The U.S. could be on the verge of propelling Bitcoin into uncharted territory, possibly even surpassing a $1 million price tag. The catalyst? A Bitcoin reserve bill making waves in Washington, fueled by the potential of a strategic U.S. Bitcoin reserve. As former President Donald Trump gears up for his 2024 comeback, crypto enthusiasts are excited about his administration’s potential to champion pro-Bitcoin policies. This could be the perfect storm to push Bitcoin to new heights.
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Bitcoin Reserve Act Could Serve as “Savings Technology”
One of the most promising proposals on the table is the Bitcoin Act, introduced by Senator Cynthia Lummis from Wyoming. The bill calls for the U.S. government to establish its own Bitcoin reserve—a move that could turn Bitcoin into a “savings technology” for the nation. This isn’t just a speculative idea; it’s gaining real traction. According to Anastasija Plotnikova, co-founder of Fideum, bipartisan support is gathering momentum, and it’s likely that the bill could be enacted within the next four years, particularly with Trump’s return to the presidency and a Republican-controlled Senate. The groundwork is already laid, with the U.S. holding an impressive $18-$19 billion in Bitcoin assets, setting the stage for the reserve.
Trump’s Win Could Unlock Massive Crypto Growth
Bitcoin experts, like Adam Back, the CEO of Blockstream, are seeing huge potential in the proposal. Back predicts that a U.S. Bitcoin reserve could easily push the cryptocurrency’s price beyond $1 million, possibly within this market cycle. “Bitcoin’s price is currently hovering around $100,000,” Back said in a recent post. “But with the reserve, we could see an explosive price increase.” This kind of movement would not only elevate Bitcoin’s status but could attract institutional players, including pension funds and sovereign wealth funds, further cementing Bitcoin as a legitimate asset class.
Could it Be the End of the “War on Crypto”?
It’s not just about the Bitcoin price. Trump’s presidency, combined with these forward-thinking policies, could mark the end of the “war on crypto.” Michael Saylor, the CEO of MicroStrategy (MSTR), believes that a Trump administration could foster institutional adoption at a level we’ve never seen before, even opening the door for Bitcoin ETFs and traditional banks accepting Bitcoin as collateral.
As Bitcoin continues its climb, crypto enthusiasts will be keeping an eye on Washington to see if the Bitcoin Act becomes law. At the time of writing, Bitcoin is sitting at $97,343.47.
