A key policy signal has recently emerged. During the Davos Forum, the U.S. Treasury Secretary announced that the government will establish a strategic Bitcoin reserve, including all Bitcoin held by the Department of Justice and the Treasury—this effectively reverses the previous "confiscate and auction" approach.

What exactly has changed? Previously, Bitcoin obtained through law enforcement was regularly auctioned off. Now, these assets will be permanently retained and no longer subjected to routine auctions. The U.S. currently holds over 200,000 Bitcoins. This decision explicitly designates these assets as a long-term national store of value to hedge against fiat currency fluctuations. The Secretary emphasized that this is to "prevent the outflow of sovereign digital wealth."

More interestingly, the expansion of the strategic reserve will be conducted in a "budget-neutral" manner—no taxpayer money will be spent on increasing holdings in the open market, relying solely on law enforcement confiscations to replenish the reserve. The Federal Reserve will be responsible for custody of these assets, and unless there is an extreme national economic crisis, they will remain untouched.

From a market perspective, this is a major turning point. The U.S. government has long been a "selling pressure" on Bitcoin, frequently auctioning confiscated assets. Now, it shifts to long-term holding and strategic reserves—this subtly weakens the historical market pressure exerted by government sales. More importantly, this could set an example for other major economies, prompting more countries to reconsider the role of digital assets on their national balance sheets.