Donald Trump’s move toward establishing a strategic crypto reserve in the US is likely to set off a global Bitcoin buying spree, according to Matt Hougan, Chief Investment Officer at Bitwise.
On Tuesday, Hougan argued that regardless of the reserve’s final composition, it will underscore Bitcoin’s status as “a globally important monetary asset.”
“It feels like a game-changer to me,” he wrote in a memo on Tuesday, suggesting that the creation of a US reserve could be the catalyst for a Bitcoin arms race.
“If you are Honduras, Mexico, or Guatemala, and you’re observing El Salvador and now the US acquiring Bitcoin, can you really afford to stay at zero?” Hougan questioned. “If you’re in Dubai, Qatar, or Saudi Arabia, are you comfortable with Abu Dhabi and the US taking the lead? What about Russia? China?”
Given Bitcoin’s limited supply, Hougan believes that the anticipated surge in global purchasing could drive its price to new heights.
