Breaking: FED Chairman Jerome Powell Talks About Bitcoin Reserve Strategy in the United States

When asked about the Bitcoin Strategic Reserve Fund at a press conference, Jerome Powell said they are not allowed to own Bitcoin and do not support changing the law. The strategic reserve is an important reserve of resources that can be released in times of crisis or supply disruption. The most famous example is the US Strategic Petroleum Reserve, the world’s largest emergency crude oil supply, established by Congress in 1975 after the oil embargo by the Arab countries in 1973–74 paralyzed the US economy. Presidents have used this reserve to stabilize the oil market during times of war or when storms attack US oil infrastructure in the Gulf of Mexico. Analysts and legal experts are divided on whether Trump can use his executive powers to create reserves or whether legislation from Congress is needed. Some believe that Trump can create reserves through an executive order directing the U.S. Treasury’s Exchange Stabilization Fund, which can be used to buy or sell foreign currencies and can also be used to hold Bitcoin. According to data, this reserve may also include Bitcoin seized by the government from criminals, equivalent to about 200,000 tokens, worth about $21 billion at current prices. Trump believes that this reserve could be a starting point when he announces his BTC reserve plan in his speech in July, but it is still unclear how the legal process of transferring them out of the Department of Justice will be. Trump did not say whether the government would increase its reserves by buying more BTC on the open market. To do so, the government would have to borrow money, but some Bitcoin reserve supporters believe the US could sell some of its gold reserves and use the proceeds to buy BTC. DYOR! #Write2Win #Write&Earn $BTC {spot}(BTCUSDT)