Galaxy Digital's head of firmwide research, Alex Thorn, has voiced strong confidence in the imminent formation of a US Strategic Bitcoin Reserve.
He believes the market is underpricing the chances of an announcement this year.
Several recent developments point to progress on the initiative.
In March, President Trump signed an executive order establishing the Strategic Bitcoin Reserve and the US Digital Asset Stockpile.
A formalized strategic plan remains unconfirmed.
US lawmakers introduced a bill on Tuesday directing the US Treasury to assess the feasibility and technical considerations of the reserve.
On July 31, a Trump administration crypto liaison confirmed the government's continued interest in the reserve, despite its brief mention in a recent crypto policy report.
These steps indicate the proposal is advancing.
However, skepticism persists among some industry figures regarding the timeline.
Dave Weisburger, former chairman of CoinRoutes, predicts the announcement is more likely in 2026.
He suggests the administration may strategically delay until accumulating an initial target of Bitcoin.
Prominent Bitcoin advocates express concerns over potential delays.
They warn that prolonged stalling could allow other countries to surpass the US in Bitcoin accumulation.
In June, Jan3 founder Samson Mow urged the US to begin acquiring Bitcoin this year to avoid being outpaced, mentioning the risk of being front-run by Pakistan.
On Wednesday, Kyrgyzstan advanced a bill to create a state cryptocurrency reserve.
Indonesian Bitcoin advocates met with officials on August 6 to discuss how such a strategy could boost economic growth.
These global moves highlight the competitive landscape.
The debate underscores the uncertainty surrounding the US reserve's creation.
While Thorn remains optimistic, others anticipate a longer wait.
The outcome could significantly impact the crypto market.