Are Crypto Reserves Becoming a Global Trend?

[PrivacyG]

The US is a role model to so many countries. More countries might join the crypto reserve boat if the US start accumulating.   

Few countries actually see The United States as a role model any more.  In fact.  I would not be surprised at all if they started virtually punching the administration and calling it a giant risk to the country if they finally start a reserve.  The articles about Putin using Bitcoin to avoid restrictions are already there, all tools are at hand to call it a bad move.

[mindrust]

Kazakhstan just made headlines by launching a state-backed crypto reserve fund, starting with BNB as its first asset. This marks one of the few times a government has officially treated crypto as part of a national reserve strategy.

But Kazakhstan isn’t alone:

• El Salvador – already holds Bitcoin directly as part of its treasury since 2021.
• Bhutan – secretly mining and accumulating Bitcoin for years using its hydropower.
  
• United States – reportedly preparing a Strategic Bitcoin Reserve framework, and the U.S. government already controls a significant amount of Bitcoin from seizures (e.g. Silk Road, criminal cases).
• Kazakhstan – now openly creating a crypto reserve starting with BNB.

...

I wouldn't call it a global trend unless I see more of the developed countries following the US's foot steps. So far we only have the US and as far as I am concerned the US is making a reserve out of the seized bitcoins from the criminals. They are not buying any new coins from the market. The difference is they were going to sell it but I guess they decided not to. Will they spend these reserves on something? I don't know but again I have read about this topic a while ago so I might have forgotten a few facts about it.

Bhutan, Kazakhstan and El Salvador are quite small countries so they don't have any impact at all.

I'd rather like to see countries like Germany, Japan, United Kingdom, Italy, France, Russia, Switzerland etc. creating their bitcoin reserves but so far none of these big shots joined the party. Maybe they'll change their minds soon.

[Hamza2424]

What do you think:

Will state-backed crypto reserves become a global norm?
And if your country decided to buy Bitcoin for reserves, would you support it?

Add Pakistan to the list as well as they have also shown their interest to add Bitcoin in their national reserves but that is just a plan for now as many other countries have shown this plan too, not too big news but still it is worth to be selling. The news about Kazakhstan is really bullish for BNB for now but eventually, they will also become a hub for crypto that is really surprising.

They have been mining bitcoin already for a long time, the energy there is cheap. My country has supported to buy bitcoin and they have also announced to dedicated 2k MW power to bitcoin mining and ai sector. I Support them completely because that is the future especially the mining plan although they are late to join the game but still worth it haha.

[₿itcoin]

Will state-backed crypto reserves become a global norm?
And if your country decided to buy Bitcoin for reserves, would you support it?

Yes, many countries are thinking about increasing their crypto reserves, but I don’t think all reserves will be created equal, meaning everyone will not rely only Bitcoin. For example, Kazakhstan just launched the Alem Crypto Fund, and El Salvador, Bhutan, and the United States have already shown that governments will store crypto on their balance sheets. The Philippines has a bill proposing that they buy 10,000 BTC in reserves over five years, buying 2,000 BTC a year, and holding these reserves for at least 20 years. They can only sell or use them for emergencies like government debt.
So this is trending, states want strategic digital assets but they may not care that not all reserves are created equal.
They should understand that BNB or exchange tokens have a risk of centralized counterparty, while BTC is a censorship-resistant store of value.
So I would only support my country buying Bitcoin if they treat it as a long-term, cold, audited reserve, with no political stunts, or any custodial slush, otherwise it’s just theater. HODL values ​​are greater than any headline PR, lmao.

[Die_empty]

Add Pakistan to the list as well as they have also shown their interest to add Bitcoin in their national reserves but that is just a plan for now as many other countries have shown this plan too, not too big news but still it is worth to be selling. The news about Kazakhstan is really bullish for BNB for now but eventually, they will also become a hub for crypto that is really surprising.

They have been mining bitcoin already for a long time, the energy there is cheap. My country has supported to buy bitcoin and they have also announced to dedicated 2k MW power to bitcoin mining and ai sector. I Support them completely because that is the future especially the mining plan although they are late to join the game but still worth it haha.

It's good news coming from Pakistan currently. You are lucky to be in a country that has a constant power supply and has friendly crypto laws. Bitcoin mining is nonexistent in my country because of the unstable and expensive electric supply. The government of my country has failed to see the potential of the crypto industry. When other nations are striving to build a crypto hub, some countries are scaring away investors with harsh policies.     

