Gracy Chen, CEO of the crypto exchange Bitget, believes that the U.S. government will not authorize the purchase of Bitcoin as a strategic reserve asset for at least another two years. While the idea of a national Bitcoin stockpile has gained traction in political circles, Chen suggests the legislative and regulatory hurdles remain too significant for immediate action. Regarding price action, she forecasts that Bitcoin will likely finish the year within a $10,000 to $20,000 margin of its current valuation, rather than experiencing a massive parabolic run or a deep crash.
The skepticism regarding a U.S. strategic reserve comes at a time when several political figures have integrated crypto into their campaign platforms. However, Chen notes that the transition from campaign rhetoric to federal policy involves complex budgetary approvals and shifts in Treasury department strategies that are unlikely to manifest in the short term. This reality check serves to temper expectations for investors who were pricing in an immediate government-led supply shock.
Driving the conservative year-end price target is persistent macroeconomic uncertainty. Chen highlights that while Bitcoin has shown resilience, global economic factors—including shifting interest rate expectations from the Federal Reserve and geopolitical instability—are keeping institutional and retail investors cautious. This environment is expected to maintain Bitcoin’s current consolidation phase, preventing it from straying too far from its established support levels before the year concludes.
For U.S. crypto participants, the focus should remain on the upcoming presidential election and the subsequent composition of Congress, as these will be the primary drivers for any future reserve legislation. In the immediate term, market watchers should monitor inflation data and spot Bitcoin ETF flows, which will likely dictate whether Bitcoin ends the year at the higher or lower end of Chen’s projected $20,000 range.