BitNewsBot - 12/14/2024 1:02:11 PM - GMT (+0 )
- Former President Trump announces plans for U.S. Bitcoin strategic reserve following November election victory.
- Bitcoin Price surpasses $100,000, driven by institutional adoption and political developments.
- Senator Lummis introduces BITCOIN Act proposing purchase of 1 million bitcoins over five years.
- Russia considers creating its own bitcoin reserve following Putin’s endorsement.
- Analysts project bitcoin price could reach $800,000 by end of 2025, potentially achieving $15 trillion market cap.
Trump’s Bitcoin Strategy Sparks Global Reserve Race as Price Hits $100,000
Former President Donald Trump‘s commitment to establish a U.S. bitcoin strategic reserve has triggered international competition for cryptocurrency accumulation, with Russia emerging as a potential rival in what analysts are calling a new financial arms race.
U.S. Legislative PushRepublican Senator Cynthia Lummis has introduced the Boosting Innovation, Technology and Competitiveness Through Optimized Investment Nationwide (BITCOIN) Act, proposing the acquisition of 1 million bitcoins over five years. The initiative aims to address the $35 trillion U.S. national debt through strategic cryptocurrency investment.
“_We’re gonna do something great with crypto because we don’t want China, or anybody else… but others are embracing it, and we want to be ahead,_” Trump stated during a CNBC interview.
International ResponseRussian lawmakers have responded with similar initiatives after President Vladimir Putin endorsed bitcoin as an alternative to traditional foreign currency reserves. This development follows Western governments’ seizure of Russian funds post-Ukraine invasion.
The Digital Chamber’s founder, Perianne Boring, projects significant price appreciation: “_If Donald Trump is successful in putting forth a lot of the proposals that he’s proposed to the community, the sky is the limit because bitcoin has a fixed supply._”
Market analysts anticipate bitcoin’s value could reach $800,000 by late 2025, potentially pushing its market capitalization from current $2 trillion to approximately $15 trillion. This projection considers:
- Increased institutional adoption
- Government strategic reserves
- Limited supply mechanics of bitcoin (21 million maximum supply)
- Growing geopolitical competition for cryptocurrency reserves
The price surge reflects mounting institutional interest, with major Wall Street executives acknowledging widespread FOMO (Fear of Missing Out) in the cryptocurrency markets. This sentiment has intensified following Trump’s November election victory and subsequent cryptocurrency policy announcements.
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