US Poised to Increase Bitcoin Reserves Amid Global Competition, Says Samson Mow
Samson Mow, CEO of Bitcoin-focused tech firm JAN3, has shared his perspective on the growing need for the United States to bolster its Bitcoin reserves.
While some in the crypto community have expressed skepticism about the government’s Strategic Bitcoin Reserve (SBR), viewing it as merely a collection of seized assets with no new BTC purchases, Mow disagrees. He believes that the creation of the reserve is a significant step that marks the beginning of a global competition for nation-states to adopt Bitcoin.
Mow also noted that a complete audit of the US government’s Bitcoin holdings would likely show that it doesn’t possess as much as commonly reported. He estimates that the US likely holds only around 112,000 BTC, as 95,000 of those coins are connected to the Bitfinex hack and will be returned to the exchange.
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This contrasts with the often-quoted figure of 207,000 to 220,000 BTC, which Mow claims is inaccurate. According to him, China may actually be the largest holder with around 194,000 BTC.
In 2016, Bitfinex was hacked and lost approximately 120,000 BTC, a portion of which was seized by the US government. Mow argues that the US would never allow China to surpass it in Bitcoin holdings, especially as the asset gains strategic importance. He anticipates that, as Bitcoin continues to be seen as a vital asset, the US will conduct a full audit and likely seek to increase its holdings.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
