US strategic BTC reserve

[SuperBitMan]

In my opinion, if the government determines Bitcoin as a US national reserve asset, it is a positive step and policy for the future, especially the US.

United States president, Donald Trump already signed the executive order to establish a BTC strategic reserve in the U.S., though this has yet to be implemented. It now raises the question if the delay is actually due to legal and regulatory reasons or if Trump does not consider BTC a priority like he did during the campaign.

It’s been a long time since Donald Trump signed the executive order to establish a Bitcoin strategic reserve in the United States and I’m still surprised that till date they have not implemented it.
I don’t think the delay is because of legal and regulatory reasons I just believe the president really don’t see it as a necessity and yes one of the reasons he was very concerned about bitcoin when he has not gotten into power was because of the support he will get from the bitcoin community during his election and I most say he really got it, but to be honest I was really thinking Bitcoin strategy reserve has already been implemented in the United State.

[zasad@]

US Marshals Service picks Coinbase to custody its assets as part of a $32.5 million contract

That's a lot of money for something you could just write down on a piece of paper

But if this piece of paper gets lost, burned, or stolen, who will then cover the enormous losses?
Coinbase develops security standards, invests heavily in them, and is responsible for the losses.
For example, the South Korean tax authority stores cryptocurrency this way,publishing a photo of the ledger with the seed phrase.

[LoyceV]

But if this piece of paper gets lost, burned, or stolen, who will then cover the enormous losses?

I don't think Coinbase can cover a 1 million Bitcoin loss. They again, maybe they are better at secure storage than governments now

For example, the South Korean tax authority stores cryptocurrency this way,publishing a photo of the ledger with the seed phrase.

I can't figure out from Google translate if this was very dumb, or just trolling by sharing the seed phrase to worthless tokens.

[Lucius]

US Marshals Service picks Coinbase to custody its assets as part of a $32.5 million contract

That's a lot of money for something you could just write down on a piece of paper

The real problem is that they think in a centralized way, and they should be safely storing something that is decentralized. Therefore, they decide to leave the responsibility for that work to someone else, because CB keeps most of the coins that are traded through spot BTC ETFs. They probably see the company as a kind of cryptobank.

When we read news like this, it definitely makes sense to leave these things to the professionals.

The U.S. Marshals Service (USMS) is investigating allegations that the son of a Department of Defense and Department of Justice services provider, charged with managing cryptocurrency seized by law enforcement, stole more than $40 million worth of confiscated digital assets.

[zasad@]

But if this piece of paper gets lost, burned, or stolen, who will then cover the enormous losses?

I don't think Coinbase can cover a 1 million Bitcoin loss. They again, maybe they are better at secure storage than governments now

For example, the South Korean tax authority stores cryptocurrency this way,publishing a photo of the ledger with the seed phrase.

I can't figure out from Google translate if this was very dumb, or just trolling by sharing the seed phrase to worthless tokens.

There was a funny story in South Korea.
The tax authorities published photos of the seized wallets and seed phrases, but
the wallet contained PRTG tokens, which had a 24h volume of several hundred dollars.
The blockchain explorer shows the tokens price at almost 5 million, but it's practically impossible to sell.
https://www.coingecko.com/en/coins/pre-retogeum

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Government officials don't know how to handle digital currency, but the crypto exchange has vast experience.