According to industry voices, the US is likely to hold off buying Bitcoin until others move first. That view came from crypto entrepreneur Mike Alfred, who said the government will step in only “when there is enough pressure externally.”
His comment frames Washington’s approach as reactive rather than leading. The timing remains unclear.
Governments Watching Each Other
According to Alfred, a wider trend could follow if prices climb. He told listeners he expects Bitcoin to reach $1 million by 2033, and he argued that most countries will hold some Bitcoin by then, either directly or through indirect exposure.
Other well-known figures, including Strategy chairman Michael Saylor and Coinbase CEO Brian Armstrong, have offered sooner time frames, suggesting seven-figure prices could arrive as early as 2030 or 2035.
Those forecasts are being used by some industry players to push governments to act now rather than later.
Strategic Reserve Still Lacks A Playbook
US President Donald Trump signed an executive order in March to create a Strategic Bitcoin Reserve. The order directed use of budget-neutral methods for building the reserve, but a formal plan has not been rolled out.
Galaxy Digital analyst Alex Thorn has recently argued there is a “strong chance” the US will announce it is formally holding BTC as a strategic asset this year, yet no confirmed holdings have been made public. The proposal exists on paper; practical steps have not been made visible.
yes, i mean the U.S. government announcing, not bessent’s offhand comment on tv
that comment gave us hints of where they think the size of the reserve stands but is not a formal announcement of the SBR https://t.co/ADxguLJ8vH
— Alex Thorn (@intangiblecoins) September 11, 2025
Warning About Being Front-Run
Some industry figures say delay carries risks. Jan3 founder Samson Mow warned that the US “has to start” acquiring Bitcoin soon or risk being front-run by other nations, naming Pakistan as an example of a country planning purchases.
Alfred pointed out that widespread official recognition of Bitcoin in the US felt unlikely before the March order. Many in the sector see a budding race to secure BTC, and pressure from abroad could be a deciding factor for policymakers.
Institutions Joining The Fray
Institutions are expanding their footprint despite price moves. Bitcoin has slid below $95,000. Still, institutional activity appears to be growing.
A major US digital trading platform and a chartered bank have opened crypto trading to institutional clients, while the derivatives arm of the Singapore Exchange is adding perpetual futures.
Policy shifts have also allowed some firms to launch crypto exchange-traded products, widening access. These steps show that firms are building infrastructure and services even while prices wobble.
Supply concentration is also becoming more visible. Corporations now control about 14% of Bitcoin’s 21 million supply through product firms and companies holding BTC on their books.
That 14% number does not include large holdings by miners, sovereigns like El Salvador, or assets locked in decentralized finance protocols, all of which would push the share higher.
With so much supply clustered in specific hands, liquidity could tighten. Governments watching this trend may feel compelled to add Bitcoin to official stores simply to keep pace with other holders.
Waiting And Observing For Now
Alfred is basically saying that the US will probably wait before buying Bitcoin. He thinks the government wants to see other countries take the first big step before it starts collecting Bitcoin itself. For now, the Strategic Bitcoin Reserve is more of a plan on paper than something actually happening.
Featured image from Unsplash, chart from TradingView
