The crypto market is extremely hopeful about the arrival of a Bitcoin (BTC) reserve strategy in the United States. With Donald Trump’s victory in the presidential elections, the crypto community believes there is a good chance that the Republicans will integrate BTC into federal government activities.
Not surprising: Trump made strong promises during his campaign, including the proposal to use Bitcoin as a reserve strategy.
‘Bitcoin reserve is kanloos’
However, expert Bob McElrath, former blockchain architect at Fidelity Investments, expects that the arrival of a BTC reserve strategy will take some time. McElrath explains on the social media platform
“It’s a stupid idea. Don’t expect the United States to explode your investments. Bitcoin is tiny compared to the US economy,” the blockchain expert said.
Senator proposes Bitcoin strategy
Despite McElrath’s criticism, we see positive momentum developing for a possible Bitcoin reserve strategy. Senator Cynthia Lummis of Wyoming submitted a proposal earlier this year asking the federal government to buy BTC coins. In addition, MicroStrategy CEO Michael Saylor is committed to the adoption of BTC by the government. He proposes that America sell its gold reserves for Bitcoin coins.
Bitcoin to $500,000
Other experts, such as Mike Novogratz, the CEO of digital asset investment firm Galaxy, also indicate that the likelihood of a Bitcoin reserve strategy is very slim. If it does happen, the BTC price could explode. According to Novogratz, the price could climb as high as $500,000, which represents an increase of more than 400% and would bring the market cap of the largest cryptocurrency to a whopping $10 trillion.
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Source: https://newsbit.nl/blockchain-expert-slaat-alarm-bitcoin-reserve-voor-amerika-is-onrealistisch-en-kansloos/
