The head of research at crypto asset firm Galaxy Digital, Alex Thorn, believes the US government will add Bitcoin (BTC) to the Strategic Bitcoin Reserve (SBR).
In an appearance on Bloomberg Crypto, Thorn says that in addition to the Bitcoin the US government holds from confiscations, the world’s largest economy will purchase BTC to add to the SBR in 2025.
“In March, they had the establishment of the Strategic Bitcoin Reserve and the United States Digital Asset Stockpile Executive Order… …which specifically prohibited the government from selling Bitcoin and ordered the [Departments of] Commerce and Treasury to find out budget-neutral ways to buy Bitcoin while simultaneously prohibiting them from buying altcoins and leaving the management up to those departments for altcoins.
I think a lot of progress has been made… And you’ve got Treasury Secretary Scott Bessent literally saying Bitcoin is now becoming a store of value. You’ve got a drumbeat from Bo Hines [Executive Director of the President’s Council of Advisers on Digital Assets] and David Sachs [White House AI and crypto czar]. And it just seems plausible at this point, they will buy something. There will be a buy.”
On how the US government would purchase Bitcoin in budget-neutral ways for the SBR, the Galaxy Digital head of research says,
“What you could do is the altcoins that are in the sell-only digital asset stockpile, you could sell some of those for Bitcoin…
To be specific, you could sell an altcoin in an altcoin/BTC pair and never touch cash at all. No cash ever has to flow into the [US] general treasury. Could be an easier way to get to a ‘promises made, promises kept’ on the SBR.”
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