Digital Fort Knox" Bitcoin Reserve
But Is It More Show Than Go? My Two Sats
Okay, let's talk Uncle Sam and crypto. It's a wild ride! So, we've got this "digital Fort Knox" of Bitcoin – David Sacks is out there saying the US has a hefty 200,000 BTC ($17.8 billion). That's a lot of sats! But here's the kicker: S&P Global Ratings is calling the whole reserve plan "mainly symbolic," and honestly, I'm kinda feeling that vibe. Where's the timeline? Where's the action? It's like they're flexing without lifting the weights.
Then you've got the White House playing host to crypto heavyweights like Coinbase's Brian Armstrong and MicroStrategy's Michael Saylor. Is this a sign they're finally ready to embrace the future? Maybe. But at the same time, the Secret Service is busy cracking down, seizing domains linked to the Russian exchange Garantex and grabbing over $26 million. It's like a crypto ying and yang.
Let's not forget the market's reaction. Crypto prices took a hit recently, with Bitcoin dipping 2.7% to around $88,000. Altcoins felt the burn too: Ethereum down 3.1% to ~$2,190, Cardano plummeting 11% to $0.83, Solana slipping 2.9% to $143, and XRP dropping 7.4%. Ouch.
The US also holds a decent bag of other cryptos: $123 million in ETH, $122 million in USDT, and $114 million in other tokens. The Bitcoin reserve, some say, is "digital gold," a hedge against the fiat world. Trump's old crew even talked about buying more BTC if it didn't cost taxpayers a dime.
