Comply with Nikolaus On X Right here
What an infinite day it has been immediately.
Gary Gensler formally introduced that he’s stepping down from his place as Chairman of the Securities and Alternate 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 will 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 will possibly occur at any second now.
It’s exhausting to include my bullishness excited about the USA buying 200,000 BTC per 12 months. They primarily need to compete with everybody else on the earth 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, up to now this 12 months the US spot bitcoin ETFs have gathered a mixed whole 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 is going to occur when only one entity desires to purchase a complete of 1 million cash, having to compete with everybody else accumulating massive quantities as effectively?
I imply MicroStrategy actually simply accomplished one other $3 BILLION elevate 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 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 meanwhile issues are trying actually good. As Senator Cynthia Lummis acknowledged, “That is our Louisiana Buy second!” and can be a fully 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 fully the creator’s and don’t essentially mirror these of BTC Inc or Bitcoin Journal.