TBW - Trump and the United States officialise a 100% Bitcoin reserve
This is an unprecedented decision. Overnight, Donald Trump signed a presidential decree formalising the creation of a strategic Bitcoin reserve held by the US government. This is a first for a world power, and positions Bitcoin as a strategic asset in the eyes of the federal state.
Until now, Bitcoins seized by the US authorities during legal proceedings were systematically destined to be liquidated at auction. A model that Trump has just overturned: rather than selling these assets, the United States has chosen to hold them as a store of value, adopting an approach similar to that of gold.
This new reserve will be fed exclusively by bitcoins resulting from judicial seizures, without draining the federal budget, which will reassure opponents of this policy. This strategic choice could also avoid the mistakes of the past: according to some estimates, if the government had never sold its BTC, it would now have nearly $17 billion more.
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An unprecedented inventory of federal digital assets
Until now, the exact number of bitcoins held by the US remained uncertain. It is estimated to be around 200,000 BTC (around $17.5 billion at current prices), but no official audit has ever been carried out. The Arkham Intelligence tracking platform provides a view of suspected government-owned wallets.
This decree now requires a precise inventory of all digital assets under federal government control.
In addition, a second pool of digital assets will be set up, including other seized cryptocurrencies such as ETH, XRP, SOL or ADA. However, no new purchases are planned for these altcoins, thus avoiding any form of government speculation on these more volatile assets.
The announcement was greeted with some coolness by the markets (falling 6.5% in the minutes that followed, before recovering), illustrating the classic "sell the news" phenomenon, where investors who had anticipated a major announcement take their profits. But beyond the short-term reactions, this decision further anchors Bitcoin in the global financial landscape.
Strong signal and risk of politicisation of Bitcoin
With this move, Donald Trump is making good on his promise to make the United States the "crypto capital of the world". This move sends a strong signal to institutional investors and could accelerate the integration of Bitcoin into the financial strategies of major corporations and sovereign wealth funds.
However, this decision also raises questions about the politicisation and instrumentalisation of Bitcoin. Every four years, with each new administration, the question of how to manage this reserve will arise. Should it be kept, sold or increased? This debate could turn Bitcoin into an election issue and a source of uncertainty for the markets.
What about France?
In contrast to the United States, France continues to systematically sell its seized Bitcoins at public auction. A strategy that could be called into question in the light of the US decision.
Remember that a high-profile auction in 2021 saw the departure of BTC that, had they been kept, would now have almost doubled in value.
Should we take inspiration from this US approach and start building up a strategic reserve? At a time when France is struggling to balance its budgets, the question deserves to be asked.
