{"id":21894,"date":"2024-11-20T00:30:33","date_gmt":"2024-11-20T00:30:33","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=21894"},"modified":"2024-11-20T00:30:33","modified_gmt":"2024-11-20T00:30:33","slug":"us-bitcoin-reserve-will-push-price-above-1-million-expert-predicts","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=21894","title":{"rendered":"US Bitcoin Reserve Will Push Price Above $1 Million, Expert Predicts"},"content":{"rendered":"

In a series of exchanges on X, Adam Back, CEO of blockchain technology firm Blockstream, projected that Bitcoin could surge beyond $1 million if the United States were to establish a Strategic Bitcoin Reserve (SBR) under President-elect Donald Trump<\/a>. \u201cIf the US Strategic Bitcoin Reserve happens, prepare for 7 figure bitcoin. This cycle. The market is skeptical on meaningful follow through for now, so that is not at all priced in,\u201d Back stated.<\/p>\n

if the US Strategic Bitcoin Reserve happens prepare for 7 figure bitcoin. this cycle. the market is skeptical on meaningful follow through for now, so that is not at all priced in.<\/p>\n

\u2014 Adam Back (@adam3us) November 18, 2024<\/a><\/p>\n

The bold prediction sparked discussions among industry experts and enthusiasts. James Van Straten, a noted crypto analyst, responded, \u201c7 figures? I don\u2019t think I\u2019m mentally prepared for 6.\u201d Acknowledging the market\u2019s doubt<\/a>, Back replied, \u201cThat\u2019s a fairly big \u2018if\u2019 though. At least if we infer from market price, the market thinks a US Strategic Bitcoin Reserve is unlikely. If that becomes real, I\u2019d expect a rapid repricing.\u201d<\/p>\n

Can Bitcoin Rise To $1 Million Per Coin?<\/h2>\n

The conversation highlights the market\u2019s skepticism regarding the feasibility of the US government accumulating such a significant Bitcoin reserve. Van Straten, like other experts, suggested that a nation might consider \u201cfront-running\u201d this potential scenario, to which Back noted, \u201cThere\u2019s no good way to buy 1 million BTC other than very, very quietly. Even then, once it leaks, the entire world gets FOMO and a price teleport happens.\u201d<\/p>\n

Portal, a custodyless interoperability protocol for Bitcoin, weighed in on the discussion via X: \u201cIf the US starts one, surely the rest of the world will start to follow suit as well.\u201d This sentiment underscores the potential global ripple effect of a US-initiated SBR on Bitcoin adoption and valuation.<\/p>\n

Skepticism was also voiced by X user AndyLiteMan (@LiteAndy), who critiqued Back\u2019s astronomical prediction: \u201cAs much as that would be exciting, it\u2019s not going to happen. We hear this every cycle.\u201d Back maintained his position, emphasizing the conditional nature of his prediction: \u201cI said \u2018if,\u2019 and that market doesn\u2019t believe it so far.\u201d<\/p>\n

Adding another layer to the unfolding narrative, Dennis Porter, CEO and founder of the Satoshi Act Fund\u2014a US nonprofit advocating for Bitcoin adoption\u2014claimed on November 18 that Donald Trump\u2019s team is considering an executive order to establish a national SBR, as Bitcoinist reported<\/a>. \u201cI\u2019ve heard that the Trump team is considering an Executive Order for a National \u2018Strategic Bitcoin Reserve\u2019 in order to beat any state from passing it into law first,\u201d Porter disclosed via X. \u201cI can confirm that US Senate offices are backing this plan up. Game on President Trump. The race is on.\u201d<\/p>\n

Porter, deeply involved in legislative efforts surrounding Bitcoin adoption, noted that his information stems from \u201cprivate conversations with people familiar\u201d with the matter and his direct involvement in promoting SBR language across the United States and internationally<\/a>.<\/p>\n

Notably, it is crucial to distinguish between the proposals being discussed. Porter\u2019s reference to Trump\u2019s consideration pertains to an executive order that would establish a national SBR. This contrasts with Trump\u2019s previous suggestion at the Bitcoin 2024 conference to create a strategic Bitcoin reserve by retaining all \u201cseized coins\u201d obtained through law enforcement actions.<\/p>\n

Furthermore, Republican Senator Cynthia Lummis has introduced<\/a> the Bitcoin Act, which proposes the US government purchase 1 million BTC over five years, allocating 200,000 BTC per year. Addressing this legislative initiative, Back commented on a Polymarket prediction market screenshot showing a 36% chance for \u201cWill Trump create a national Bitcoin reserve?\u201d He clarified, \u201cOptimistic IMO and depends on what they mean. \u2018Not selling seized coins\u2019 is very different from Senator Lummis\u2019 SBR bill to buy 1 million BTC.\u201d<\/p>\n

The latter could send the Bitcoin price skyrocketing. Back highlighted the logistical challenges of such a substantial acquisition: \u201cThere\u2019s no good way to buy 1 million BTC other than very, very quietly. Even then, once it leaks, the entire world gets FOMO and a price teleport happens.\u201d<\/p>\n

At press time, BTC traded at $92,329.<\/p>","protected":false},"excerpt":{"rendered":"

In a series of exchanges on X, Adam Back, CEO of blockchain technology firm Blockstream, projected that Bitcoin could surge beyond $1 million if the United States were to establish a Strategic Bitcoin Reserve (SBR) under President-elect Donald Trump. \u201cIf the US Strategic Bitcoin Reserve happens, prepare for 7 figure bitcoin. This cycle. The market […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-21894","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/21894"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=21894"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/21894\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=21894"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=21894"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=21894"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}