According to Haider Rafique, Global Government and Investor Relations Management Partner at the cryptocurrency exchange OKX, establishing a national Bitcoin (BTC) strategic reserve could have negative market impacts on both BTC and the US dollar.
Rafique told Cointelegraph that any government holding a large supply of BTC could manipulate prices by selling its holdings into the market, undermining BTC's core claim as a neutral, decentralized currency.
He asked, "What happens if a new government thinks it's a bad idea a few years down the line?" Rafique added:
Rafique pointed to the German government in 2024 as an example, when it sold 50,000 BTC, keeping the price suppressed below the $60,000 level.
The concept of a Bitcoin strategic reserve continues to be a focal point for many Bitcoin advocates, who argue that establishing such a national BTC treasury is the next step in making Bitcoin a global reserve currency and standard unit of account.
Rafique told Cointelegraph that establishing a Bitcoin strategic reserve could have a contagion effect, not limited to the crypto market, but also producing widespread macroeconomic impacts.
"The most significant macroeconomic impact would be a loss of confidence in the dollar," he said.
He added that establishing Bitcoin reserves indicates a weakness in the dollar that underpins the global economy, suggesting that its value cannot be maintained solely by economic strength.
Rafique stated that this could shock the entire financial system, as investors flee the dollar in favor of safe-haven assets like gold or the Swiss franc.
He concluded that investors would also sell off risk assets, causing a chain liquidation in financial markets, which could ultimately lead to a significant crash as the market reacts to a seismic shift in global finance.
Related: Ethereum (ETH) flashes its first "rare oversold signal" since $1,400
Original article: “Crypto Executive: Bitcoin Strategic Reserve Could Be Bad for BTC and USD”
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