Coinbase believes that the U.S. could purchase Bitcoin worth hundreds of billions
Rumors in the crypto community suggest that the U.S. government is preparing for a potential purchase of Bitcoin worth up to $100 billion. It sounds like science fiction, but Coinbase Asset Management CEO Sebastian Bia believes the idea is quite realistic.
Reevaluation of gold could allow the U.S. to buy BTC
Currently, the official gold reserves of the U.S. are still accounted for at the 1973 price of $42.22 per ounce. Although the actual value has already surpassed $3,300. This difference creates nearly $900 billion in profit that is simply gathering dust in reports. According to Bia, if legislation is simply updated and the gold price is brought to market value, the government will gain access to colossal funds.
If the government changes 31 U.S.C. §5117. This will allow the Treasury to issue gold certificates at the new price. Then the released capital could be used, for example, to purchase Bitcoin.
If such a plan is indeed launched, the effect will be colossal. The U.S. will buy about 5.5% of the entire market capitalization of Bitcoin. This will almost certainly trigger a domino effect. Other countries are likely to start buying crypto as well…