Will the US Government Buy Bitcoin in 2025? Galaxy Digital’s Alex Thorn Thinks It’s Possible

2025-04-21

The idea of the United States government purchasing Bitcoin may be closer to reality than many expect—at least according to Alex Thorn, Head of Firmwide Research at Galaxy Digital.

In a recent Bloomberg Crypto interview, Thorn suggested that the U.S. could acquire Bitcoin in 2025 without violating its commitment to a budget-neutral fiscal policy. His comments come amid increasing federal interest in Bitcoin, especially following President Trump’s executive order establishing a Strategic Bitcoin Reserve.

Key Takeaways

Galaxy Digital’s Alex Thorn believes the U.S. government could buy Bitcoin without taxpayer spending.
Thorn suggests the government could reallocate altcoins in its digital asset holdings to fund Bitcoin purchases.
The Trump administration’s pro-crypto stance and recent executive order may accelerate adoption.

How the U.S. Might Buy Bitcoin Without Spending New Money

Thorn emphasized that although the U.S. government’s Digital Asset Stockpile prohibits new altcoin purchases and the sale of Bitcoin once acquired, it does permit the sale of existing altcoins. These altcoins could, theoretically, be exchanged directly for Bitcoin—potentially avoiding any budgetary impact.

“You could sell an altcoin in an altcoin-BTC pair and never touch cash at all,” Thorn said. “No cash has to flow under the general treasury.”

This approach could allow the government to circumvent new budget allocations, relying instead on digital asset reallocation—an idea Thorn called “elegant” given the current constraints.

What Changed Thorn’s Mind?

Interestingly, Thorn’s recent comments mark a shift from his own December 2024 prediction. At the time, he forecasted that the U.S. would not purchase Bitcoin in 2025 but might expand its crypto infrastructure by organizing the assets it already holds.

Now, with political momentum increasing under a pro-Bitcoin Trump administration, Thorn sees government acquisition as a realistic possibility. Treasury Secretary Scott Bessent’s recent comments describing Bitcoin as a “store of value” only add weight to Thorn’s revised outlook.

A Note of Caution

While the possibility of U.S. government Bitcoin purchases is headline-grabbing, it’s worth approaching the topic with measured skepticism. Thorn himself acknowledged the complexity of executing such moves within legal and regulatory frameworks, and no formal action has yet been confirmed.

Moreover, while political signaling suggests a shift toward greater federal crypto adoption, actual implementation may face delays or resistance from other branches of government.

FAQs

What is the Strategic Bitcoin Reserve?

The Strategic Bitcoin Reserve is an initiative created by executive order to allow the U.S. government to acquire and hold Bitcoin as a long-term asset. It limits Bitcoin sales and aims to ensure purchases remain budget-neutral.

How would the government buy Bitcoin without taxpayer money?

According to Alex Thorn, the U.S. could sell existing altcoins in its digital asset stockpile and convert them into Bitcoin, without touching federal cash reserves.

Has the government confirmed a Bitcoin purchase?

No. While the executive order and Thorn’s analysis suggest the potential for a purchase, no official confirmation or timeline has been provided by federal authorities.

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Disclaimer: The content of this article does not constitute financial or investment advice.

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