Others called the move a "Trump Pump" and a desperate attempt to juice up crypto prices, which have been declining ever since the inauguration in January. And still others suggested that some of the cryptos named by Trump would never actually be included, once Congress got involved.

The big picture outlook for Bitcoin

That being said, Bitcoin still looks a safe buy right now, even if crypto market participants are less than enthusiastic about the Strategic Bitcoin Reserve. Regulators appear to be onboard with the notion that Bitcoin is a commodity, not a security. It has a long track record of outperforming the overall market, and has been compared to "digital gold" for its ability to act as a long-term store of value and hedge against inflation and economic uncertainty.

None of the other cryptocurrencies -- XRP, Solana, Ethereum, and Cardano -- can make those same claims. At one time or another, all of these have faced potential regulatory oversight from the SEC for being securities. In fact, XRP still has not fully resolved its four-year legal battle with the SEC. In many ways, then, these four cryptocurrencies can be thought of as highly speculative tech stocks fully capable of going to zero at any time.

The good news is that, even if the U.S. federal government takes long than expected to start buying new Bitcoin, plenty of other sovereign governments might launch strategic Bitcoin reserves of their own. Right now, Brazil appears to be the frontrunner now, having introduced legislation last year. And a number of U.S. states -- including Texas and Florida -- are moving forward with Bitcoin reserves of their own.

So the big picture here is that new Bitcoin buying pressure is coming soon. The key will be getting some sort of congressional action to codify the Strategic Bitcoin Reserve into law. Trying to manage the strategic direction of the crypto industry with a bunch of executive orders is simply too chaotic.

At the end of the day, I'm loading up on Bitcoin, but remaining cautious on the other cryptocurrencies named as part of the United States Digital Asset Stockpile. As long as the U.S. government continues to support crypto, there is a path to Bitcoin soaring in value for years to come.

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Dominic Basulto has positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin and Coinbase Global. The Motley Fool has a disclosure policy .

Is the Strategic Bitcoin Reserve Really Going to Send Bitcoin Skyrocketing in Value? (The Answer Might Surprise You) was originally published by The Motley Fool