Prominent venture capitalist Tim Draper has supported the creation of the Strategic Bitcoin Reserve in the USA, emphasizing its significance for the country's economy and individuals.
Tim Draper on Bitcoin Reserve
Vocal Bitcoin supporter Tim Draper commented on the idea of creating a Strategic Bitcoin Reserve. He remarked that it's 'awesome' and advised everyone to hold some Bitcoin for the US, treasuries, and families. 'Make sure you have some,' he added.
Bitcoin and Sector Transformation
Earlier this year, Draper compared Bitcoin and banks to Netflix and Blockbuster. He indicated that blockchain and Bitcoin will transform the world in many crucial sectors: Bitcoin vs banks, digital health care vs big pharma, DeSci vs educational establishments, robots vs union bosses, and drones vs military industrial complex.
Executive Order for Reserve Creation
This week, U.S. President Donald Trump signed an executive order to establish the Strategic Bitcoin Reserve. Despite prior announcements, the reserve will consist solely of Bitcoin, although top altcoins such as ETH, XRP, ADA, and SOL were mentioned. 'Crypto czar' David Sacks stated they were mentioned merely due to their top 10 market capitalization status. Currently, the US government does not plan immediate Bitcoin purchases, instead, it will build the reserve from almost 200,000 Bitcoins already in its possession, mostly seized from Silk Road over the past 10 years. In light of this news and the absence of large government buys, Bitcoin dropped by approximately 4.73% and is trading at $86,220.
The creation of the Bitcoin Reserve in the USA marks a vital step towards integrating cryptocurrencies into economic structures and has garnered support from prominent figures like Tim Draper.
