The U.S. government is unlikely to begin buying Bitcoin for its strategic reserve until other countries take the lead, according to crypto entrepreneur Mike Alfred.
Speaking on a podcast released Tuesday, Alfred said the United States will only start adding Bitcoin to its newly created reserve “when there is enough pressure externally.” He noted that the government is more likely to act once it sees other nations moving first. However, he added that the timing of any U.S. action remains unclear.
Industry executives have recently urged Washington to accelerate its Bitcoin accumulation plans to avoid falling behind other countries that may be building reserves of their own.
Most governments expected to hold Bitcoin by 2033
Alfred said he believes Bitcoin could reach $1 million per coin by 2033, a more conservative estimate compared to ARK Invest CEO Cathie Wood and Coinbase CEO Brian Armstrong, who expect the cryptocurrency to hit seven figures by 2030.
By the time Bitcoin reaches that level, Alfred expects “almost every government” to have some form of direct or indirect exposure. He said Bitcoin will likely be viewed as a standard type of strategic reserve asset.
President Donald Trump signed an executive order in March directing the creation of a Strategic Bitcoin Reserve. The initiative called for budget-neutral methods to acquire Bitcoin, though the plan has not yet been fully implemented.
In September, Galaxy Digital analyst Alex Thorn said there was a “strong chance” the U.S. would announce that it has established a Bitcoin reserve and is “formally holding BTC as a strategic asset.”
Calls for faster government action grow
Alfred added that it once seemed unlikely the government would even acknowledge Bitcoin before Trump’s administration.
Despite recent progress, some in the industry warn that the U.S. must act quickly. Jan3 founder Samson Mow told Cointelegraph in June that the U.S. “has to start” acquiring Bitcoin this year or risk being “front-run” by other nations such as Pakistan, which are also reportedly planning to build Bitcoin reserves.
