The creation of a strategic Bitcoin Reserve (SBR) in the United States is a “monumental endorsement” of the world’s largest cryptocurrency, broker HC Wainwright said in a research report on Monday.

Moving Mint Bitcoin’s “Legitimacy in the form of humanity’s most historically valued asset: Gold,” wrote analysts Kevin Dede and Michael Donovan.

President Trump ordered his administration to form a Bitcoin strategic reserve to keep the assets that have been seized by the government. He also called for a storage of other types of cryptocurrencies.

SBR “improves Bitcoin’s institutional status significantly and clearly marks it as a superb quality store with value,” wrote the authors.

Executive Order’s instruction not to sell any seized Bitcoin also neutralizes the concerns of liquidation from the US government, the report said.

The treasury and the trade departments have been required to grow the federal government’s Bitcoin stack using budget neutral methods, noted the report. This is a sign of a long -term commitment without any further burden to taxpayers.

Texas’ passage of SB-21, a bill that would allow the state to invest public funds in Bitcoin, compliment the steps taken by the federal government and could lead to other states adopting similar policies, the broker said.

Bitcoin’s status as a new state reserve asset could lure large holders, such as nation states and public companies, to grow their inventory, HC Wainwright said.

Cryptocurrency’s inherent benefits, including “scarcity, friction -free global transfer and resistance to inflation make it increasingly attractive compared to Gold’s $ 20 trillion market value,” the report added.

Read more: US Strategic Bitcoin Reserve, Crypto Stockpile A ‘Pivotal Moment’ for Industry: KBW