Despite David Sacks’ Assurances, Polymarket Remains Unconvinced About U.S. Bitcoin Reserve

Despite reassurances from David Sacks, the crypto czar appointed by Donald Trump, Polymarket remains unconvinced about the creation of a national Bitcoin (BTC) reserve. Currently, the prediction market estimates only a 16% likelihood that Trump will establish a Bitcoin reserve within the first 100 days of his administration, despite Sacks confirming that efforts to explore the possibility are underway.

In a recent Fox News appearance, Sacks shared, “President Trump has asked us to study that issue, so we are not ready to comment on it yet. But it’s one of the things our working groups are going to look at.” This comes as Senator Cynthia Lummis, a staunch supporter of Bitcoin, has introduced a separate bill that proposes a Bitcoin Purchase Program. The bill aims to buy up to 200,000 BTC annually over the next five years, funded in part by revaluing the U.S. Federal Reserve’s gold reserves. The bill is currently under review by the Committee on Banking, Housing, and Urban Affairs.

Michael Saylor, executive chairman of MicroStrategy (MSTR), has backed the creation of such a reserve, emphasizing that it would help safeguard the U.S. dollar. Saylor remarked, “The best way to protect the dollar is to make sure you retire the debt and become rich. The next best way to protect the dollar is to ensure that if anyone considers any other capital asset besides treasury bills, you own it.”

Meanwhile, the state of Texas has announced plans to create its own Bitcoin reserve, with Polymarket bettors assigning a 53% chance that legislation will be passed to create such a reserve by 2025.