What an unlimited day it has been right now.
Gary Gensler formally announced that he’s stepping down from his place as Chairman of the Securities and Trade 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 might see the USA buy 200,000 bitcoin per yr, 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 might probably occur at any second now.
It’s exhausting to include my bullishness enthusiastic about the USA buying 200,000 BTC per yr. They basically should compete with everybody else on the earth who can be accumulating bitcoin and making an attempt to entrance run them. There are solely 21 million bitcoin and that could be a LOT of demand.
To place this into context, up to now this yr the US spot bitcoin ETFs have gathered a mixed complete of over 1 million BTC. On the time of launch the value was ~$44,000 and now bitcoin is virtually at $100,000. And that’s all ETFs mixed. Think about what’s 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 effectively?
I imply MicroStrategy actually simply completed one other $3 BILLION elevate to purchase extra bitcoin, and can proceed elevating till it purchases $42 billion extra in bitcoin. The USA are probably going to be buying their cash (if this laws is formally signed into regulation) 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 regulation, however in the intervening time issues are wanting actually good. As Senator Cynthia Lummis said, “That is our Louisiana Buy second!” and could be a completely historic second for Bitcoin, Bitcoiners, and the long run 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 fully the creator’s and don’t essentially replicate these of BTC Inc or Bitcoin Journal.