2024-12-19 09:17:28

Fed Chairman Jerome Powell Speaks About Strategic Bitcoin Reserve in the US!

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Federal Reserve Chairman Jerome Powell responded to a question about Bitcoin (BTC) in his statement.
During the press conference, when asked about the Strategic Bitcoin Reserve, Jerome Powell said that they are not allowed to own Bitcoin and they are not in favor of changing the laws.
Strategic reserve is a stock that can be released in times of crisis or supply disruption of a critical resource. The most well-known example of this is the U.S. Strategic Petroleum Reserve, created by a congressional decision in 1975 following the contraction of the U.S. economy due to the 1973-74 Arab oil embargo, and it is the world's largest emergency crude oil source.
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Presidents have tapped into this stock to calm the oil markets when wars or hurricanes hit the US Gulf of Mexico oil infrastructure.
Analysts and legal experts are divided on whether Trump can use executive powers to create a reserve or whether a congressional decision is necessary. Some argue that Trump could create the reserve through an executive order directing the Exchange Stabilization Fund, which can be used to buy or sell foreign currencies by the US Treasury, and also to hold Bitcoin.
Reserve may also include Bitcoin seized from criminal actors by the government. According to data, this amount is approximately 200,000 tokens worth about 21 billion dollars at the current price.
Trump, in a speech in July, suggested that this stockpile could be the starting point when he announced his BTC reserve plan, but it remains uncertain what the legal process will be to move them outside the Ministry of Justice.
Trump did not say whether the government will buy more BTC from the open market and add it to this stock. The government may need to borrow to do this, but some Bitcoin reserve advocates say that the US could sell a portion of its gold reserves and use the proceeds to buy BTC.
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Not investment advice

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