The epoch-making crypto summit at the White House ended in a fizz.
The expectation was that America would regain its former greatness through Bitcoin and become the world’s first crypto superpower. Countries around the world would follow the example of the USA and start buying Bitcoin for their reserves, driving its price up.
Max Keiser, an advisor to the President of El Salvador, got so excited at the summit that he even posted on his X (formerly Twitter) that he expected Bitcoin to surpass $100K within two hours and $120K within a month. The first did not happen, and the second will also not occur.
The reality is that no one is planning to buy Bitcoin for that reserve; all the confiscated cryptocurrency will simply be transferred from the wallets of the U.S. Department of Justice to the wallets of the U.S. Department of the Treasury. This is essentially the entire crypto revolution of Trump.
Furthermore, it turned out that these government reserve wallets are not autonomous but custodial, which could hypothetically lead to both hacking and blocking.
To top it all off, it should be acknowledged that the wallets owned by the U.S. government actually hold only 112,000 BTC or even less. Since 95,000 BTC belong to the Bitfinex exchange and will be returned to its clients.
Thus, the U.S. does not have any 207,000 to 220,000 BTC, as many news sites typically state. If that’s the case, then the U.S. is not leading in crypto reserves.
In this scenario, China firmly holds the first place with its confirmed 194,000 BTC.
The grand crypto fizz at the White House has occurred! Let’s disperse.
