What a tremendous day today was.
Gary Gensler officially Announce He would step down as head of the Securities and Exchange Commission (SEC), minutes later, Reuters reported I mentioned Donald Trump’s Cryptocurrency Council is expected to “create the Bitcoin reserve that Trump promised.” Bitcoin reserve, that would see the United States buy 200,000 bitcoins per year, for five years until it buys 1,000,000 bitcoins.
Immediately after these two things, Bitcoin continued its upward momentum and break $99,000, with a feeling that $100,000 could happen any minute now.
It’s hard to contain my bullish thinking about the US buying 200,000 Bitcoin per year. They basically have to compete with everyone else in the world who is also accumulating Bitcoin and try to outdo them. There are only 21 million Bitcoins in existence and that is a lot of demand.
To put this in context, so far this year, US Bitcoin ETFs have raised a total of over 1 million Bitcoin. At the time of launch, the price was around $44,000, and now the price of Bitcoin is practically $100,000. That’s all the ETFs combined. Imagine what would happen when just one entity wanted to purchase a total of 1 million coins, while having to compete with any other entity that was also accumulating large amounts?
I mean MicroStrategy literally only complete Another $3 billion raise to buy more Bitcoin, and it will continue to raise funds until it buys an additional $42 billion worth of Bitcoin. The United States will likely buy its coins (if this legislation is officially signed into law) at very high prices. The demand is crazy and will only rise for the foreseeable future.
With two months to go until Trump officially takes office, it remains to be seen if this bill will become law, but for now things are looking really good. As Senator Cynthia Lummis said: “This is the moment of the Louisiana Purchase!” It will be an absolutely historic moment for Bitcoin, Bitcoins and the future financial dominance of the USA.
This is the solution.
This is the answer.
This is the moment of the Louisiana Purchase!#Bitcoin2024 pic.twitter.com/RNEiLaB16U
– Senator Cynthia Lummis (@SenLummis) July 27, 2024
This article is a takes. The opinions expressed are entirely those of the author and do not necessarily reflect the opinions of BTC Inc or Bitcoin Magazine.