Bryan Courchesne discusses Bitcoin as a viable US reserve asset on CNBC, emphasizing the DOJ’s 200,000 BTC holdings and political moves in favor of cryptocurrency.
Bryan Courchesne, an asset manager, recently appeared on CNBC’s ‘Fast Money’ to discuss the intriguing idea of Bitcoin being the US government’s reserve asset. Courchesne, the founder and CEO of Digital Asset Investment Management (DAIM), has underlined the challenges and potential paths for this monetary policy shift.
Obstacles and Adoption Routes
According to Courchesne, it would be difficult to accept Bitcoin as a reserve asset. However, he drew attention to the significant holdings of approximately 200,000 BTC held by the Department of Justice. As a result, the sovereign state with the largest Bitcoin holdings worldwide is the United States.
Courchesne claims that the Department of Justice could give this bitcoin to the Treasury Department. This action would allow the Treasury to gain and keep Bitcoin as a long-term strategic asset, possibly establishing it as a reserve asset.
Crypto Market Responses to Biden’s Announcement
These statements come at a time when business executives anticipate a greater likelihood of Trump becoming president because of the current circumstances. President Joe Biden has, among other things, announced that he will not run for president again in 2024.
While some consider Biden’s decision a deliberate move by the Democratic Party, others believe it increases Donald Trump’s chances of winning. Notably, the markets have taken into account Trump’s chances of winning a second term in government. People see the former president as more supportive of crypto.
This attitude is further strengthened by his upcoming speech at the Bitcoin Conference in Nashville. Meanwhile, Vice President Kamala Harris, supported by Biden, has said little about her position on cryptocurrencies. Her stance could have a big impact on future regulatory strategies and market sentiment.
XRP joins the conversation
In an earlier conversation, Ripple CTO David Schwartz had predicted the possibility of XRP becoming the world’s reserve currency. Schwartz had said during a Twitter Spaces session last year that many countries are ready to abandon the US dollar as the global reserve currency.
Leading XRP community members, including Edward Farina and Versan Aljarrah, have also advocated for XRP’s use as a reserve currency. They stressed that XRP tokens held in escrow by Ripple might play an important role in this shift.
