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U.S. Crypto Strategic Reserve More Likely, Further Details Needed: Citi

Coindesk4mo ago
U.S. Crypto Strategic Reserve More Likely, Further Details Needed: Citi
The President announced that XRP, SOL, BTC, ETH and ADA would be included in the strategic reserve.

A U.S. crypto strategic reserve appears more likely after President Trump's announcement over the weekend, Wall Street bank Citi (C) said in a research report on Monday.

The President announced that XRP, solana (SOL) and cardano (ADA) would be included in a strategic reserve, and later added bitcoin (BTC) and ether (ETH) to the list of assets.

"The announcement of further plans for the U.S. government potentially to become a strategic holder of digital assets would add to the perceived legitimacy" of the asset class, wrote analyst Alex Saunders.

Citi noted that the U.S. government currently holds about $19 billion in cryptocurrencies, mainly in bitcoin, versus $750 billion in gold.

The large majority of the government's holdings from seizures are in bitcoin, which means that is likely that the accumulation of other digital assets would be funded by open-market buys, the report said.

Still, "selection criteria are not currently clear," and pre-announcing such investments can move prices against an investor, the bank said, adding that this happened to the U.K. government with gold in the late 1990s.

Additional clarity on the selection criteria for which tokens are to be included in the reserve would provide more support, the bank said.

Broker Bernstein said the Federal Reserve could issue debt or sell some of its gold reserves to fund cryptocurrency purchases, in a report last month.

Read more: U.S. Crypto Task Force to Focus on Delivering National Bitcoin Reserve: Bernstein

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Disclaimer: The content provided in this article is for informational and educational purposes only and does not constitute financial, investment, or trading advice. Any actions you take based on the information provided are solely at your own risk. We are not responsible for any financial losses, damages, or consequences resulting from your use of this content. Always conduct your own research and consult a qualified financial advisor before making any investment decisions. Read more

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