As a seasoned crypto investor with over a decade of experience navigating the volatile and rapidly evolving digital asset landscape, I find myself intrigued by the recent discussions surrounding Bitcoin (BTC) as a strategic reserve for nations. The advent of Casa’s Praetorian service, offering self-custody options to sovereign powers, underscores the growing recognition of BTC’s potential role in national treasuries.
Discussion about the possibility of a strategic Bitcoin (BTC) reserve is increasing, and some countries are considering using BTC as a reserve currency. In response to this trend, crypto custody firm Casa has unveiled a self-custody solution for nations, which they’ve named Praetorian.
The new service will provide sovereign powers with the security through Casa’s multi-signature crypto vaults. Each vault is located in a different jurisdiction and uses military-grade encryption for security. The service also allows for delegation between administrative personnel. Nick Neuman, co-founder and CEO of Casa, wrote:
“Today, a nation can and should take self-custody of its private keys. This gives you full control over your sovereign reserves, and self-custody can be combined with thoughtfully designed tools to better maintain security and continuity through different administrations.”
As stated by Casa, both security and personal autonomy are ensured even if Casa no longer functions as a business. Your funds will continue to be secure should the company ultimately discontinue operations.
Talk of BTC strategic reserve grows
In a November interview with Yahoo Finance, investment expert and wealth manager Anthony Pompliano stated that the worldwide competition for Bitcoin was already in full swing.
In simpler terms, according to Pompliano, the limited supply of this decentralized asset could lead to competition among countries using game theory principles, as they strive to secure their share of the total 21 million coins.
At approximately the same period, Senator Cynthia Lummis suggested that a portion of the U.S. Treasury’s gold reserves might be transformed into Bitcoins.
Lummis proposed that this approach would render no impact on the balance sheet, as opposed to purchasing a 5% stake in all existing Bitcoins according to today’s prices.
On December 11th, Vancouver’s Mayor, Ken Sim, suggested that the city should consider Bitcoin as a potential addition to its treasury assets. He justified this idea by pointing out Bitcoin’s capacity to protect against inflation and maintain the buying power of the city by setting aside some funds for Bitcoin.
More recently, Changpeng Zhao, former CEO of Binance, predicted at the Bitcoin MENA 2024 conference that it was simply a matter of time before China created a Bitcoin reserve.
If the Trump administration were to create a strategic Bitcoin reserve, it’s likely that China might feel pressured to do the same.
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2024-12-12 01:12