countries to adopt strategic Bitcoin reserves.
At the Bitcoin MENA conference in Abu Dhabi on December 9, Zhao said he believes that “smaller countries” are likely to be the first to adopt Bitcoin reserves, but the change may occur slowly.