As speculation about the possibility of Donald Trump’s development United States Strategic Bitcoin Reserve (US)one cryptocurrency expert laid out a compelling series of events that they believe must happen before the move becomes a reality. The critic’s analysis centers around key figures such as Ross Ulbricht, founder of the Silk Road The role of US guards in managing confiscated Bitcoin assets.
When will the US Bitcoin reserve be announced?
Cryptocurrency expert known as “Bio99” on X (formerly Twitter) Confirms That last Ulbricht He releases Their release from prison was an important first step towards declaring the Bitcoin Strategic Reserve. According to his post Trump A Bitcoin reserve could never, in good conscience, be created without addressing the assets of a significant portion of Bitcoin held by the US government – the Silk Road expropriation.
For further context, Ulbricht launched the online marketplace Silk Road in 2011, allowing users to buy and sell illegal goods and services, especially drugs, using Bitcoin as the currency of payment. American authorities Ulbricht was arrested for the first time In 2013, which led to the cessation of Silk Road operations.
Along with the arrest, the United States confiscated nearly 26,000 bitcoins, worth more than $3.5 million at the time. Additional 69,370 Bitcoins were confiscated By the US Department of Justice (DOJ) in 2020. After the seizure, the US government did so She sold some of Silk Road’s Bitcoin While its founder was convicted on multiple charges. Ulbricht was sentenced to life in prison without the possibility of parole, raising concerns about the fairness of his sentence Many defended his freedom.
Going forward, Bio99 revealed that before the US can take full ownership Silk Road BTCthey will have to release Ulbricht first, and that event can never happen until Trump secures the freedom of the “January 6 defendants.” Keeping the Silk Road founder imprisoned while leveraging his Bitcoin assets for national purposes would have sparked public outrage, the cryptocurrency expert argues.
To address other concerns, Bio99 claims this before Trump could announce a Bitcoin reserveHe must implement additional major measures. These include freezing government hiring, reducing illegal immigration, and supporting investments in new technologies. According to the analyst, once these fundamental moves are in place, Bitcoin reserve development could be a near-term possibility.
Next steps: AI investments and SAB cancellation
Bio99 has been described Bitcoin As an asset of the US dollar, the treasury and the stock market. Cryptocurrency expert reveals that Trump’s recent call for investment in artificial intelligence (AI) and other emerging technologies signals the basis for broader support and announcement of a Bitcoin reserve in the US.
Speculation also links SpaceX and Tesla CEO Elon Muskhighlighting his recent silence on Bitcoin and public commentary surrounding the release of Ulbricht and the defendants on January 6. Furthermore, the final expected step towards Bitcoin reserves will be the repeal of the Securities and Banking Act (SAB), enabling banks and companies to create their own reserves.
Featured image from Unsplash, chart from Tradingview.com