[Ishicryptic]

Of course it's now becoming a global trend as I foresee more countries adopting to this methods and wouldn't want to be left out. About Kazakhstan making choice to start with BNB is not a bad plan but to me it could had been better starting with BTC at least to have a solid edge than BNB, although it could be that BNB is more cheaper but then what is their benefits if altcoin are mostly controlled by Bitcoin, and again, could they be able to handle bear market of altcoins?  As it is more corrosive and severe than Bitcoin.

I think this is the first time that I'm hearing about a country using or proposing a crypto strategic reserve that is not Bitcoin, I want to believe that Kazakhstan, must have a good reason not to follow the norm. BNB is a top altcoin and I wish them all the best, maybe it can open doors for other countries that are proposing strategic reserves to also consider top altcoins. Bitcoin specifically has built so much reputation and it is leading in the crypto global trend, I foresee more countries proposing and implementing Bitcoin strategic reserves in the near future.

[freedomgo]

From the list of countries listed above, only El Salvador and Bhutan have shown commitment to creating a crypto reserve. Others are just showing policies, and the US got its own via seizures. We are tired of paper commitment, let's see actions.

Actually, El Salvador is a very good example to look at since they’ve been accumulating Bitcoin. Bhutan too, but their approach is through mining, which isn’t as risky as what El Salvador is doing. The sad part for El Salvador is that they once declared Bitcoin as legal currency, but had to take a step back because of IMF pressure.

Still, they’re in a good position now, and it’s good to see how much they continue to support the Bitcoin ecosystem.

The US is a role model to so many countries. More countries might join the crypto reserve boat if the US start accumulating.

Bitcoin is highly profitable. So I will support my country to invest in a profitable asset because it will bring more money to the economy.   

They’re one of the biggest if not the biggest country, and they set the standard. So once they’ve made it public that they’ll use Bitcoin as a reserve, other countries might follow. But the thing is, it’s not coming from real effort or risk, it’s from seizures linked to illegal activities.

To me, that doesn’t really look good. But I get it, that’s their strategy to minimize risk and create some publicity about being “Bitcoin-friendly.” Let’s just see if they actually accumulate more in the future.

[michellee]

Why doesn't it start with Bitcoin instead of BNB? But maybe they have a different plan choosing BNB as their first asset. That is their decision and we can only follow the news of what they will do. But we always suggest Bitcoin to be the first asset and our reserves and maybe this step can bring crypto supported by many countries.

I will support my country if my government decides to buy Bitcoin for reserves. That will bring another income in the future which can help the economy of my country. When my government sells Bitcoin at a high price, the profit will be bigger and they can distribute the profit to many infrastructure and other things.

[Cryptmuster]

Kazakhstan just made headlines by launching a state-backed crypto reserve fund, starting with BNB as its first asset. This marks one of the few times a government has officially treated crypto as part of a national reserve strategy.

But Kazakhstan isn’t alone:

• El Salvador – already holds Bitcoin directly as part of its treasury since 2021.
• Bhutan – secretly mining and accumulating Bitcoin for years using its hydropower.
  
• United States – reportedly preparing a Strategic Bitcoin Reserve framework, and the U.S. government already controls a significant amount of Bitcoin from seizures (e.g. Silk Road, criminal cases).
• Kazakhstan – now openly creating a crypto reserve starting with BNB.

And it might not stop there. Even in the Philippines, there’s already a proposed bill suggesting that the country should buy 10,000 BTC to add to its national reserves.

If more countries adopt this kind of policy, we might be looking at a world where Bitcoin (and maybe other cryptos) are treated like gold, a strategic reserve asset that nations compete to hold.

What do you think:

Will state-backed crypto reserves become a global norm?
And if your country decided to buy Bitcoin for reserves, would you support it?

https://cryptonews.com/news/kazakhstan-launches-national-crypto-reserve-with-bnb-as-first-asset/

Of all the countries you mentioned, only El Salvador buys Bitcoin, everyone else is trying to make do with other methods. Bhutan mines because it has excess electricity. The US simply confiscated the Bitcoin in its reserves and doesn't replenish them in any way. So, on the one hand, these countries would like to have Bitcoin reserves, but on the other, they want to make sure they can get this Bitcoin without spending money from the budget...

[Botnake]

Of all the countries you mentioned, only El Salvador buys Bitcoin, everyone else is trying to make do with other methods.

That's correct...

Bhutan mines because it has excess electricity. The US simply confiscated the Bitcoin in its reserves and doesn't replenish them in any way. So, on the one hand, these countries would like to have Bitcoin reserves, but on the other, they want to make sure they can get this Bitcoin without spending money from the budget...

The US has the easiest way of acquiring Bitcoin and turning it into reserves. Bhutan, on the other hand, does earn Bitcoin through mining, but it’s not as simple as it sounds - they also invested a huge amount of money into their mining rigs.

