As a seasoned crypto investor with over a decade of experience under my belt, I must say that the recent developments surrounding Bitcoin have me quite optimistic. The long-awaited $100K milestone was just the beginning, and now with more legislators focusing on implementing strategic Bitcoin reserves, it seems like we are entering a new era for BTC.
In my role as a researcher, I’m thrilled to share that we just crossed the $100K mark with Bitcoin today, a significant milestone for its holders! Dennis Porter, CEO and co-founder of Satoshi Action Fund, has revealed an increasing interest among legislators towards establishing a strategic Bitcoin reserve. The Satoshi Action Fund has reportedly identified up to 11 states within the U.S. and two international entities as potential candidates for this legislation.
Previously this week, it was confirmed that the SAF is collaborating with ten states and closely observing the same matter at the federal level as well. Furthermore, Porter revealed that Republican Senator Cynthia Lummis from Wyoming will be joining him later today to disclose a significant update regarding the advancements of Strategic Bitcoin Reserves.
According to previous reports by Coinspeaker, Porter believes that a strategic Bitcoin reserve bill could be approved at the state level prior to the Trump administration enacting a similar policy, unless the President decides to issue an executive order during the first week of his term.
In the view of Porter, it’s becoming increasingly recognized within the U.S. that the US dollar will coexist and prosper alongside Bitcoin in the future. On the global stage, Swiss politician Samuel Kullmann has suggested establishing a strategic Bitcoin reserve, enabling Bitcoin users to settle their taxes using digital assets.
This afternoon, tech magnate Elon Musk, currently engaged with the Trump administration via the DOGE initiative, praised El Salvador’s approach to Bitcoin. The country has seen over a 110% increase in Bitcoin value this year so far.
Impressive
— Elon Musk (@elonmusk) December 5, 2024
Market Impact on Bitcoin
The widespread use of Bitcoin by governments seems likely to fuel the upcoming significant price surge toward $1 million. Additionally, Porter believes that Bitcoin will serve as a resilient monetary bridge linking the BRICS alliance with the U.S.-led SWIFT system, functioning as a neutral network.
Nevertheless, Porter advised investors that Bitcoin’s available supply might eventually dwindle as nations start buying it to address their debt crises. As per recent market statistics, the quantity of Bitcoin on centralized exchanges dropped by more than 135,000 coins over the past month, leaving approximately 2.26 million in circulation at the time this statement was made.
If the U.S. passes legislation for a strategic Bitcoin reserve, it might acquire approximately 1 million Bitcoin units within the next five years. But, Michael Saylor, the creator of MicroStrategy Inc (NASDAQ: MSTR), suggested that under a hypothetical second Trump term, the country could purchase as many as 6 million Bitcoins to completely pay off its debt exceeding $36 trillion.
The BITCOIN Act is a humble proposal (as you can see below). A jumping off point. Let’s pass it quickly so we can move on to Trump Max.
— Cynthia Lummis 🦬 (@CynthiaMLummis) December 4, 2024
Eventually, Bitcoin is likely to surpass the market value of gold as more investors turn to owning a piece of ‘digital gold’ for securing multi-generational wealth.
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2024-12-05 12:48