Investment analysts and leaders in the crypto industry expect President Donald Trump’s executive order to create a US Strategic Bitcoin Reserve as well as a National Digital Asset Stockpile to spur wider Bitcoin adoption.
Trump acknowledged on March 6 that it was necessary to “harness” The power of digital assets signing The Executive Order for Crypto Assets, which reads:
“Because there is a fixed supply of BTC, there is a strategic advantage to being among the first nations to create a strategic Bitcoin reserve.”
Ryan Rasmussen (head of research, Bitwise) predicts an effect cascading whereby other countries, and private investors, will begin to invest in Bitcoin.BTC() with renewed self-confidence. “The end game was never ‘the US government buys all of the world’s Bitcoin,'” He said.
Source: Ryan Rasmussen
The largest institutional investors such as financial institutions, pension funds, wealth managers and other large entities now have the ability to invest. “no excuse” Trump’s administration has endorsed the idea of not increasing exposure Bitcoin and other cryptocurrency assets.
Rasmussen stated that with the reduction of sell pressure, it is more likely for the US Government and the individual States to procure Bitcoin.
“Probability the government outlaws Bitcoin is definitively zero.”
Andrew O’Neill, digital assets managing director at S&P Global Ratings, noted that the Bitcoin reservwouldll only include BTC already owned by the US government, specifically assets forfeited through criminal or civil procedures.
Presidentail Order to Hold Bitcoin “is mainly symbolic” O’Neill stated that Bitcoin must be recognized officially as a reserve currency. This also helped to create a distinct distinction between Bitcoin and the other cryptoassets.
“The order does contemplate the possibility of acquiring additional Bitcoin for the reserve, provided it can be done in a budget-neutral manner.”
Related: Donald Trump signs executive order for Strategic Bitcoin Reserve
Ryan Lee, the chief analyst of Bitget Research and a Cointelegraph contributor, predicted that Trump would reveal more information about the White House Crypto Summit on 7 March regarding the strategic crypto reserves.
Lee said that the summit may have an impact on institutional attitudes and the regulatory environment. It could shift the focus to tax incentives, token classifications, and a reduction in enforcement.
Bitcoin and Ether could reclaim up to $100,000 if the summit is successful.ETHIt is a cryptocurrency that can be used to buy a variety of goods and services.XRP), and Solana (SOL) soar, cementing US leadership in global crypto markets. Conversely, a lack of actionable steps might disappoint investors, underscoring the high stakes of this event.”
Germany panic sales 50,000 BTC
As discussions about global Bitcoin adoption continue, crypto enthusiasts in X recalled Germany’s ill-timed decision to sell 50,000 BTC The average BTC price between June 19, 2024 and July 12, 2020 is approximately $60,000
German government’s total profits generated from Bitcoin. Source: Arkham Intelligence
German authorities seized 50,000 BTC from movie-piracy site movie2k. Around 2.6 billion euro ($2.87billion) was generated by the sale of proceeds.
According to estimates, the current market value for 50,000 BTCs is over $4.45 Billion. data from Cointelegraph Markets Pro CoinMarketCap. Germany’s hasty sale of the confiscated Bitcoins, at a price market value $88,972, cost the German government more than $1.58 billion.
Magazine: Mystery celeb memecoin scam factory, HK firm dumps Bitcoin: Asia Express
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: cointelegraph.com
