Recently, there has been a surge of discussions about the U.S. government establishing a Bitcoin strategic reserve, involving a larger financial chess game.

According to crypto market analysts, the United States may be seriously considering a major move: expanding the national Bitcoin reserve to 1 million coins through direct purchase. This is not just imagination—currently, the U.S. government holds about 210,000 Bitcoins, mainly from years of judicial forfeitures and seizures. However, to reach the 1 million target, an additional nearly 800,000 coins are needed, which would require substantial fiscal investment.

Why are policymakers interested in this idea now? Several key factors are driving it. First, crypto assets have become a political focal point. Ruling parties hope to attract support from young voters and the tech industry by embracing emerging assets like Bitcoin. Second, the policy framework has long been in place—an instruction issued last March designated Bitcoin as a strategic reserve asset similar to gold, laying the groundwork for subsequent actions.

However, there is a significant gap between discussion and actual implementation. The biggest obstacle is the U.S. Congress’s power of budget approval. Considering the partisan disagreements over fiscal issues and America’s own deficit pressures, convincing Congress to allocate funds to purchase hundreds of thousands of Bitcoins in the short term is highly challenging. So, this remains more of a possibility than an imminent certainty.

From a market perspective, this policy discussion has already sent multiple signals. If ultimately implemented, it would mark a historic turning point—the world’s largest economy officially entering the crypto asset market, likely triggering massive capital inflows and fundamentally reshaping the market perception of Bitcoin as "digital gold." Even if the plan is shelved, the discussion itself indicates an important shift: crypto assets are no longer just "regulatory targets" for regulators but are becoming strategic resources for "how we can utilize them." This means that policy risks have decreased from high levels.

The impact on different crypto assets is also worth noting. If a national-level purchase plan is launched, the "national team" narrative for Bitcoin will be significantly strengthened. 1 million coins represent about 4.7% of the global circulating supply, and this concentration will further widen the gap between Bitcoin and other crypto assets. Short-term market volatility may increase, but the long-term fundamental logic will become more solid.

For market participants, it is crucial to closely monitor political developments in Washington—budget debates in Congress, the stance on crypto assets in the two-party campaign platforms, and subsequent statements from the ruling team. This is no longer just a market event but has risen to the level of sovereign-level financial strategy.

In any case, the crypto industry is undergoing a transition from being marginalized to being valued, which itself is an important signal of the times.