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Polymarket Still Skeptical of U.S Bitcoin Reserve Despite David Sacks' Assurance
Trump's crypto czar David Sacks confirmed on Fox News that a national BTC reserve is being studied, but the market isn't buying it
Updated Jan 30, 2025, 7:57 a.m. Published Jan 30, 2025, 6:46 a.m.
What to know:
- Polymarket bettors are skeptical that the U.S. will create a strategic BTC reserve in the first 100 days of the Trump administration.
- Bettors are giving a 53% chance that Texas signs a bill to create its own reserve in 2025.
Polymarket only sees a 16% chance that the Donald Trump will order the creation of a strategic bitcoin reserve in the first 100 days of its administration, despite assurances from crypto czar David Sacks that there's an effort underway to explore the idea.
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"President Trump has asked us to study that issue, so we are not ready to comment on it yet. But it's one of the things our working groups are going to look at," Sacks said in a recent appearance on Fox.
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Senator Cynthia Lummis, a Wyoming Republican who is known for her bitcoin-friendly policy stance, has submitted a bill proposing the creation of a reserve, but this is a separate measure from the White House's efforts.
The bill proposes establishing a "Bitcoin Purchase Program" of up to 200,000 BTC a year over a five-year period, and will be partially funded by revaluing Federal Reserve's gold, CoinDesk previously reported. Right now the bill is before the Committee on Banking, Housing, and Urban Affairs.
Among the supporters of such a move is MicroStrategy's (MSTR) Michael Saylor, who said the plan will protect the dollar.
“The best way to protect the dollar is make sure you retire the debt and become rich," said the MicroStrategy (MSTR) executive chairman during a November conference. "The next best way to protect the dollar is to make sure that if anybody ever considers a different capital asset other than the treasury bill, you own it."
Meanwhile, the State of Texas recently said that it is working on its own strategic BTC reserve. Polymarket bettors are giving a 53% chance that a bill greenlighting the creation of such a reserve in 2025.
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Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
What to know:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
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