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What a big day today was.
Gary Gensler officially announced that he was stepping down from his post as chairman of the Securities and Exchange Commission (SEC), and minutes later, Reuters informed Donald Trump’s “Crypto Council” is expected to “establish Trump’s promised Bitcoin reserve.” A Bitcoin Reserve, in which the United States would purchase 200,000 Bitcoins per year, for five years until it purchased 1,000,000 Bitcoins.
Right after these two, Bitcoin continued its upward momentum broke down With $99,000, $100,000 it feels like it could happen any moment now.
It’s hard to contain your bullishness at the thought of the United States buying 200,000 BTC per year. They will essentially have to compete with everyone else in the world who is also accumulating Bitcoins and attempting to mine them. There are only 21 million Bitcoins and that is a lot of demand.
To put this in context, US spot Bitcoin ETFs have accumulated a total of over 1 million BTC so far this year. The price at launch was ~$44,000 and now Bitcoin is practically at $100,000. And these are all ETFs combined. Imagine what would happen when just one entity wanted to purchase a total of 1 million coins, plus it would have to compete with everyone else accumulating larger amounts?
i mean literally microstrategy Completed $3 billion will be raised to buy more Bitcoins, and the raising will continue until it buys another $42 billion in Bitcoins. Most likely the United States will buy their coins at very high prices (if this law is officially signed). The demand is absurd and will increase in the near future.
With two months left until Trump officially takes office, it remains to be seen if this bill becomes law, but things are looking really good right now. As Senator Cynthia Lummis said, “This is our Louisiana Purchase moment!” And this will be an absolutely historic moment for Bitcoin, Bitcoiners, and the future financial dominance of the United States.
This is the solution.
This is the answer.
This is our Louisiana Purchase moment!#bitcoin2024 pic.twitter.com/RNEiLaB16U
– Senator Cynthia Lummis (@SenLummis) 27 July 2024
This article is a TakeThe opinions expressed are solely those of the author and do not necessarily reflect the opinions of BTC Inc. or Bitcoin Magazine.
