US Could Buy $100 Billion In Bitcoin This Year: Coinbase Exec
Sebastian Bea, president of Coinbase Asset Management, proposes that a technical change in how the U.S. values its gold reserves could enable a strategic Bitcoin purchase of nearly $100 billion. The U.S. gold hoard is currently valued at $42.22 per ounce, a figure fixed since 1973, while the market price is approximately $3,303, creating a valuation gap of nearly $900 billion. Bea suggests Congress could amend 31 U.S.C. § 5117 to revalue gold and use the gains to fund Bitcoin purchases without increasing federal debt. This aligns with Senator Cynthia Lummis’ BITCOIN Act, which aims for the Treasury to acquire one million BTC over five years. Bea believes such a purchase would prompt other nations to follow suit, similar to recent central bank gold acquisitions. He indicated that the legal change could occur this year, depending on political momentum. As of now, Bitcoin trades at $93,422.
