U.S. Government's Role in Cryptocurrency Market Analyzed

According to Odaily, Eugene Epstein, Head of Trading and Structured Products at Moneycorp, discussed the current state of the cryptocurrency market in a recent interview. Epstein noted that while the cryptocurrency market has experienced cyclical bull markets before, this is the first time significant hype has occurred at the government level. Despite extensive discussions, the acceptance of cryptocurrencies has reached unprecedented levels. The United States has become the largest sovereign holder of Bitcoin, primarily through judicial seizures. Data from Bitbo indicates that the U.S. holds over 200,000 Bitcoins, valued at nearly $22 billion. Epstein highlighted that the market is currently trading on the expectation that the U.S. will make substantial cryptocurrency purchases in the future. He further explained that the market has already factored in the possibility of large-scale cryptocurrency acquisitions by various levels of the U.S. government. However, if these expectations are not met, there could be a market correction. Epstein expressed skepticism about market growth unless a state-level initiative is implemented, which he anticipates would be led by the Treasury Department.