Economist Peter Schiff has confirmed that the US government will not purchase cryptocurrencies such as ETH, XRP, ADA, or SOL, meaning that any digital reserve that will be formed will be based solely on confiscated assets. Schiff explained that the government currently has no plans to make any new purchases of these currencies, and that any future acquisition of Bitcoin (BTC) may require the approval of the US Congress, indicating tighter oversight of these digital assets.
According to available information, the US government will hold around 200,000 Bitcoin, a large number that reflects its interest in this digital currency as a strategic asset. In contrast, a separate reserve will be allocated to alternative digital currencies (altcoins) with no official intention to purchase more of these digital assets. This move reflects a conservative approach towards other digital currencies, as Bitcoin appears to be the only option that enjoys strong government recognition.
Previously, there were widespread expectations that the US government might seek to include XRP, ADA, SOL, and ETH in its strategic reserve, but the reality is quite different. No XRP, SOL, or ADA have been seized so far, suggesting there is no clear intention to include them in the government inventory. However, the US government already holds approximately $176 million worth of ETH, as well as $27 million worth of BNB, figures that raise questions about how these digital assets will be managed in the future.
Today’s White House meeting may shed light on more specific details about how the strategic reserve for digital currencies will be managed. The government is expected to discuss the mechanisms for dealing with these assets, and how they will be used under US financial and economic laws. There are important questions about whether these digital currencies will be sold in the markets, or will they be held for long periods as strategic digital assets.
Overall, the US seems to be moving towards adopting a very cautious policy regarding digital currencies, focusing primarily on Bitcoin, while placing other digital currencies in a separate category. This strategy may reflect a long-term trend towards supporting Bitcoin as a primary digital asset, while leaving the door open to other possibilities that may emerge in the future based on developments in financial markets and legislation.
