Samson Mow, the CEO of Bitcoin-focused tech firm JAN3, recently shared his thoughts on the US increasing its Bitcoin holdings. Mow believes that the US has a valid reason to bolster its BTC reserves, despite some skepticism from crypto investors.
The creation of the Strategic Bitcoin Reserve (SBR) has sparked a debate among Bitcoin enthusiasts. While some argue that the SBR is limited to seized assets and does not involve buying BTC, Mow sees it as a significant step towards national adoption of Bitcoin. He took to social media to express his views, stating that the US may not hold as much Bitcoin as some news sources claim.
Mow suggests that an audit of the government’s Bitcoin holdings would likely reveal that the US does not have the largest stash of BTC by country. He points out that a substantial portion of the seized Bitcoin actually belongs to Bitfinex and will be returned, potentially leaving China with the highest Bitcoin reserves.
The US government’s seizure of 95,000 BTC linked to the Bitfinex hack in 2016 plays a crucial role in this scenario. Mow emphasizes that the US will not accept a world where China surpasses it in Bitcoin holdings. He predicts that the US will conduct an audit of its Bitcoin supply and take measures to increase its holdings, as competition among nations for Bitcoin intensifies.
The image shared by Mow on social media underscores the significance of the US’s potential actions regarding Bitcoin. With BTC currently valued at $86,388, the stakes are high in the race for nation-state Bitcoin adoption.
In conclusion, Mow’s insights shed light on the evolving landscape of Bitcoin ownership among nations. The US’s strategic approach to increasing its Bitcoin reserves reflects a larger trend of countries recognizing the importance of cryptocurrency in the modern financial system. As the competition for Bitcoin heats up, it will be interesting to see how different nations position themselves in this digital asset space.