Haider Rafique, Global Managing Partner of Government and Investor Relations at crypto exchange OKX, stated that a government's establishment of a strategic Bitcoin reserve could negatively impact both Bitcoin and the US dollar. He believes that large government holdings of Bitcoin could manipulate prices through market sell-offs, undermining Bitcoin's core attributes of decentralization and neutrality. He cited the example of the German government's sale of 50,000 Bitcoins in 2024, which caused the price to remain below $60,000. He noted that government policies are volatile and that a new administration could overturn its predecessor's decisions, posing a risk of liquidation. Rafique further noted that while Bitcoin supporters view national reserves as a key step toward Bitcoin becoming a global reserve currency, such a move could trigger widespread macroeconomic shocks. The most immediate impact would be to shake confidence in the US dollar and expose the weakness of relying solely on economic strength to maintain its value. Investors might sell US dollars and invest in traditional safe-haven assets like gold or the Swiss franc, while simultaneously selling off riskier assets, triggering a chain reaction in financial markets and leading to significant market declines. He believes that national Bitcoin reserves not only impact the crypto market but also have the potential to trigger systemic risks in the transformation of the global financial system. (Cointelegraph)