[Web3 Lawyer Interpretation] The United States officially establishes a strategic reserve of Bitcoin

This morning (Beijing time), the Trump administration of the United States officially announced the establishment of a national strategic reserve of Bitcoin. In addition, a digital asset stockpile will be established, mainly including other digital assets besides Bitcoin, mainly some mainstream currencies in the market, such as ETH, XRP, ADA, SOL, etc.

However, the United States will not use taxpayer money to purchase Bitcoin specifically, but will use Bitcoin seized in judicial proceedings (criminal, civil) as national reserves.

The market's reaction to this was a sharp drop.

Lawyer Liu believes that the main reason is that the cryptocurrency community has too high expectations for the United States and believes that the United States should take bigger steps. The market sentiment is always understandable, whether it is satisfied or dissatisfied, it will not continue like this.

From a long-term perspective, the impact of this move by the United States on the cryptocurrency industry is still more positive than negative.

Especially for China, will China use Bitcoin as a national strategic reserve in the future? In my opinion, it is not possible in the short term, but it is not certain in the long term, especially after Bitcoin, known as "digital gold", is accepted by more countries, China will definitely not ignore it.

In this way, the impact and even transformation on the entire cryptocurrency ecosystem in mainland China will be absolutely subversive, and the impact on web3 legal business will also be enormous. For example, Bitcoin will be officially accepted by the judicial community as property under civil and criminal law, and currency-related civil cases (virtual currency investment disputes, loan disputes, etc.), criminal defense, disposal of virtual currencies involved, and other businesses will be completely different from the current ones.