The US government is not expected to start accumulating Bitcoin as a strategic reserve until other countries take the first step.
According to crypto entrepreneur Mike Alfred, US action will only begin when there is sufficient external pressure and when Washington sees other countries have already moved ahead.
In a podcast published on Tuesday, Alfred explained that the US government is likely to add Bitcoin to its reserves only after there is a clear signal that outside parties are strengthening their holdings of the asset. He also said that the timeline for a potential US action is still uncertain.
The discussion comes as several industry figures have also urged the US government to accelerate the accumulation of Bitcoin to avoid falling behind other major powers in holding strategic digital assets.
Alfred also expects Bitcoin to hit $1 million by 2033, a more modest projection than bullish market forecasts from ARK Invest CEO Cathie Wood and Coinbase CEO Brian Armstrong, who see the seven-figure target as early as 2030.
He believes that by then almost all governments will have some direct or indirect exposure to Bitcoin as a strategic reserve asset.
In March, President Donald Trump signed an executive order to establish the Strategic Bitcoin Reserve, which would use a budget-neutral mechanism to accumulate the crypto asset. However, its implementation has yet to be finalized.
