Bernstein: US Cryptocurrency Task Force Will Focus on Building National Bitcoin Reserve

Odaily report: Bernstein said in a research report on Monday that the US cryptocurrency task force will focus on establishing a national BTC reserve, which could spark similar efforts globally. The analyst team led by Gautam Chhugani wrote: "If the US establishes a BTC reserve, it may lead to a global race among governments to buy BTC as one of their reserve assets." The report said that establishing a BTC strategic reserve would raise a series of structural issues. "Will the Federal Reserve (Fed) or the Treasury Department purchase BTC?" The report pointed out that if it is the Federal Reserve, it will require legislative approval. The report also stated, "How will the Federal Reserve fund the purchase of cryptocurrencies?" Bernstein said the Fed may do so by issuing debt or selling part of its gold reserves. The report added that the US government could also add the $20 billion in BTC seized from criminal organizations to the national reserve. The brokerage firm noted that the Trump administration has also announced the creation of a sovereign wealth fund (SWF). Bernstein said: "Such a fund will view key crypto companies/market leaders in the US as strategic assets to hold." "Investors should prepare for the next bull market, focusing on BTC and BTC-related stocks." (Coindesk)