Today’s Eleanor Terrett from Fox Business open The Pennsylvania House of Representatives is introducing legislation that would effectively allow the state to hold Bitcoin on its balance sheet as a strategic reserve asset.
🚨SCOOP: The Pennsylvania House of Representatives today introduced legislation enabling the state to hold Bitcoin on its balance sheet as a reserve asset in a broader movement to recognize $ Bitcoin As a store of value.
Full write up @Fox Business almost.
– Eleanor Terret (@EleanorTerrett) November 14, 2024
The surplus window finally changed last week and now it seems like everyone is scrambling to adopt Bitcoin as a reserve asset. From the looks of it, it looks like a snowball rolling down a hill, gaining more momentum and growing larger as it travels.
Here’s how this could happen:
- First, ordinary people used Bitcoin as a means of long-term savings
- MicroStrategy became the first publicly traded company to adopt it
- El Salvador became the first country to adopt it
- Companies launched spot ETFs
- The US President-elect pledges to create a national Bitcoin reserve
- US states are introducing legislation to certify BTC reserves
- It is rumored that foreign countries are buying Bitcoin to export the United States
This list will continue to grow. I suspect that more states in the United States, especially more conservative states, will follow Pennsylvania’s lead in the future in introducing the same or similar legislation. The benefits of adopting Bitcoin Impossible to ignore.
He remembers, 94.20% Of the total 21 million Bitcoins already issued.
- It is estimated that around 3-5 million of these coins are lost forever
- US Spot Bitcoin ETF He catches 1.07 million Bitcoin
- MicroStrategy owns 279,420 BTC
- The United States owns 208,109 Bitcoin
- Various other countries hold large amounts of BTC
- Tons of public and private companies hold large amounts of BTC
- ? Amounts of BTC are owned by ordinary people around the world
Several years ago, I came to the conclusion that this level of Bitcoin adoption was inevitable, but with all this momentum from large public institutions, I believe we will reach $100,000 BTC much sooner than I expected.
The supply of available Bitcoin is shrinking every day, and coupled with the high demand, the price has risen by 130% in the past year. This is a runaway train, people.
Countries, nations, and companies won’t stop accumulating Bitcoin once they start buying either, so I eagerly continue to accumulate as much Bitcoin as I can before we reach that magical $100,000 number.
I think the floodgates will really open from there.
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.