PANews reported on September 28th that according to Cointelegraph, 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 pointed out that government policies are volatile, and that a new administration could overturn previous decisions, creating the risk of liquidation.

Rafique further pointed out that while Bitcoin supporters see national reserves as a key step toward establishing it as 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, exposing the weakness of relying solely on economic strength to maintain a currency's value. Investors might sell dollars and turn to 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 affect the crypto market but also have the potential to trigger systemic risks in the transformation of the global financial system.