Alex Thorn, head of corporate research at Galaxy Digital, makes bold predictions that the US government will soon be able to start purchasing Bitcoin for newly established strategic preparations.
Thorne’s comments came in a recent interview and discussed the impact of the executive order on US digital asset reserves issued in March.
“At the end of last year, they predicted they would not buy Bitcoin,” Thorn explained, adding, “But the executive order made it more reasonable for them to make the actual purchase.”
The order also banned the purchase of altcoins and left individual departments in control of these assets. “We can sell Altcoin as a BTC pair and not touch the cash at all,” Thorn said, noting that the government could consider selling Altcoins it already owns to fund the purchase of Bitcoin.
According to Thorn, the relevant departments were required to report the government’s current Bitcoin holdings within 30 days of the order. The report has not been disclosed, but Thorn believes the report has already been submitted to the White House.
Treasury Secretary Carla Besson, who fueled speculation, recently called Bitcoin a “store of value.” This is an opinion reflected by supporters such as Beau Hines and David Sack who argue that the US should consider Bitcoin as a strategic asset.
Thorne also acknowledged the difficulty of maintaining budget neutrality. “There are so many claims about cash going to the Treasury, but there is a decent solution to selling altcoins that sit quietly in digital reserves.
*This is not investment advice.
