- White House says gold reserves may be used to buy Bitcoin.
- If this is true, it could mark a huge milestone for BTC.
- It could also trigger heavily bullish expectations for the pioneer crypto asset.
The US government has been hinting at buying and accumulating the pioneer asset, Bitcoin (BTC), since Trump’s administration took office. Most recently, the word is that the White House says gold reserves may be used to buy Bitcoin (BTC). If this is true, then the US could be making a strategic and possibly high-risk move towards crypto adoption that could change the crypto space as we know it.
White House Says Gold Reserves May Be Used to Buy Bitcoin (BTC)
The crypto market has been going through a rough phase for the past few weeks. This is because the crypto community is currently torn between expecting bullish and bearish reactions for the crypto market. At the moment, expectations are high for the price of BTC to complete its correction phase and go on to set a new ATH price target. On the other hand, a few analysts expect the price of BTC to crash, marking the end of the ongoing bull cycle.
According to this analyst, the crypto market is fully over-leveraged and is set for a strong and long downside move. So, while most of the crypto market is expecting an explosive Q4, this analyst believes that the price of BTC has already hit its bull cycle top price and expects the market to turn bearish soon. In contrast, the rest of the crypto community believes that all signs are pointing to an explosive altseason instead.
One of the biggest reasons for the crypto market to be bullish on Bitcoin and the entire crypto market in general is due to the increased BTC and ETH accumulation being practiced by treasuries, governments, and financial institutions. This showcases how much faith these reputed financial experts have in the future value for these aspects, marking long-term price pump expectations.
Is the Crypto Bull Cycle Coming to an End?
Another reason comes from the many strides being made to ensure the success of the crypto community by the current US President, Donald J. Trump. Since before he took office, Trump has had a strong pro-crypto campaign, where he made several promises, including firing Gary Gensler, the former SEC Chair, and setting up a strategic US crypto reserve. So far, he has kept these promises and even raised the bar.
Trump set up a digital asset task force that announced the formation of a Strategic US crypto reserve and stockpile, which reveals the government’s intention of accumulating crypto assets soon. What’s more, the team has been meeting with respected figures in the space to strategize on how best to proceed. As we can see from the post above, the US White House says gold reserves may be used to buy Bitcoin (BTC) soon. If this is true, it could mark a historic move for the crypto space.
