As speculation about the possibility of Donald Trump developing a strategic Bitcoin reserve in the United States (US), one crypto pundit has laid out a compelling sequence of events they believe must occur before such a move becomes a reality. The pundit’s analysis centres around key figures like Ross Ulbricht, the founder of Silk Road and the role of the US marshals in managing the seized Bitcoin assets.
A crypto pundit known as ‘Bio99’ on X (formerly Twitter) asserts that Ulbricht’s recent release from prison was an important first step toward announcing a strategic Bitcoin reserve. According to his X post, Trump could never, in good conscience, create a Bitcoin reserve without addressing the origins of a significant portion of the US government-held BTC—the Silk Road seizures.
For more context, Ulbricht launched the Silk Road online marketplace in 2011, allowing users to buy and sell illegal goods and services, primarily drugs, using BTC as a payment currency. The US authorities first arrested Ulbricht in 2013, halting Silk Road’s operations.
Along with the arrest, the US seized approximately 26,000 BTC, worth over $3.5 million at the time. An additional 69,370 BTC was confiscated by the US Department of Justice (DOJ) in 2020. Following the seizure, the US government sold some of Silk Road’s Bitcoin while its founder was convicted on multiple charges. Ulbricht was sentenced to life in prison without the possibility of parole, sparking concerns over the fairness of his sentence as many advocated for his freedom.
Moving forward, Bio99 revealed that before the US can take full ownership of Silk Road’s BTC, they would need to release Ulbricht first, and this event could never happen until Trump secures the freedom of the “January 6 defendants”. The crypto pundit argues that keeping the Silk Road founder imprisoned while leveraging his Bitcoin assets for national purposes would have sparked public outrage.
Addressing other concerns, Bio99 claims that before Trump can announce a Bitcoin reserve, he must implement additional key measures. These include freezing government hiring, curbing illegal immigration, and championing investments in new technologies. According to the pundit, once these foundational moves have been put in place, the development of a BTC Reserve could be a near-term possibility
Bio99 has described Bitcoin as an asset for the US dollar, the Treasury, and the stock market. The crypto pundit reveals that Trump’s recent advocacy for investments in Artificial Intelligence (AI) and other emerging technologies signals the groundwork for the broader support and announcement of a Bitcoin Reserve in the US.
Speculation further connects SpaceX and Tesla CEO Elon Musk, highlighting his recent silence on Bitcoin and public comment about the release of Ulbricht and the January 6 defendants. Moreover, the final anticipated step toward a Bitcoin reserve would be revoking the Securities and Banking Act (SAB), enabling banks and companies to create their own reserves.
Featured image from Unsplash, chart from Tradingview.com
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