Bitcoin Now on Par with Gold, Says Samson Mow
A big event for the crypto community happened when the US Strategic Bitcoin Reserve (SBR) was finally implemented through an executive order. However, the reaction from the community was quite polarized. Although there is no new monetary allocation, the SBR will integrate Bitcoin from seized funds. Samson Mow, a strong Bitcoin advocate, spoke out to clarify concerns surrounding the SBR.
Samson Mow's comments
Samson Mow said that with the formation of the SBR, Bitcoin is now officially on par with gold in terms of importance and value. Many have wondered whether the US government will continue to buy more BTC, and Mow asserted that "there will be buying". He proposed several "budget-neutral" solutions to accumulate more Bitcoin, including issuing Bitcoin Bonds and selling off gold reserves.
Mow is confident that Commerce Secretary Howard Lutnick will push this process through. He also stressed that the creation of the SBR is an important step in legitimizing and recognizing Bitcoin as a strategic asset similar to gold.
Bitcoin is on par with gold
Samson Mow believes that the emergence of Bitcoin ETF products has spurred interest from institutional investors, but the creation of the SBR will truly put Bitcoin on par with gold. This will spark a global race to adopt cryptocurrencies at the national level.
Mow also believes that an audit of the US government’s Bitcoin reserves will show a stark difference compared to what China holds. If this happens, the US may have to step up its purchases of Bitcoin to avoid falling behind.
Market Reaction
While SBR is considered a major turning point for Bitcoin, the market reaction has yet to reflect the same optimism. After the executive order was issued on March 6, the price of Bitcoin has fallen slightly. At the time of writing, BTC is trading at $88,399.10, down 3.13% over the past 24 hours. Altcoins such as Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA) have also recorded similar declines, down 4.75%, 2.23%, 4.76%, and 8.24%, respectively.
The current outlook suggests that while SBR brings legitimacy to Bitcoin, the government’s confidence in this move is not strong enough to spark a BTC price boom.
This article was originally published on U.Today.
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