Crypto entrepreneur Mike Alfred says the U.S. government is unlikely to start accumulating Bitcoin as a strategic reserve until other countries take first action.
Alfred said in a podcast published Tuesday that the U.S. government will begin putting Bitcoin (BTC) into the reserve created earlier this year “if there is sufficient external pressure.”
“If the U.S. government recognizes that other countries are taking action first, that could be a trigger for further action in the future,” he said, adding that the U.S. government's timeline for action is up in the air.
Mike Alfred speaks on the Coin Stories podcast released Tuesday. sauce: Natalie Brunel
The move comes as other industry executives are calling on the U.S. government to accelerate the pace of Bitcoin accumulation so that the stockpile size keeps pace with other countries.
Most governments will own $1 million worth of Bitcoin.
Alfred said he believes Bitcoin will be worth $1 million per coin by 2033, a more conservative estimate compared to ARK Invest CEO Cathie Wood and Coinbase CEO Brian Armstrong, who both predict Bitcoin will be worth seven digits by 2030 at the earliest.
“I think by the time that happens, almost every government will have some exposure to this asset, directly or indirectly, and it will be seen as a type of common strategic reserve asset,” Alfred said.
US President Donald Trump signed an executive order in March directing the creation of a Strategic Bitcoin Reserve to accumulate cryptocurrencies in a budget-neutral manner, but the plan has not yet been formalized.
Alex Thorne, an analyst at Galaxy Digital, said in September that it is “likely” that the United States will announce this year that it will form a Bitcoin reserve and “officially hold BTC as a strategic asset.”
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“Before President Trump, it seemed impossible for the government to even recognize Bitcoin,” Alfred added.
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“I think we’ve made a lot of progress in a short period of time,” he said.
Some are calling for the government to act even faster. Jan3 founder Samson Mo told Cointelegraph in June that the United States “must start” acquiring Bitcoin this year or risks being “taken in the lead” by countries like Pakistan that also plan to acquire Bitcoin.
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