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The idea of the United States adding Bitcoin to its national reserves has moved from speculation to serious debate in recent years. According to Jeff Park, Head of Alpha Strategies at Bitwise Asset Management, it is no longer a question of if but when. Speaking in a recent interview with Nathalie Brunell on CoinStories, Park argued that governments will inevitably hold Bitcoin on their balance sheets.
However, he emphasized that such a move for the US will not happen through sudden executive action. Instead, it would require a carefully legislated process and coordination with America’s closest economic allies—particularly Japan.
Executive Orders vs. National Policy
Park made a sharp distinction between short-term executive decisions and long-term national policy. While an executive order could mandate Bitcoin purchases, he cautioned that such measures are fragile. “Executive orders are volatile and can be reversed by the next administration,” Park explained. By contrast, a congressional mandate would give the move legitimacy and durability, embedding it as part of the national strategy.
In his view, only through legislation can Bitcoin become a strategic reserve asset for the United States. That process, he said, would require bipartisan cooperation, signaling to both domestic stakeholders and international partners that the decision is based on national interest rather than political expediency.
Why Japan’s Role Matters
One of Park’s most striking arguments is that the US cannot move forward on a Bitcoin reserve strategy without first coordinating with Japan. He described the US-Japan financial relationship as a form of “social contract,” noting that Japan holds vast amounts of US Treasury bonds.
“If the United States suddenly pivoted into Bitcoin without consulting Japan, it would betray that trust,” Park said. Such a move could destabilize markets and damage one of America’s most important alliances. Instead, he suggested that Japan’s approach to Bitcoin will serve as the clearest signal for when the US might consider building its own sovereign Bitcoin reserve.
“Once you start seeing Japan embrace Bitcoin,” Park noted, “that’s when the real dialogue can begin at the country level.”
Lessons From Current Sovereign Bitcoin Holdings
While several governments already hold Bitcoin, Park pointed out that most of these holdings are not the result of deliberate market purchases. Instead, they come from seizures or forfeitures related to criminal investigations. The US and China, for example, control large amounts of Bitcoin acquired through law enforcement actions rather than investment strategies.
Park dismissed the idea of governments using coercion or eminent domain to acquire private Bitcoin holdings, calling it inconsistent with US values and legal traditions. He argued that any American accumulation would need to be transparent, market-based, and aligned with democratic principles.
The Challenge of Large-Scale Accumulation
Another obstacle for the US is the disruptive effect of buying Bitcoin directly from the open market. With Bitcoin’s supply capped at 21 million, large-scale government purchases could cause sharp price swings, distorting markets in the process.
Instead, Park floated the idea of a public-private framework modeled on institutions like Fannie Mae and Freddie Mac. These entities, while technically private, are aligned with national interests. A similar approach could allow Bitcoin treasury companies to accumulate reserves in a way that supports America’s long-term financial strategy without triggering volatility.
Bitcoin as Strategic Collateral
Park’s argument is rooted in broader monetary theory. Since the 2008 financial crisis, US monetary policy has shifted toward what he described as “abundant reserves” and technocratic rate-setting. Within that framework, scarce and reliable collateral becomes increasingly valuable.
“Bitcoin is the scarcest, hardest asset known to man,” Park said. He suggested that Bitcoin could eventually complement the US dollar rather than replace it, providing a new form of collateral that reinforces America’s financial leadership.
By integrating Bitcoin into its reserves, the US could strengthen its economic position while also acknowledging the global shift toward digital assets.
Patience and Preparation
For Park, the path forward is not about rushing into the market but preparing for the inevitable. “Governments buying Bitcoin is inevitable,” he concluded, “but for the United States, it must be done with congressional approval, coordination with allies, and institutional structures capable of managing it at scale.”
In other words, a US Bitcoin reserve will not come from impulsive moves or unilateral decisions. Instead, it will be the product of deliberate policy, international cooperation, and the recognition that digital assets are now part of the global financial system.
