The governo degli Stati Uniti is considering various strategies to acquire Bitcoin without burdening taxpayers. According to an analyst from Standard Chartered, the Trump administration might pursue a budget-neutral approach, using risorse già disponibili.
Summary
The new strategies of the United States to create a strategic reserve of Bitcoin
The idea of a strategic reserve of Bitcoin has become a reality thanks to an executive order signed on Thursday by President Donald Trump. The measure tasks Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick with identifying strategies for purchasing the cryptocurrency.
According to Geoff Kendrick, head of digital asset research at Standard Chartered, the government could choose among three main options:
1. Sell a portion of the gold reserves of the United States.
2. Utilize the Treasury Stabilization Fund (Exchange Stabilization Fund, ERF).
3. Integrate a purchase plan into the Bitcoin Act of 2024, promoted by Senator Cynthia Lummis.
The objective is to avoid any increase in costs for American citizens, in line with the restrictions imposed by the presidential decree.
United States: the sale of gold as a possible solution to increase Bitcoin reserves
Currently, the government of the United States owns 8,133.46 tons of gold, with an estimated value of 758 billion dollars. This reserve represents an important source of liquidity.
The sale of part of these assets could directly finance the purchase of Bitcoin, without the need to allocate new budget resources. This strategy would be consistent with the idea of diversifying national assets, reducing the exclusive exposure to gold.
The Exchange Stabilization Fund: a tool to purchase Bitcoin
A second option consists of using the Exchange Stabilization Fund (ERF), a fund established to intervene in currency markets. This fund, which currently holds 39 billion dollars in net assets, is usually employed to influence the exchange rate of the dollar.
According to Kendrick, allocating these funds to the purchase of Bitcoin would represent a turning point in U.S. economic policies. If implemented, this strategy would mark a departure from traditional currency stabilization operations to focus on an emerging digital asset.
The Bitcoin Act of 2024 and the integration of a purchase plan
Another possible path goes through the BITCOIN Act of 2024, a bill proposed by **Senator Cynthia Lummis (R-WY)**. If approved, this legislation would authorize the Treasury to purchase 1,000,000 Bitcoin over a period of five years.
Kendrick emphasizes that the measure could be integrated into a wider legislative package, ensuring that the expenditure is balanced and thus free of negative impacts on the federal budget.
The current Bitcoin reserves and the sales ban
In addition to the new acquisitions, the U.S. government already owns a significant amount of Bitcoin resulting from legal seizures. Currently, federal authorities control 198,100 BTC, equivalent to about 17.8 billion dollars.
The decree of Trump prohibits the sale of these assets, aligning with the principle of a strategic reserve. The BITCOIN Act by Lummis also provides for similar restrictions, preventing the government from liquidating its holdings in criptovalute confiscated.
A policy change on cryptocurrencies: towards a broader reserve of digital assets
This decision represents a significant turning point for the United States government. Traditionally, Bitcoin confiscated for financial crimes were sold on the market.
The White House Crypto and AI Czar, David Sacks, recently highlighted that the United States has lost 17 billion dollars in value by selling Bitcoin in the past. Holding onto these assets, instead, could generate significant returns in the long term.
During the election campaign, Trump had put forward the idea of a “strategic crypto stockpile”, a strategic reserve of digital assets. During a Sunday speech, he mentioned several cryptocurrencies, including Ethereum (ETH), Solana (SOL), XRP, and Cardano (ADA).
However, the current executive order does not authorize the purchase of digital assets other than Bitcoin. This suggests that, at least for now, the White House policy is focused exclusively on the main cryptocurrency.
An uncertain future, but with global implications
Trump’s initiative could have lasting effects on international economic policies. If the United States adopts Bitcoin as a strategic reserve, other nations might follow the same path.
It remains to be seen which of the three proposed strategies will be adopted. The choice between gold, Treasury funds, and legislation could reshape the relationship between traditional finance and cryptocurrencies, with unpredictable consequences on global markets.
