Hayes argues that the incentives for the U.S. government differ significantly from those of private entities. While companies like MicroStrategy have embraced Bitcoin as a treasury reserve asset, Hayes suggests that the government's control over fiat currency creation diminishes the need for such a move.
Furthermore, Hayes points to potential regulatory hurdles and political considerations that could deter the U.S. government from directly holding Bitcoin. The complexities of managing and securing a significant Bitcoin treasury, along with potential public scrutiny, could make such a strategy unappealing.
Hayes believes that the U.S. government's primary focus will remain on regulating the cryptocurrency space rather than directly participating as a holder of Bitcoin. He anticipates continued efforts to establish a clear regulatory framework for digital assets.