Bitget CEO Predicts No US Bitcoin Purchases for Strategic Reserve Before 2029

Gracy Chen, the CEO of Bitget, has expressed skepticism about the US government's potential to purchase Bitcoin for its Strategic Bitcoin Reserve (SBR) before the end of President Donald Trump's current term in January 2029. This perspective is rooted in the limitations set by the executive order that established the reserve on March 6, 2025.

The SBR, which holds approximately 198,000 BTC valued at around $17.3 billion, is primarily composed of Bitcoin seized through civil and criminal forfeiture proceedings. The executive order explicitly prohibits new acquisitions using taxpayer funds and bars any sales of the holdings, emphasizing a policy of budget neutrality.

Chen's comments highlight a significant gap between the government's pro-crypto rhetoric and the actual operational framework of the SBR. While the Trump administration has positioned itself as supportive of digital assets, the legal architecture of the SBR limits its ability to actively acquire Bitcoin.

As a result, the narrative that the US could become a major buyer of Bitcoin has been recalibrated. Instead of focusing on potential government purchases, market participants may need to consider the implications of the SBR's no-sell policy, which effectively removes a portion of Bitcoin from potential market supply.

Chen's assessment indicates that while the SBR is a significant player in the Bitcoin landscape, it does not function as a catalyst for new demand. Instead, it solidifies the supply side by ensuring that the seized Bitcoin will not be liquidated, thereby reducing the risk of market sell-offs.