Some analysts remain highly skeptical about the idea of Bitcoin joining the US government’s strategic reserves. They believe that the flagship cryptocurrency is far too volatile to be considered a safe sovereign asset. Among the skeptics is Arthur Hayes, co-founder of crypto exchange BitMEX, who says ballooning US debt and the public image of crypto enthusiasts will prevent the idea from ever becoming reality.

"The US is a deficit country," Hayes said, adding that the only thing authorities can do regarding a strategic Bitcoin reserve is "not sell the Bitcoin they took from people."

He stressed that the US government is unlikely to print dollars to buy such a volatile asset and even less likely to explain that move to voters. "Especially when the popular narrative is a bunch of Bitcoin bros going to the club," the expert noted.

Hayes believes the whole idea is doomed to failure and will likely have no impact on the price of Bitcoin. "I personally think Bitcoin dominance is going back to where it was before the 2021 altcoin season, which is about 70%," he predicted. Hayes believes that the return of a full-blown bull market is only a matter of time.

Previously, the BitMEX co-founder made headlines by predicting that Bitcoin could reach a staggering $1 million by 2030. He also urged investors not to wait too long to invest.