Macro investment strategist Lyn Alden said that if countries buy Bitcoin (BTC) and start storing it in their treasuries, Bitcoin could surpass gold as a reserve asset.
In a new post on the What Bitcoin Did podcast, Alden told host Peter McCormack that countries that buy and hold BTC could create an “explosive moment” for the leading cryptocurrency.
“Some people are asking ‘why don’t some big countries print some money and buy Bitcoin and add it to their reserves?’ As soon as we start to see those cracks in the dam begin to appear and that happens, it will potentially create a truly explosive moment. You can have hundreds of billions of dollars in different types of debt to buy Bitcoin. While Bitcoin is [currently] in a bit of a correction, we are seeing the currency balance of BTC hit several-year lows. ”
According to Alden, nation-states joining other investors to hold the largest cryptocurrency by market cap could lead to a situation that allows BTC to rise to the level of gold as an internationally recognized store of value.
Bitcoin is changing hands at $57,700 at the time of writing