Haider Rafique, global managing partner for government and investor relations at OKX, said that handing such influence to the state risks undermining Bitcoin’s neutrality.

Rafique cautioned that future administrations could decide to offload massive holdings, sparking price shocks. He pointed to Germany’s 2024 sale of 50,000 BTC, which kept the market capped under $60,000, as an example of how state-level liquidations can distort prices.

“Policies shift with politics,” Rafique explained, “and a government balance sheet stacked with Bitcoin could quickly turn into a liability.”

Advocates argue that a U.S. Bitcoin reserve would accelerate the asset’s rise as a global standard of value, but Rafique sees wider risks. He believes such a move would send a dangerous signal that the dollar is no longer strong enough to anchor the world economy.

That perception, he warned, could trigger capital flight into gold, the Swiss franc, or other havens, while driving a selloff across risk assets.

The result could be systemic: a contagion spreading from crypto into broader financial markets. “The most significant macroeconomic implication would be a loss of confidence in the dollar,” Rafique said, adding that the fallout could culminate in a full-blown market crash.

Source

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Filed under: Bitcoin - @ September 28, 2025 11:16 am