There's some doubt that the U.S. will actually establish a bitcoin reserve, or if it does, that it will be the first. Nevertheless, the idea of it could be a positive market catalyst in the next year and drive other nations to establish one whether or not the U.S. follows through.
It's "unlikely to occur, but it helps get animal spirits back into the market," Needham's John Todaro told CNBC, adding that it's also "unlikely to drive material price gains, as we do not expect the U.S. government will purchase bitcoin in any meaningful capacity, but it's an item that drives excitement and optimism."