Cryptocurrency analyst James Van Straten expressed skepticism on Thursday over the immediate announcement of a Bitcoin BTC/USD strategic reserve on Day 1 of Donald Trump’s office.
What Happened: Van Straten ruled out the possibility of Trump issuing an executive order establishing a Bitcoin reserve, contrary to previous reports.
“I don’t see Donald Trump announcing a BTC reserve via an executive order on Day 1 or in the near term,” he wrote on X.
Van Straten added that Trump, who is pro-Bitcoin, would likely buy in the background instead of making a public announcement. “No advantage announcing to the world about a BTC reserve as the price will just run away from him. He will just buy in the background.”
I don’t see Donald Trump announcing a $BTC reserve via an executive order on Day 1 or in the near-term.
He is already pro BTC.
No advantage announcing to the world about a $BTC reserve as the price will just run away from him. He will just buy in the background.
Most likely,…
— James Van Straten (@btcjvs) January 2, 2025
The most likely scenario was Trump restricting the sale of the seized Bitcoins held by the U.S. government, Van Straten said.
As of this writing, the government holds 198,109 Bitcoins in asset forfeiture funds, according to analytics firm Arkham Intelligence.
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Why It Matters: Van Straten’s views aligned with those of analysts with whom Benzinga spoke recently.
Johnny Gabriele, Head Analyst of Blockchain Economics and AI Integration at The Lifted Initiative, said that his money was on the U.S. not selling the Bitcoin it currently has and calling that Bitcoin strategic reserve.
These opinions come in the wake of speculation that Trump might create a national Bitcoin stockpile as promised in his election campaign.
Trump has vowed to “do something great with crypto” when he was asked about a strategic reserve consisting of the leading cryptocurrency.
A bill has already been proposed by Sen. Cynthia Lummis (R-Wy.), also called the BITCOIN Act, which advocates the purchase of 1 million Bitcoin over five years by the Treasury Department, with no selling or auctioning for a minimum of 20 years.
Price Action: At the time of writing, Bitcoin was exchanging hands at $97,181.82, up 2.46% in the last 24 hours, according to data from Benzinga Pro.
Image via Flickr
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