[Bitcoin 2025] US Discusses Strategic Bitcoin Reserve Plan… “New Oil, Must Be Used as Digital Gold”

On May 27, 2025 (local time), a high-level discussion on the establishment of the 'Strategic Bitcoin Reserve (SBR)' was held at the 'Bitcoin 2025' conference in Las Vegas, USA. This session drew attention as the first public forum to discuss the federal government's practical Bitcoin reserve strategy after Bitcoin was officially designated as a strategic asset under a US presidential executive order. The session was moderated by Alex Thorn, Head of Research at Galaxy Digital, with panelists Matthew Sigel (Head of Digital Assets Research at VanEck), Matthew Pines (Director of the Bitcoin Policy Institute, BPI), and Fred Thiel (CEO of Marathon Digital Holdings). As experts in asset management, policy, and mining, they specifically proposed a federal government strategy for holding and utilizing Bitcoin. "Bitcoin is Digital Gold... Holding Itself is a Means of Power Projection" Marathon Digital's CEO Fred Thiel emphasized that Bitcoin, now ranked 6th in global asset rankings, becomes America's "strength" simply by holding it. He argued that like strategic oil reserves, a nation should secure assets to adjust prices or respond to crises, which can function not just defensively but also as a geopolitical attack mechanism. He particularly noted that the US can acquire assets by directly mining Bitcoin or supporting private mining based on abundant energy resources, which he evaluated as a much stronger sovereign act than simple purchasing. "Three-Stage Approach Needed... From Symbolic Acquisition to Strategic Accumulation" BPI Director Matthew Pines categorized Bitcoin acquisition methods into ▲symbolic acquisition ▲material acquisition ▲strategic acquisition. He explained symbolic acquisition involves incorporating confiscated digital assets (Tether, Ripple, etc.) into SBR, while material acquisition uses practical approaches like customs revenue, energy royalties, and Freddie Mac privatization proceeds. Regarding strategic acquisition, he stated it's a means for the US to become the sovereign nation with the most Bitcoin worldwide, suggesting using the Exchange Stabilization Fund's surplus of about $20 billion or gold reserve revaluation profits (around $80 billion) to secure hundreds of thousands of BTC. He also introduced the concept of Of bitbonds, a bond combining traditional bonds with Bitcoin's revenue structure, noting it would be attractive to private investors. "Criticism Exists... But Public Assetization is Inevitable" VanEck's Matthew Sigel addressed opposition to Bitcoin holding, pointing out that both "naive maxies" who argue governments shouldn't hold Bitcoin and "non-responders" worried about US dollar collapse are disconnected from reality. He emphasized that asset managers cannot directly hold customers' Bitcoin, and institutionalization is essential for Bitcoin to grow beyond community to universal currency. He stressed that government Bitcoin purchases enhance dollar credibility rather than threatening it. The panelists concluded by recommending starting with small-scale symbolic acquisitions due to legal risks and eventually institutionalizing through congressional legislation. They unanimously stated that while some still view Bitcoin as an anti-establishment technology, it must now be integrated as the foundation of global financial order, and the US must take action now to lead the Bitcoin era.