The U.S. government is unlikely to begin adding Bitcoin to its strategic reserve until other countries take the lead, according to crypto entrepreneur Mike Alfred.
Speaking on a podcast released Tuesday, Alfred said the U.S. will consider placing Bitcoin into the reserve established earlier this year “when there is enough pressure externally.”
“Once the U.S. government sees that other nations are taking action first, it will likely trigger further steps on their part,” he added, noting that the timeline for any such move remains uncertain.
Pressure is mounting for the U.S. government to accelerate its Bitcoin accumulation to ensure its strategic reserve doesn’t lag behind other countries.
Mike Alfred expressed confidence that Bitcoin could reach $1 million per coin by 2033—a slightly more conservative projection than ARK Invest CEO Cathie Wood and Coinbase CEO Brian Armstrong, who anticipate seven-figure valuations as early as 2030. “By then, nearly every government will likely hold some direct or indirect exposure to Bitcoin, and it will be regarded as a standard strategic reserve asset,” Alfred said.
In March, former President Donald Trump signed an executive order directing the creation of a Strategic Bitcoin Reserve, intended to use budget-neutral methods to acquire the cryptocurrency. However, the reserve has yet to be formally implemented. In September, Galaxy Digital analyst Alex Thorn noted a “strong chance” that the U.S. could announce the formation of a Bitcoin reserve this year and officially hold BTC as a strategic asset.
Alfred also pointed out that recognition of Bitcoin by the U.S. government seemed unlikely before Trump’s executive order, but acknowledged that “significant progress” has been made in a short time.
Others are urging faster action. In June, Jan3 founder Samson Mow told Cointelegraph that the U.S. “has to start” acquiring Bitcoin this year or risk being “front-run” by nations such as Pakistan, which are also planning to build Bitcoin reserves.
