In a CoinStories interview with Nathalie Brunell, Jeff Park, Head of Alpha Strategies at Bitwise Asset Management, argued that US sovereign Bitcoin holdings are a matter of “when,” not “if”—but only via a deliberate, legislated process and likely in concert with key allies.
He drew a firm distinction between an executive action and a durable national policy: “There’s a difference between an executive order mandate to buy Bitcoin as a strategic asset versus a congressional mandate,” he said. Executive orders are “volatile” and “can be turned by the next administration,” whereas a legislated strategic reserve “embed[s] the mandate of the people.”
Crucially, Park framed the US Bitcoin reserve as an allied, not unilateral, project. The United States, he said, operates within an economic “social contract” with partners such as Japan. A surprise US pivot into BTC would risk trust: “It would be a slight betrayal of that social contract if you were to stuff, let’s say, Japan with all your long-dated Treasury bonds and then didn’t give them a heads up and just bought Bitcoin on your own.”
Open-market accumulation at scale, meanwhile, would be price-disruptive. Instead, he pointed to a more American pathway through market structures and public-private alignment: “If you think about the construct of Fannie Mae and Freddie Mac… you could still have a private entity that is able to extend credit for the American people,” suggesting that “Bitcoin treasury companies can be… private, yes, but aligned with kind of the national mission.”
Park’s conclusion is exacting rather than speculative: governments buying Bitcoin is “inevitable,” but a US move requires congressional authorization, signaling and coordination with allies—particularly Japan—and institutional mechanisms capable of execution at size without violating core property-rights norms.
At press time, BTC traded at $111,103.
