2024-11-07 14:58:19
Donald Trump’s Greatest Gift to Crypto Could Be Passing the Bitcoin Act: CoinShares
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With Donald Trump's anticipated return to the White House, the crypto sector may see a major transformation, particularly with the potential adoption of the Bitcoin Act. CoinShares’ head of research, James Butterfill, highlights that the proposed act could position Bitcoin (BTC) as a U.S. strategic reserve asset, similar to gold. Should it pass, this development could place up to 5% of Bitcoin’s total supply in U.S. national reserves, establishing greater legitimacy for the asset.The Bitcoin Act, formally titled the Boosting Innovation, Technology, and Competitiveness Through Optimized Investment Nationwide (BITCOIN) Act, was introduced earlier this year by U.S. Senator Cynthia Lummis.https://twitter.com/SenLummis/status/1854208373740458432The legislation aims to reduce the national debt by accumulating 1 million BTC over five years. This signals an aggressive approach to integrating Bitcoin into the nation’s financial framework. Trump, who voiced support for a Bitcoin reserve during his campaign, could actively pursue this plan now that he is president.Bitcoin Act to Drive BTC to Unprecedented HeightCoinShares’ report suggests that implementing the Bitcoin Act would likely spark substantial interest from both institutions and government agencies, potentially driving Bitcoin’s value to new heights. In the past few days, the news of Trump's victory in the elections alone has driven Bitcoin to a peak of $76,400. Institutions are already accumulating Bitcoin through various means, including ETFs, which now hold over 1 million tokens. Others, like MicroStrategy, have been on a buying spree for four years and continue to sustain the trend. With the proposed Bitcoin Act anticipated to pass, the crypto market could be welcoming a major narrative for an extensive upside in the coming years, as further buying pressure from the U.S. government could help keep Bitcoin’s price up.Also, Trump’s administration will likely usher in a new era for crypto regulation, given his prior criticisms of the Securities and Exchange Commission (SEC) and its chairman Gary Gensler. CoinShares anticipates that new SEC leadership could prioritize a more favorable regulatory stance for crypto. Canaccord, a leading broker, echoed this sentiment, highlighting that shifts in the SEC’s approach could lead to mainstream financial adoption of crypto assets.
