The United States is expected to recognize Bitcoin 
$104,641 as an official reserve asset and create a strategic reserve. This move is anticipated to have significant repercussions in the digital asset market. Matthew Sigel, the head of digital asset research at VanEck, supports this plan, indicating that the existing legal framework is sufficient for such a step.
VanEck and Congressional Initiatives
Matthew Sigel from VanEck stated that the U.S. could reclassify its approximately 200,000 Bitcoins to establish a strategic reserve. He pointed out that there is no need for a special law from Congress to take this step; it is possible through an executive order. Sigel highlighted that the idea of a reserve is not complicated in practice.
In July 2023, Wyoming Senator Cynthia Lummis announced plans to propose a bill for creating a Bitcoin reserve to support the dollar amid the U.S. debt crisis. This bill aims to add a total of one million Bitcoins to the reserves within five years.
State and Federal Approaches
The idea of establishing a Bitcoin reserve is gaining support at both the federal and state levels. The Texas House of Representatives has introduced a bill for setting up a strategic Bitcoin reserve in the state treasury. Similarly, Florida and Pennsylvania may take steps in this direction.
Republican presidential candidate Donald Trump supports the cessation of Bitcoin sales and holding it as a strategic asset. This plan has been evaluated by the market prediction platform Polymarket, which indicated a 41% likelihood of implementation within the first 100 days.
The recognition of Bitcoin as a reserve asset by the U.S. is seen as a significant step towards strengthening the role of digital currencies in the financial system. Experts indicate that these initiatives could have long-term effects on the markets.
