No. of Recommendations: 1
What might happen once Powell is gone?
“The US Federal Reserve will not be building a Bitcoin reserve, according to the Treasury Secretary. While the government is establishing a strategic Bitcoin reserve using seized assets, the Treasury Secretary stated the government will not be purchasing additional Bitcoin for this reserve. Furthermore, the Fed itself is not seeking to hold Bitcoin or change its laws to allow it to do so.
Here's a more detailed breakdown:
No Fed Purchase:
The Federal Reserve, which is the US central bank, will not be purchasing Bitcoin to add to any government reserves.
Strategic Reserve:
The US government is establishing a "Strategic Bitcoin Reserve" but this will be built from Bitcoin seized in criminal cases, not through new purchases, according to the Treasury Secretary.
No Fed Change in Policy:
The Fed's inability to hold Bitcoin is due to the Federal Reserve Act, which dictates what the Fed can own. The Fed is not seeking a change in the law to allow it to hold Bitcoin, says Fed Chair Powell.
Trump's Executive Order:
President Trump signed an executive order in March establishing a strategic Bitcoin reserve comprised of seized assets. “
Also, how much damage has team trump done to iconic American brands, globally? During the next two quarters we should find out if demand is down? We do know Vegas has been soft, Canadian travel is down for obvious reasons.
