U.S. creating a strategic Bitcoin reserve is ‘very significant,’ analyst says

Richard Byworth, director of the alternative investment company Syz Capital, says that the creation of the United States of a strategic bitcoin reserve is historic for the entire cryptography market.

According to Byworth, the signature by President Donald Trump of the executive decree which established a strategic bitcoin (BTC) The reserve is “a fundamental moment” for the cryptographic industry. The investment manager noted it during a interview With the Squawk box of CNBC on Monday March 10.

His comments follow the first summit of cryptography last week at the White House, a key event for crypto and especially for Bitcoin.

“The fact that the United States comes to the point of understanding that it must create a strategic reserve in this asset to maintain its position as a number one currency, and also to ensure that it is well positioned for future assets, is very important,” he noted.

Byworth stressed the importance of the United States taking the lead, as opposed to the expectations that small countries would first make such a decision. He mentioned El Salvador, the first country in the world to Adopt bitcoin as a legal call. Many things have changed for El Salvador since then, including recent developments involving the International Monetary Fund.

But the United States is a global power, and its creation of a Bitcoin strategic reserve is a major declaration. By the opinion of Byworth, the next key step is that the United States adopts a non-partisan approach to the subject.

If this happens and announces more policy changes and anchoring in law, this could be a cascade of positive movements around the world. Nothing prevents other countries from following the step and creating their own strategic reserves of Bitcoin or Crypto, he said.

We to sell crypto stocks to buy BTC?

Although some experts have argued that SBR will not be enough to make America the world capital of cryptography, Byworth said that development is optimistic for BTC and wider ecosystem.

“The market has been a bit, you know, disappointed whether the government will or not buy bitcoin. But this declaration of “neutral budget” that they made – that they acquire more bitcoin in a neutral budgetary way – is also important because it opens the door to a certain number of different potential ways to acquire more bitcoin. »»

One of these budgetary ways of buying BTC could involve the unloading of assets in the envisaged crypto stock.

In his previous remarks on the crypto reserve, Trump had named Top Altcoins, including XRP, Solana and Cardano. These assets will now be part of the stock, which, according to SYZ Capital, could be sold to offer funds to accumulate more BTC.