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U.Today - The long-awaited Strategic Bitcoin Reserve (SBR) in the United States has finally been created through an executive order. However, the move had a somewhat negative reaction in the crypto community. While no new allocation of funds will be made, the reserve will feature BTC consolidation from seized funds. Against the backlash received thus far, Samson Mow has stepped up to address some concerns regarding the Bitcoin reserve.
Samson Mow’s take
The Bitcoin advocate said that, with this SBR, the coin is now equated with gold. While many are concerned about whether new BTC will be acquired, he said, "There will be buying."Samson Mow named a number of "budget neutral" ways to stack up Bitcoin, including issuing Bitcoin Bonds and selling gold. He remains confident that Commerce Secretary Howard Lutnick will eventually get it done.
Mow also hinted at the ultimate significance of the Bitcoin reserve. He said that while spot BTC ETF products ushered institutional investors in adopting Bitcoin as a viable asset class, this SBR placed the coin on par with gold. With this move, he believes the race for nation-state adoption will grow significantly.
Beyond proof of the legitimacy of Bitcoin as an asset, Samson Mow said that through the SBR, there will be an audit of the amount of BTC owned by the U.S. government. With the audit likely to show a disparity in the actual BTC owned by the U.S. compared to China, the government might have to step up to buy more of the coin.
Market reaction shows uncertainty
Creating the Strategic Bitcoin Reserve has failed to generate corresponding excitement among market participants. Following the executive order on March 6, the price of Bitcoin slumped.At the time of writing, BTC price was trading for $88,399.10, down by 3.13% in the past 24 hours. Beyond this, altcoins like Ethereum (ETH), XRP, Solana (SOL) and Cardano (ADA) also nosedived by 4.75%, 2.23%, 4.76% and 8.24%, respectively.
This current outlook proves that, despite its goodwill, there is a vote of no confidence in the federal move.