- So, Trump’s crypto czar, David Sacks, is going to “evaluate” a Bitcoin reserve. Great, right? 🙄
- BTC just dipped below $100K again. Thanks, Sacks! Mixed reactions? More like mixed feelings! 😂
So, President Trump’s crypto and AI czar, David Sacks, had his big debut press conference on February 4th. And let me tell you, the crypto community was all over the place—like a buffet with too many options. 🍽️
In a room full of congressional bigwigs, including Banking Committee Chair Tim Scott, Sacks casually mentioned they’re “evaluating” the feasibility of a Bitcoin reserve. I mean, what does that even mean? Are we waiting for a sign from the heavens? 🕊️
“One of the things that the president instructed us to do is to evaluate the idea of Bitcoin reserve. We’re still waiting for some Cabinet Secretaries of the working group to be confirmed.”
Oh, fantastic! So we’re just sitting around waiting for Cabinet Secretaries like they’re the last slice of pizza at a party. 🍕
And then there’s the Sovereign Wealth Fund, which Sacks assured us will be separate from the Bitcoin reserve. Because, you know, why complicate things? 🙃
But hold on! Some folks in the crypto community are raising their eyebrows. Jim Bianco, a market research analyst, had some choice words about the whole situation. He said,
“Trump said he would do a $BTC Reserve, not promise to ‘evaluate it.’ Evaluate/Study is what Washington does when they don’t want to do something. $BTC is down ~5% since this announcement.”
Ouch! That’s like saying, “I’ll think about it” when you really mean “not a chance.” 😬
Arthur Hayes, the BitMEX founder, chimed in too, saying Trump’s policies are going to take longer than a snail on a leisurely stroll. 🐌
Meanwhile, macro expert Lyn Alden is like, “Forget the reserve, just buy Bitcoin!” She’s got the right idea:
“Long Bitcoin. Fade the reserve.”
Remember when Trump signed that crypto executive order in his first week? Yeah, that was supposed to lead to a national digital asset stockpile in 180 days. Spoiler alert: it didn’t happen. 📅
Senator Cynthia Lummis is out here saying we need a solid legislative framework for a BTC reserve, regardless of who’s in charge. Because, you know, stability is key. 🔑
So, the initial excitement about a U.S. BTC reserve within a hundred days? Poof! Gone! But some leaders are saying, “Hey, give it time!”
Bitwise CEO Hunter Horsely said it best:
“The crypto community’s impatience is one of its great strengths and great weaknesses. So much that this space has hoped for is underway — but the mainstream moves at the speed of months, not days. Good things come to those who can wait.”
Patience? In crypto? That’s like asking a kid to wait for dessert! 🍰
And just to add some icing on this cake, Polymarket’s odds of a U.S. BTC reserve in 2025 have dropped from 65% to below 50%. Talk about a rollercoaster ride! 🎢
Meanwhile, BTC hit a local top between $108K and $109K. So, what’s next? Who knows! But I’m sure it’ll be a wild ride. 🤷♂️
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2025-02-05 21:40