What an infinite day it has been right now.
Gary Gensler formally announced that he’s stepping down from his place as Chairman of the Securities and Change Fee (SEC), and minutes later, Reuters reported that Donald Trump’s “crypto council” is anticipated to “set up Trump’s promised bitcoin reserve.” A bitcoin reserve, that may see the USA buy 200,000 bitcoin per 12 months, for 5 years till it has purchased 1,000,000 bitcoin.
Proper after each of these, Bitcoin continued its upward momentum and broke $99,000, with $100,000 feeling like it could occur at any second now.
It’s exhausting to comprise my bullishness fascinated by the USA buying 200,000 BTC per 12 months. They basically need to compete with everybody else on the planet who can also be accumulating bitcoin and trying to entrance run them. There are solely 21 million bitcoin and that may be a LOT of demand.
To place this into context, thus far this 12 months the US spot bitcoin ETFs have amassed a mixed whole of over 1 million BTC. On the time of launch the worth was ~$44,000 and now bitcoin is virtually at $100,000. And that’s all ETFs mixed. Think about what is going to occur when only one entity desires to purchase a complete of 1 million cash, having to compete with everybody else accumulating giant quantities as nicely?
I imply MicroStrategy actually simply completed one other $3 BILLION increase to purchase extra bitcoin, and can proceed elevating till it purchases $42 billion extra in bitcoin. America are most probably going to be buying their cash (if this laws is formally signed into legislation) at very excessive costs. The demand is insane and solely rising within the foreseeable future.
With two months left to go till Trump formally takes workplace, it stays to be seen if this invoice turns into legislation, however in the mean time issues are wanting actually good. As Senator Cynthia Lummis said, “That is our Louisiana Buy second!” and can be a completely historic second for Bitcoin, Bitcoiners, and the longer term monetary dominance of the USA of America.
That is the answer.
That is the reply.
That is our Louisiana Buy second!#Bitcoin2024 pic.twitter.com/RNEiLaB16U
— Senator Cynthia Lummis (@SenLummis) July 27, 2024
This text is a Take. Opinions expressed are completely the writer’s and don’t essentially replicate these of BTC Inc or Bitcoin Journal.
