Bitcoin has traded sideways for the past 24+ years while other people digest Donald Trump’s well-telegraphed Bitcoin bombshell.
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Bitcoin’s value has soared nearly 20% since Trump emerged as a keynote speaker at the Bitcoin 2024 convention in Nashville, Tennessee, with billionaire investor Mark Cuban issuing a “crazy” prediction of Bitcoin’s value.
Now, after Trump promised to create a “strategic national bitcoin reserve” and predicted that bitcoin could eclipse gold’s $16 trillion market capitalization, U. S. Senator Cynthia Lummis (R-WY) introduced a bill to direct the United States Treasury to acquire $1 million. Bitcoins are worth around $1 trillion. Bill $70, while MicroStrategy’s Michael Saylor improved his huge value predictions for Bitcoin.
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“If elected, the policy of my administration, the United States of America, will be to keep one hundred percent of all the bitcoins that the United States government owns or acquires lately in the future, we will stay at one hundred percent. “Said. Trump delivered his discurso. su speech on Saturday at Bitcoin 2024. “This, in fact, will serve as the core of Bitcoin’s strategic national reserve. “
All week, wild rumors have circulated that Trump would possibly announce that he will create a strategic Bitcoin reserve in the U. S. The U. S. has been held at the Bitcoin conference, and analysts compare it to U. S. gold and oil reserves. U. S.
The United States currently has around 212,000 seized bitcoins, worth around $15 billion, compared to its gold reserves valued at $600 billion.
“Soon, Bitcoin will surpass the overall market cap for silver,” Trump said. “It’s not bad with passld. What about passld? Let’s go through passld. One day it will get over passld, but given the way things are happening now, that may very well be a possibility. “
Following Trump’s speech, pro-Bitcoin and crypto Republican Senator Cynthia Lummis of Wyoming unveiled a bill that will require the United States Treasury to purchase 1 million bitcoins, worth approximately $70 million, over a five-year period.
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Bitcoin’s value has returned to its high of around $70,000 consistent with bitcoin this year, helped by Array. [ ] Donald Trump’s adoption of Bitcoin and cryptocurrencies.
“We know, from modeling the numbers and beyond experience with Bitcoin, that it’s capable of completely changing the game in the mess that the United States has gotten itself into with its debt and deficit,” he said. Lummis told The Block in an interview ahead of the announcement.
“We have a strategic oil reserve. We have gold. So, the concept of strategic reserve, used especially to reduce debt, solves so many problems that it’s almost self-evident, but it’s still a big step,” Lummis said. saying.
This week, Tesla billionaire Elon Musk warned that the US dollar was headed for “destruction” and that the $35 trillion debt spiral could simply “bankrupt the US,” which he said some analysts, could drive up the value of bitcoin.
Prior to Trump and Lummis’ speech to introduce their bill, Michael Saylor, founder of software company-turned-Bitcoin client MicroStrategy, predicted that Bitcoin’s value could rise as high as $49 million consistent with Bitcoin by 2045, meaning Bitcoin’s overall market capitalization would be successful. in just about 100 billion dollars.
“It may simply be a $3 million bearish case, or a $49 million bullish case,” Saylor said in comments reported via Cointelegraph. “Bitcoin is immortal, immutable, and immaterial [. . . ] and it is the solution to our economic dilemma. “