BitMEX co-founder Arthur Hayes has expressed doubt that the United States will add more Bitcoin to its reserves, despite recent moves to create a strategic Bitcoin stockpile.
In a May 1 interview, Hayes pointed out that with the U.S. already holding 198,012 Bitcoin, worth over $18 billion, it’s unlikely the country will increase its holdings. “The United States is a deficit country,” Hayes explained, “The only way they can do a Strategic Reserve is by not selling the Bitcoin they’ve already seized.”
He also dismissed the idea of the U.S. government openly purchasing Bitcoin, saying it would be hard for any elected official to announce such plans publicly. Hayes pointed out the stereotype of “Bitcoin bros” and questioned whether that’s the image the U.S. would want to project.
In March, the President of the United States of America, Donald Trump signed an executive order to establish a Bitcoin reserve, which is mostly composed of Bitcoins confiscated from criminals.
Hayes’ comments are shared by other crypto leaders, such as Sergej Kunz, the co-founder of 1inch, who said that if the U.S. started purchasing Bitcoin, other countries would soon do the same, creating a rush for the asset.
Hayes also does not lose faith in Bitcoin’s dominance over the altcoins. He expects the same pattern of Bitcoin entering altcoin season in 2021 and the BTC dominance may reach 70%. At the moment, the Bitcoin dominance is 64.78%, which has been rising since the beginning of this year.
Also Read: Arthur Hayes at TOKEN2049: Bitcoin Price Could Rise to $1M
