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Pierre Rochard, CEO of The Bitcoin Bond Company, has submitted a formal request to the Federal Reserve to include Bitcoin as an independent variable in the 2026 regulatory opinion test, saying that the economic instability and the growth of institutions require special support in the assessment of banking risks.
The letter, which was sent on January 20 to the Federal Reserve Board of Governors, criticizes the way of placing Bitcoin within the basket of “cryptocurrencies” in general, and shows a quantitative calculation based on previous transactions since 2015.
Roshard’s writing comes as the U.S. government is running a controversial policy on bitcoin, amid recent controversy over whether assets seized from Samurai Wallet violated Executive Order 14233, which requires bitcoins seized to be transferred to the Strategic Bitcoin Reserve instead of locked up.
But the Department of Justice later confirmed – through the adviser of the White House cryptocurrency Patrick Witt – that 57,5 BTC “could not be closed, it was not canceled, and it will not be removed,” ending the speculation that was started by blockchain experts after the transfer was seen in November to the main address of Coinbase.
It wants the United States to be a Bitcoin Superpower.
To that end, the Federal Reserve should begin including bitcoin in its stress tests and events.
I have sent a comment letter outlining what I believe is appropriate moving forward. (
1/3) pic.twitter.com/rDILZMpFv5
– Pierre Rochard (@BitcoinPierre) January 20, 2026
High flexibility requires special support
Roshard’s letter provides detailed analysis that shows Bitcoin’s annual volatility was 73.3% during the 2015-2026 sample period, compared to just 18.1% for the S&P 500 over the same period.
The analysis also shows a significant drop of 83.8% from peak to kill, along with tails of daily returns ranging from -10.0% at the 1st percentile and 10.7% at the 99th percentile, levels that far exceed the performance of traditional products.
Roshard wrote: The history of Bitcoin’s risk is very strange and not uniform: it has fallen frequently and deeply and over time. “
“These values include valuation, margin requirements, counterparty risk, and liquidity requirements,” he said. In ways that cannot be reliably deduced from other sources “.
The report includes a correlation analysis that shows the pattern of Bitcoin volatility and major economic changes, and the correlation between Bitcoin and S&P 500 returns from worst to best over a 90-year observation window.
“The beta coefficient estimate is inconsistent,” Roshard cautioned Moving from assets (or risky assumptions) to Bitcoin will reduce risk in some systems and increase it in others “, making transparent changes necessary in the default stress test for banks
The implementation will reduce the model variance
Roshard recommends that the Fed provide Bitcoin price strategies for fundamentals, bad and bad, with daily options for global market trends.
Three calculation methods are offered:
- Comparing historical rates of inflation to the lowest rates and identifying volatility
- Time series models with systematic fluctuations with different volatility for bull and bear markets
- Jumping and spreading bonds that have stochastic volatility creates tail risk
Roshard explained: The purpose of the benchmark is not to predict Bitcoin, but to provide a consistent, rigorous, but flexible, method that stress testing can interpret the market and peer results. “
He emphasized that companies that do not have knowledge of Bitcoin can simply ignore the volatility, while companies that have direct or indirect knowledge will benefit. Visibility, repetition and consistent interpretation of events “Instead of relying on some conflicting ideas.
This period coincides with the difficulties of the market, as the price of Bitcoin fell to $ 88,000 in the midst of the closure of a sum of $ 1.07 billion in 24 hours, while the price of gold rose to more than $ 4,800 per ounce.
This disagreement has led to a new debate about the role of Bitcoin as a risk asset or a reserve, especially after President Trump’s threat to impose tariffs on Greenland, which caused investors to flee the US asset.
He pointed Mike Novogratz, CEO of Galaxy, said ” The price of gold tells us that we are losing our savings at a rapid rate “, I added that Bitcoin ” Disappointing if facing sales “.
The Fed’s comment period on the 2026 stress test ends on February 21.
Senator Cynthia Lummis, who has previously criticized the sale of Bitcoin as potentially damaging to the government, said “ On the smart side where other countries get Bitcoin rules to acquire up to 1 million bitcoins over five years through neutral means, including price currencies and modified gold reserves.
A note A Bitcoin advocate is calling on the Federal Reserve to include BTC in its 2026 test appeared for the first time Cryptonews Arabic.