As we can read here, Bhutan invested around $500 million.

https://cryptoforinnovation.org/bhutans-bitcoin-mining-reveals-wider-interest-in-digital-assets/

Expansion continued. Between July 2021 and June 2023, Bhutan invested almost $500 million in crypto mining facilities.

[shield132]

Launching a state-backed crypto currency reserve fund that's backed by BNB? A coin that was created by Changpeng Zhao who is famous for doing lots of shady things on Binance exchange and also for BNB coin? Money lights hell.

He no longer controls Binance, and even though Binance violated the law which led to CZ serving jail time but later being released after an agreement with the state - it’s still the number one exchange worldwide. So for me, it makes sense to choose BNB. It’s one of the most solid altcoins right now and could even overtake Ethereum in the future.

He was controlling Binance, then got arrested for violating rules, then got released in exchange of $4 billion and left his post? Do you really think that it's true? It's similar to saying that Medvedev was President of Russia in 2008-2012 and Putin was the Prime Minister. It's one thing what's written on paper and another what's happening in reality. Officially, CZ is no longer a CEO but that doesn't mean that his control over Binance is any less than he had when he was a CEO. He formally is not a CEO, but otherwise, nothing has changed, it's his business.

BNB is not a solid altcoin. It's only brings good ROI because of CZ's smart manipulations. This man really knows how to pump his coin but besides manipulation, BNB is not a solid coin. Without CZ's tactics to artificially pump it, BNB will fail.

[purple_sparkles]

Launching a state-backed crypto currency reserve fund that's backed by BNB? A coin that was created by Changpeng Zhao who is famous for doing lots of shady things on Binance exchange and also for BNB coin? Money lights hell.

He no longer controls Binance, and even though Binance violated the law which led to CZ serving jail time but later being released after an agreement with the state - it’s still the number one exchange worldwide. So for me, it makes sense to choose BNB. It’s one of the most solid altcoins right now and could even overtake Ethereum in the future.

He was controlling Binance, then got arrested for violating rules, then got released in exchange of $4 billion and left his post? Do you really think that it's true? It's similar to saying that Medvedev was President of Russia in 2008-2012 and Putin was the Prime Minister. It's one thing what's written on paper and another what's happening in reality. Officially, CZ is no longer a CEO but that doesn't mean that his control over Binance is any less than he had when he was a CEO. He formally is not a CEO, but otherwise, nothing has changed, it's his business.

BNB is not a solid altcoin. It's only brings good ROI because of CZ's smart manipulations. This man really knows how to pump his coin but besides manipulation, BNB is not a solid coin. Without CZ's tactics to artificially pump it, BNB will fail.

I think you can say this about any business or project, especially one that already has a high market value and strong recognition, everything depends on the people who drive it forward. As long as they have the desire, energy, and resources to keep working on these projects, they thrive. These people can be in the spotlight or operate behind the scenes, but that doesn’t really change anything. If you analyze CZ’s work and his previous achievements, it’s quite likely that BNB could become, if not the most successful project, then at least one that won’t disappear after a major global crypto market crash.

[BALIK]

Launching a state-backed crypto currency reserve fund that's backed by BNB? A coin that was created by Changpeng Zhao who is famous for doing lots of shady things on Binance exchange and also for BNB coin? Money lights hell.

He no longer controls Binance, and even though Binance violated the law which led to CZ serving jail time but later being released after an agreement with the state - it’s still the number one exchange worldwide. So for me, it makes sense to choose BNB. It’s one of the most solid altcoins right now and could even overtake Ethereum in the future.

He was controlling Binance, then got arrested for violating rules, then got released in exchange of $4 billion and left his post? Do you really think that it's true? It's similar to saying that Medvedev was President of Russia in 2008-2012 and Putin was the Prime Minister. It's one thing what's written on paper and another what's happening in reality. Officially, CZ is no longer a CEO but that doesn't mean that his control over Binance is any less than he had when he was a CEO. He formally is not a CEO, but otherwise, nothing has changed, it's his business.

BNB is not a solid altcoin. It's only brings good ROI because of CZ's smart manipulations. This man really knows how to pump his coin but besides manipulation, BNB is not a solid coin. Without CZ's tactics to artificially pump it, BNB will fail.

There are some reports that CZ holds more than 60% of the BNB supply, and that could be the reason why BNB could maintain its value quite well even during the 2022 bear season or when the market dumps. If that is true, how can a coin with more than 50% of its supply held by 1 person be considered safe and trustworthy?
CZ has been to jail once, what guarantees that he won't go to jail again? What will happen to BNB if he gets jail time like SBF? That will be the end of BNB and Binance.
Yes, BNB has the potential to increase in price due to CZ's manipulation but it is not a solid altcoin.