According to regulatory experts, the widespread disappointment surrounding the Strategic Bitcoin reserve of the USA – hailed as a historical step to accept Bitcoins – suggests unreal expectations of investors.
President Donald Trump signed an executive order on March 7, which will be used by Bitcoin (BTC) confiscated in government criminal matters, and not the purchase of assets directly from the market. According to CointeLraph Markets Pro data, the announcement caused a decrease in Bitcoin’s price, falling from USD 90,400 to USD 84,979.
The reaction signals unrealistic industry expectations, according to Anastasija Plotnikova, co -founder and general director of Fideum, regulatory infrastructure company and blockchain focusing on institutions.
BTC/USD, 1-month chart. Source: Cointelegraph
“It was clear that the US government could use the existing BTC in their possession, i.e. it took over the funds,” said Cointelegraph, adding:
“It is strange to see such a large public disappointment from some industry players. […] Not so long ago, even the idea of the BTC reserve took place and supported by the federal government was a revolutionary idea, and now we see a very solid implementation. “
The Bitcoin reserve is a “cautious” approach with taxpayers’ funds, which “make this decision well adapted to the information from this administration,” added the regulatory expert.
Source: Margo Martin
Although the current plan does not include Bitcoins government purchases, the order does not exclude them in the future. The order authorizes the Secretaries of the Treasury and Trade of the US to develop “neutral strategies under the budget” in order to buy more Bitcoins for the reserve, provided that taxpayers do not have additional costs.
Despite this, the disappointment of brief -term investors in combination with ongoing macroeconomic fears associated with import tariffs can push bitcoins into a weekly close close to below USD 82,000, risking a greater variability of defects, said Cointelegraph analysts.
Related: Bitcoin USA booking “real step” towards global financial integration
The crypt peak of the White House “Dramatic change” from the Biden administration
Trump signed a historic order of Bitcoin reserves the day before organizing the first peak of the White House cryptocurrency, which also received mixed reactions of the cryptographic community.
Despite the divided reception, the summit is a key moment of involvement of the White House in the cryptographic industry, according to Alexander Urbelis, general adviser and information security director at Ethereum Name Service.
Urbelis said Cointelegraph:
“The very fact that the peak is happening is a dramatic transition from the Biden administration approach and certainly undresses in the blockchain community, as well as younger voters. “
Related: Trump changed the crypto from the “compressed industry” to the “central” American strategy
“There are high hopes for the result of the cryptographic summit. One of these hopes is that such commitment with the White House will continue long after the first meeting – he added.
https://www.youtube.com/watch?v=puxcqdo30jo
Warehouse: SCB tips $ 500,000 BTC, SEC delays Ether ETF options and more: Hodler’s Digest, February 23 – March 1
