Digital asset entrepreneur Mike Alfred recently expressed the view that the United States will not initiate the accumulation of Bitcoin (BTC) until it sees other countries take similar actions. This perspective has emerged amidst increasing discussions surrounding a potential U.S. strategic Bitcoin reserve, which has fueled bullish sentiment in the market and driven prices to all-time highs this year.
Alfred highlighted that the anticipated inflows for the U.S. crypto reserve may be postponed until other jurisdictions make their moves. He suggested that external pressure will be crucial for the U.S. government to act decisively in this space. Notably, former President Donald Trump has articulated a bullish stance on Bitcoin, aspiring to position the United States as a leader in both Bitcoin and artificial intelligence. According to Alfred, this ambition may lead to governmental acquisition of Bitcoin once other nations begin to adopt similar strategies.
Contrarily, several analysts argue that the U.S. should take a proactive approach and not wait for other countries to lead in Bitcoin accumulation. They contend that by moving ahead, the U.S. could gain a competitive advantage and be better positioned in the crypto market as Bitcoin prices potentially escalate.
Alfred observed that considerable progress has been made in recent months, though not as extensive as some crypto enthusiasts would prefer. While the U.S. hasn’t begun buying Bitcoin on the open market, he suspects that external developments will trigger the government to act. He noted that the recognition of other nations making strides in cryptocurrency could catalyze U.S. actions in the future.
As of the latest data, Bitcoin is trading at $91,633, showing a decline of 25% over the past two weeks, attributed to prevailing macroeconomic pressures. This dip may present an opportune moment for larger investors, or “whales,” to accumulate Bitcoin assets before a potential market recovery.
President Trump’s favorable view of cryptocurrencies has fostered pro-market legislation and enhanced general sentiment around digital assets. This shift has notably spurred institutional interest in crypto, mirroring trends observed in various other countries.
Globally, authorities have taken cues from U.S. strategies in developing new cryptocurrency regulations and considering the establishment of strategic reserves. Despite the current struggles facing Bitcoin’s price, bullish investors anticipate a resurgence, especially with significant buying activity anticipated from whales.
Moreover, Alfred predicts that Bitcoin’s price could reach an impressive $1 million by 2033, contingent upon increased engagement from major governments in the cryptocurrency landscape. This outlook, though conservative, contrasts with the more ambitious $1 million target set by Coinbase for 2030, reflecting a robust underlying belief in institutional demand for Bitcoin as a primary asset. Alongside government and corporate purchases, spot Bitcoin exchange-traded funds (ETFs) in the U.S. have seen inflows from traditional firms, despite recent market challenges.
