OKX Executive Warns: Could a U.S. Bitcoin Reserve Crash the Market?
By FORECK.INFO | September 2025
The idea of a U.S. national Bitcoin reserve is gaining traction in Washington. Advocates frame it as strategic innovation — putting the world’s largest economy at the center of the digital currency era. But not everyone agrees.
In an interview with Cointelegraph, Haider Rafique, Global CMO at crypto exchange OKX, issued a stark warning: such a reserve might destabilize both the crypto market and the U.S. dollar itself.
Why a Bitcoin Reserve Could Be Risky
Rafique argued that if any government holds large volumes of Bitcoin, it gains the power to manipulate markets. By offloading BTC reserves, states could suppress price — undermining Bitcoin’s fundamental role as neutral, decentralized money.
He cited Germany’s 2024 sale of ~50,000 BTC as a cautionary example:
The sale generated heavy supply pressure.
Prices were capped below $60,000 for weeks.
Market sentiment suffered, despite positive fundamentals.
A U.S. reserve, Rafique said, would multiply this risk.
Political Momentum — and Political Risk
The idea currently enjoys bipartisan support in Washington. Proponents see it as a hedge against inflation and a long-term strategic asset.
But Rafique warned that political cycles change. A future administration could suddenly liquidate reserves — either for fiscal needs or as a policy lever.
That unpredictability, he argued, is the opposite of what Bitcoin represents: rules without rulers.
Beyond price swings, Rafique pointed to wider macroeconomic risks:
Dollar confidence hit: A U.S. Bitcoin reserve could be read as admission that the dollar is weakening.
Capital flight: Investors could rotate into gold, the Swiss franc, or other safe-haven assets.
Market cascade: A shift of this scale might spark liquidations across risk assets — stocks, bonds, and crypto alike.
“Most likely, this would lead to a major crash, as markets react to a radical shift in the global financial system,” Rafique concluded.
Bitcoiners often frame nation-state adoption as bullish — “number go up.” But history suggests concentration of power over scarce assets can also backfire:
Gold reserves in the 20th century gave governments power to set price ceilings.
Oil reserves have been weaponized in geopolitical conflicts.
A Bitcoin reserve, in this light, could make the asset less free — turning it into another lever of statecraft.
Outlook: Strategic Asset or Systemic Threat?
For now, the U.S. proposal remains at the discussion stage. Supporters see it as an inevitable step if Bitcoin is to be treated as “digital gold.”
Critics like Rafique, however, warn that the very act of centralizing Bitcoin in state hands contradicts its ethos — and risks destabilizing both crypto markets and the global financial system.
The debate highlights a deeper question:
👉 Can Bitcoin remain neutral and decentralized if nation-states start hoarding it?
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