Opinion: U.S. Strategic Bitcoin Reserves Will Trigger a Global "Bitcoin Arms Race"

BlockBeats News: On March 8, Matt Hougan, chief investment officer of Bitwise, said that the United States is gradually approaching the establishment of a cryptocurrency strategic reserve (SBR), which will trigger a scramble to buy bitcoin in countries around the world. Hougan said that whatever form this reserve ultimately takes, it will show that Bitcoin has become a “globally important monetary asset.” “It feels like a game-changer for me.” He believes that the establishment of bitcoin reserves by the United States will be the first shot in the bitcoin “arms race”. “If you’re Honduras, Mexico, or Guatemala and you see El Salvador and now the U.S. hoarding Bitcoin, can you really afford to keep holding zero Bitcoin?” Hougan asked. “If you’re Dubai, Qatar or Saudi Arabia, can you safely watch Abu Dhabi and the U.S. take the lead?” Due to Bitcoin’s limited supply, this global buying spree envisioned by Hougan could drive the price of Bitcoin skyrocketing. Hougan predicts that the U.S. move to establish bitcoin as a reserve asset will trigger global competition in this space.