What a huge day it was today.
Gary Gensler official announced that he is resigning from his position as chairman of the Securities and Exchange Commission (SEC), and a few minutes later Reuters reports reported that Donald Trump’s “crypto council” is expected to “establish Trump’s promised bitcoin reserve.” A bitcoin reserve, where the United States would buy 200,000 bitcoin per year for five years until it buys 1,000,000 bitcoin.
Right after both, Bitcoin continued its upward momentum broke $99,000, with $100,000 feeling like it could happen at any time now.
It’s hard to contain my optimism when I think about the United States buying 200,000 BTC per year. They essentially have to compete with everyone else in the world who are also collecting bitcoin and trying to run it. There are only 21 million bitcoins and that is a LOT of demand.
To put this in context, so far this year, US spot bitcoin ETFs have accumulated a total of over 1 million BTC. At the time of launch the price was ~$44,000 and now Bitcoin is practically at $100,000. And that’s all ETFs together. Imagine what will happen if only one entity wants to buy a total of 1 million coins and has to compete with all the others who are also collecting large amounts?
I literally just mean MicroStrategy completed another $3 BILLION increase to buy more bitcoin, and will continue to increase until it buys $42 billion more worth of bitcoin. The United States will most likely purchase its coins at very high prices (if this legislation is officially signed into law). The demand is insane and will only increase in the near future.
With two months to go before Trump officially takes office, it remains to be seen if this bill becomes law, but right now things are looking really good. As Senator Cynthia Lummis said, “This is our Louisiana buying moment!” and would be an absolutely historic moment for Bitcoin, Bitcoiners and the future financial dominance of the United States of America.
This is the solution.
This is the answer.
This is our Louisiana Buying Moment!#Bitcoin2024 pic.twitter.com/RNEiLaB16U
— Senator Cynthia Lummis (@SenLummis) July 27, 2024
This article is a To take. The opinions expressed are solely those of the author and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.