US Bitcoin Reserve Will Push Price Above $1 Million: Expert
In a series of exchanges on President-elect Donald Trump. “If the U.S. Strategic Bitcoin Reserve emerges, be prepared for 7-digit Bitcoin. And so the cycle goes. The market is currently skeptical of meaningful follow-through, so this is not priced in at all,” Barker said.
If the U.S. Strategic Bitcoin Reserve appears, be prepared for 7 figures in Bitcoin. This cycle. The market is currently skeptical of meaningful follow-through, so this one simply isn’t priced in.
— Adam Baker (@adam3us) November 18, 2024
This bold prediction sparked discussions among industry experts and enthusiasts. Renowned cryptocurrency analyst James Van Straten responded: “Seven figures? I don’t think I’m mentally ready for Game 6 yet,” an admission. Market doubtsBuck responded, “That’s a pretty big ‘if,’ though. At least if we extrapolate from market prices, the market thinks a U.S. strategic Bitcoin reserve is unlikely. If that becomes a reality, I’d expect a rapid repricing.”
Can Bitcoin reach $1 million per coin?
The conversation underscored market doubts about the viability of the U.S. government amassing such large Bitcoin reserves. Van Straten, like other experts, suggested that a country could consider “pre-empting” this potential scenario, with Back stating, “There’s no good way other than to buy 1 million BTC very, very quietly. Even then, once the news leaks, The whole world will fall into a state of FOMO and price shifts will occur.”
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Portal, a Bitcoin custodial interoperability protocol, weighed in on the discussion via and potential global ripple effects on valuations.
X user AndyLiteMan (@LiteAndy) also expressed skepticism, criticizing Back’s astronomical prediction: “As exciting as this is, it’s not going to happen. We hear it every cycle.” Back maintained his position , underlining the conditional nature of his forecast: “I’m saying ‘if’ but the market is not convinced so far.”
Adding another layer to the unfolding story, Dennis Porter, CEO and founder of the Satoshi Act Foundation, a U.S. non-profit advocating for Bitcoin adoption, claimed on November 18 , Donald Trump’s team is considering issuing an executive order to establish a national SBR, as Bitcoinists report. Porter revealed via The plan. President Trump’s game is on.”
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Porter, who is deeply involved in the legislative efforts surrounding Bitcoin adoption, noted that his information comes from “private conversations with people familiar with the matter” as well as his direct involvement in promoting the SBR language in the United States and Europe. internationalization.
It is important to note that it is crucial to distinguish between the proposals under discussion. Porter mentioned that Trump’s considerations involve an executive order establishing a national SBR. This contrasts with Trump’s previous suggestion at the Bitcoin 2024 conference to create a strategic Bitcoin reserve by retaining all “seized coins” obtained through law enforcement actions.
Additionally, Republican Senator Cynthia Lummis introduce The Bitcoin Act proposes that the U.S. government purchase 1 million Bitcoins within five years and distribute 200,000 Bitcoins annually. Speaking about the legislative initiative, Back commented on a Polymarket prediction market screenshot showing a 36% chance of “Will Trump Create a National Bitcoin Reserve?” He clarified: “It’s optimistic in my opinion, It depends on what they mean. ‘No sale of seized tokens’ is very different from the SBR bill proposed by Senator Lummis to buy 1 million Bitcoins.”
The latter could cause Bitcoin prices to surge. Back highlighted the logistical challenges of such a large-scale acquisition: “There is no good way other than to buy 1 million Bitcoins very, very quietly. Even then, once the news leaks, the world will be in a state of FOMO and price teleportation will occur. ”
At press time, BTC was trading at $92,329.
Featured image created using DALL.E, chart from TradingView.com
