According to the analysts at Bernstein, the USA crypto task force will focus on the initiation of a national reserve in Bitcoin.
This is reported by Forbes citing a report by Bernstein analysts led by Gautam Chhugani.
The USA crypto task force
In the USA there are several crypto task forces.
The first is that of the SEC, chaired by Hester Peirce, which is responsible for clarifying the application of federal securities laws to the cryptocurrency market, and for recommending practical policy measures aimed at promoting innovation and protecting investors.
This is in fact a purely technical task force.
Then there is the working group created by Trump, chaired by the “crypto czar” David Sacks. Technically, this is not a technical task force, but a political working group to which the new president has given the task of assessing the feasibility and opportunity of establishing a strategic reserve in Bitcoin.
Although it is not very clear from the Forbes article which crypto task force is being referred to, it seems unlikely that it refers to the SEC’s technical task force, while it seems much more likely that it refers to the political working group chaired by the crypto czar.
The strategic reserve in Bitcoin
In reality, it was already known that Trump had tasked that political working group with analyzing the feasibility and opportunity of establishing a strategic reserve in Bitcoin.
What was not known is that it would focus precisely on this point.
But the report by Bernstein also adds other interesting details.
They write:
“The creation of a reserve in Bitcoin in the United States could trigger a global race among sovereigns to purchase bitcoin as one of the reserve assets”.
The fact is that this race seems to have already started.
In fact, in many US states, bills have already been proposed to establish local reserves in BTC. Furthermore, it appears that there have already been some sovereign funds that have purchased Bitcoin.
Last week, for example, it was revealed that the sovereign fund of Abu Dhabi invested 436.9 million dollars in BlackRock’s spot Bitcoin ETF. Furthermore, it is known that the sovereign fund of Bhutan also owns BTC, although it did not buy them but mined them.
Then there is always El Salvador, which by consistently buying small amounts of BTC has managed to own more than 6,000 (compared to Bhutan’s 10,000).
Furthermore, one must not forget that the USA itself actually already possesses almost 200,000 Bitcoin, derived from judicial seizures and theoretically destined for sale. China seems to possess another 190,000, also derived from judicial seizures and theoretically destined for sale.
In addition to all this, it should not be forgotten that in recent months there have been rumors that some mutual funds are secretly purchasing BTC.
The work of the USA crypto task force
The political working group on crypto established by Trump is moving forward swiftly.
In fact, last week the same Sacks wrote on his X profile that important announcements will soon arrive, after confirming that the Trump administration was evaluating the feasibility of a national reserve in Bitcoin, similar to the United States’ oil and gold reserves.
Everything suggests, therefore, that not only is this a priority for the Trumo administration, but that they are already preparing to say something publicly soon.
According to Bernstein, even the U.S. central bank (the Federal Reserve) could issue debt or sell part of its gold reserves to finance the purchases of cryptocurrencies. However, this hypothesis has already been dismissed from the start by the Fed’s own chairman Jerome Powell, although it seems it could be one of the hypotheses on which the crypto task force is working.
Alternatively, the report by Bernstein suggests that the US government could use the other funds seized from criminals to purchase additional BTC and hold them in reserve.
The impact on Bitcoin
According to the analysts at Bernstein, in light of all this, investors should position themselves on Bitcoin and on stocks linked to Bitcoin for the next bull market phase.
In fact, there are many who argue that a potential announcement by the Trump administration regarding the establishment of a national strategic reserve in BTC could positively impact its price.
Moreover, the USA already has 198,000 BTC (about 19 billion dollars) in their possession, which they could simply decide not to sell and to keep as a reserve.
It could therefore be likely that, as promised during the election campaign, the Trump administration will indeed establish a national reserve in BTC, and do so shortly. Subsequently, there would be time to possibly establish new policies for purchasing additional BTC.
