Bitcoin Nears $100,000 As Trump Council Expected To Implement BTC Reserve

Credit : bitcoinmagazine.com

What an enormous day it was right now.

Gary Gensler official announced that he’s resigning from his place as chairman of the Securities and Change Fee (SEC), and some minutes later Reuters experiences reported that Donald Trump’s “crypto council” is anticipated to “set up Trump’s promised bitcoin reserve.” A bitcoin reserve, the place america would purchase 200,000 bitcoin per 12 months for 5 years till it buys 1,000,000 bitcoin.

Proper after each, Bitcoin continued its upward momentum broke $99,000, with $100,000 feeling prefer it might occur at any time now.

It is exhausting to include my optimism once I take into consideration america shopping for 200,000 BTC per 12 months. They primarily need to compete with everybody else on the earth who’re additionally accumulating bitcoin and making an attempt to run it. There are solely 21 million bitcoins and that may be a LOT of demand.

To place this in context, up to now this 12 months, US spot bitcoin ETFs have gathered a complete 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 is all ETFs collectively. Think about what is going to occur if just one entity desires to purchase a complete of 1 million cash and has to compete with all of the others who’re additionally accumulating giant quantities?

I actually simply imply MicroStrategy completed one other $3 BILLION enhance to purchase extra bitcoin, and can proceed to extend till it buys $42 billion extra value of bitcoin. America will most probably buy its cash at very excessive costs (if this laws is formally signed into regulation). The demand is insane and can solely enhance within the close to future.

With two months to go earlier than Trump formally takes workplace, it stays to be seen if this invoice turns into regulation, however proper now issues are trying actually good. As Senator Cynthia Lummis stated, “That is our Louisiana shopping for second!” and could be a completely historic second for Bitcoin, Bitcoiners and the long run monetary dominance of america of America.

That is the answer.

That is the reply.

That is our Louisiana Shopping for Second!#Bitcoin2024 pic.twitter.com/RNEiLaB16U

— Senator Cynthia Lummis (@SenLummis) July 27, 2024

This text is a To take. The opinions expressed are solely these of the creator and don’t essentially replicate these of BTC Inc or Bitcoin Journal.