As hypothesis about the opportunity of Donald Trump creating a strategic Bitcoin reserve in america (US), one crypto pundit has laid out a compelling sequence of occasions they imagine should happen earlier than such a transfer turns into a actuality. The pundit’s evaluation centres round key figures like Ross Ulbricht, the founding father of Silk Street and the function of the US marshals in managing the seized Bitcoin belongings.
When The US Bitcoin Reserve Will Be Introduced
A crypto pundit often known as ‘Bio99’ on X (previously Twitter) asserts that Ulbricht’s latest launch from jail was an vital first step towards asserting a strategic Bitcoin reserve. In line with his X put up, Trump might by no means, in good conscience, create a Bitcoin reserve with out addressing the origins of a good portion of the US government-held BTC—the Silk Street seizures.
For extra context, Ulbricht launched the Silk Street on-line market in 2011, permitting customers to purchase and promote unlawful items and companies, primarily medication, utilizing BTC as a fee forex. The US authorities first arrested Ulbricht in 2013, halting Silk Street’s operations.
Together with the arrest, the US seized roughly 26,000 BTC, price over $3.5 million on the time. An extra 69,370 BTC was confiscated by the US Division of Justice (DOJ) in 2020. Following the seizure, the US authorities bought a few of Silk Street’s Bitcoin whereas its founder was convicted on a number of expenses. Ulbricht was sentenced to life in jail with out the opportunity of parole, sparking issues over the equity of his sentence as many advocated for his freedom.
Shifting ahead, Bio99 revealed that earlier than the US can take full possession of Silk Street’s BTC, they would want to launch Ulbricht first, and this occasion might by no means occur till Trump secures the liberty of the “January 6 defendants”. The crypto pundit argues that conserving the Silk Street founder imprisoned whereas leveraging his Bitcoin belongings for nationwide functions would have sparked public outrage.
Addressing different issues, Bio99 claims that earlier than Trump can announce a Bitcoin reserve, he should implement extra key measures. These embody freezing authorities hiring, curbing unlawful immigration, and championing investments in new applied sciences. In line with the pundit, as soon as these foundational strikes have been put in place, the event of a BTC Reserve may very well be a near-term chance
Subsequent Steps: AI Investments And Repeal of SAB
Bio99 has described Bitcoin as an asset for the US greenback, the Treasury, and the inventory market. The crypto pundit reveals that Trump’s latest advocacy for investments in Synthetic Intelligence (AI) and different rising applied sciences indicators the groundwork for the broader help and announcement of a Bitcoin Reserve within the US.
Hypothesis additional connects SpaceX and Tesla CEO Elon Musk, highlighting his latest silence on Bitcoin and public remark concerning the launch of Ulbricht and the January 6 defendants. Furthermore, the ultimate anticipated step towards a Bitcoin reserve could be revoking the Securities and Banking Act (SAB), enabling banks and corporations to create their very own reserves.
Featured picture from Unsplash, chart from Tradingview.com
