According to U.Today, renowned Bitcoin maximalist and JAN3 CEO Samson Mow has shared his optimistic view on the U.S. government's plans to purchase one million BTC and establish strategic reserves of the cryptocurrency. This plan was recently announced by pro-Bitcoin Senator Cynthia Lummis. Mow believes that these potential Bitcoin reserves will not hinder Bitcoin's price growth, potentially reaching $1 million. He stated that “strategic Bitcoin reserves are not priced in,” emphasizing that such reserves could significantly impact Bitcoin's future value.
The announcement was made during the Bitcoin 2024 event in Nashville, Tennessee, which featured notable speakers such as Bitcoin investor and head of Galaxy Digital fund Mike Novogratz, MicroStrategy founder Michael Saylor, Ark Invest CEO Cathie Wood, and former U.S. NSA analyst Edward Snowden. Discussions like these often precede significant events that could influence Bitcoin's price, such as the recent fourth BTC halving on April 20, which reduced the block reward for miners by half.
In other news, the nonfunctional cryptocurrency exchange Mt. Gox has made compensation repayments in Bitcoin and Bitcoin Cash to over 17,000 creditors. These repayments, totaling approximately six billion worth of BTC and BCH, were made through centralized cryptocurrency exchanges in July. The payouts were part of the Rehabilitation Trustee's efforts to compensate those who lost funds during the Mt. Gox hack in 2014. The recent payouts have caused a nearly 9% drop in Bitcoin's price, pushing it from $70,000 to the $64,000 zone.
