Zinger Key Points
- Despite discussions at the Crypto Czar meeting about creating a strategic Bitcoin reserve, betting odds declined.
- Amid the speculation, Michael Saylor teased a ‘Big Strategy Day’ in a cryptic tweet.
- Brand New Membership Level: Benzinga Trade Alerts
A strategic Bitcoin BTC/USD reserve remains a topic of discussion after ‘Crypto Czar’ David Sacks on Tuesday announced it would be one of the digital assets committee’s first priorities.
What Happened: Despite the announcement the odds of a reserve being implemented in 2025 have dropped from a peak of 68.5% in January to 58% on prediction market site Kalshi.
At the press conference, Sacks further stated that a possible inclusion of Bitcoin in the newly-incepted sovereign wealth fund would fall under the responsibility of the soon-to-be Secretary of Commerce Howard Lutnick.
Amid this ongoing debate, MicroStrategy MSTR executive chairman Michael Saylor stirred excitement, tweeting about a “Big Strategy Day” on Wednesday.
Coinvo, a Bitcoin investor and trader, emphasized that strategic Bitcoin reserves are being established globally, suggesting the U.S. could just be at the beginning of a larger trend.
Also Read: Could The Trump-Established Sovereign Wealth Fund Invest In Bitcoin, Nvidia, TikTok?
Why It Matters: Crypto trader OSF noted that many expected a U.S. Bitcoin reserve to be announced immediately after Trump's inauguration, leading to instant Bitcoin purchases.
When this didn't occur, speculation turned to David Sacks, who has stressed the need for thorough research.
OSF argues that this short-term speculation has created market volatility, benefiting savvy, patient investors who can capitalize on others' impatience.
He notes that government actions take time, and traders should brace for a prolonged period of volatility.
The Bitcoin Therapist highlighted the irony that while 99% of people and institutions lack Bitcoin exposure, the U.S. government is considering a strategic Bitcoin reserve.
He sees this as the start of a massive financial transformation, underscoring the misunderstanding and undervaluation of Bitcoin.
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