Original title: 7 policymakers who are ‘laser focused’ on $100K Bitcoin price
Original author: Daniel Ramirez-Escudero
Original source: https://cointelegraph.com/
Translated by: Daisy, Mars Finance
Bitcoin price is expected to break $100,000 soon. The cryptocurrency "laser eye" craze has gone from a seemingly ridiculous and flashy trend to a statement supported by some politicians based on actual fundamentals.
Since Donald Trump won the U.S. presidential election, the cryptocurrency market has surged to new highs, with the price of Bitcoin reaching $100,000 almost within reach.
Holders who embrace the “laser eye” trend — symbolizing their confidence in Bitcoin’s ability to break six-figure prices — may be about to have their “I told you so” moment, after many previously dismissed the stance as unrealistic or even ridiculous.
Bitcoin “laser eyes” is an online trend where crypto enthusiasts add glowing laser eyes to their profile pictures to symbolize their bullish belief in Bitcoin reaching $100,000. It’s a bold, playful way to express confidence in the future of cryptocurrency.
The laser-eye trend gained traction during the last bull cycle, with some risk-taking politicians joining in to show their confidence in Bitcoin’s run to $100,000. However, Bitcoin has failed to reach the six-figure milestone, instead hovering around $70,000. While many have scoffed at it, patience may be about to be rewarded.
Source: Willy Woo
President Nayib Bukele: The king of the “I told you so”
El Salvador’s President Nayib Bukele made global headlines on September 7, 2021, when his country adopted Bitcoin as legal tender for the first time. Bukele was deeply involved in this world-first initiative, so it was no surprise that he transformed his eyes into “laser eyes.”
Source: Nayib Bukele
Bukele's government passed the (Bitcoin Law), requiring businesses to accept Bitcoin as a form of payment in addition to U.S. dollars. The move is intended to increase financial inclusion, reduce remittance fees, and provide an alternative to the traditional banking system for the 70% of Salvadorans who do not have bank services.
El Salvador has built infrastructure to enable the use of Bitcoin throughout the country. The government launched the "Chivo Wallet" for citizens to store Bitcoin and installed Bitcoin ATMs throughout the country. However, technical problems have ensued, and the actual application of Bitcoin in daily payments has not met expectations.
Despite the setbacks, Bukele still has plenty of “I told you so” moments. On January 25, 2023, El Salvador successfully repaid $800 million in sovereign debt, avoiding an expected default. Bukele believes that this move proves wrong all the financial experts who doubted whether El Salvador could repay its debts on time after adopting Bitcoin.
Being able to repay debts boosts investor confidence in the country. In 2023, El Salvador’s national debt attracted the attention of several large institutions, including JPMorgan Chase, Eaton Vance and PGIM Fixed, to which Bukele said “I told you so.”
As Bitcoin approaches the coveted $100,000 mark, El Salvador’s state holdings are also increasing. On November 11, President Bukele wrote:
Source: Nayib Bukele
Joe Biden: The Accidental Bitcoin Ambassador
On February 12, 2024, US President Joe Biden changed his Facebook and Instagram profile picture to "Laser Eyes", inadvertently becoming the "spokesperson" for Bitcoin. Many cryptocurrency enthusiasts initially interpreted Biden's new profile picture as support for Bitcoin.
Source: Joe Biden
However, it was actually a nod to the "Dark Brandon" meme - a humorous response to conspiracy theories that the Super Bowl would be rigged to ensure Travis Kelce's team won, prompting his girlfriend, pop singer Taylor Swift, to campaign for Biden.
Biden's campaign team even launched a special color-changing mug. When you pour a hot drink into it, the president's portrait on the mug will show "laser eyes."
Jokes aside, Biden is not an "extreme supporter" of Bitcoin. His administration has proposed stricter regulation of cryptocurrency exchanges, expanded tax reporting requirements for crypto transactions, and given greater authority to agencies such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to strengthen supervision of the industry.
In 2022, an executive order directed federal agencies to study the risks and benefits of digital assets, including the possibility of a U.S. central bank digital currency (CBDC). This regulatory push has sparked heated discussions within the industry about its potential impact on innovation and market growth.
Cynthia Lummis: The Senator Pursuing Bitcoin Reserves
Republican U.S. Senator Cynthia Lummis first displayed the "laser eye" avatar in 2021 and used it again the day after the 2024 U.S. presidential election.
Source: Cynthia Lummis
Loomis has become one of the most outspoken Bitcoin supporters in Congress, known in Washington as the "Crypto Queen," and has actively promoted legislation to create a unique regulatory framework for Bitcoin and other digital assets.
She co-sponsored the (Responsible Financial Innovation Act) with Senator Kirsten Gillibrand, which aims to provide regulatory clarity for crypto assets and define the roles of the SEC and CFTC in crypto regulation.
Loomis also proposed the (Bitcoin Reserve Act) and announced it at the Bitcoin Conference in Nashville in late July 2024.
The bill aims to establish a strategic reserve of Bitcoin, and if approved, will create a Bitcoin fund to hedge national debt risks. The goal is to obtain 1 million Bitcoins within five years and hold them for at least 20 years.
Source: Cynthia Lummis
Even with Republican control of Congress, however, Loomis will face an uphill battle; the public and most lawmakers remain skeptical of cryptocurrencies, and the fund holds only a tiny percentage of U.S. sovereign debt.
Francis Suarez: Bitcoin, welcome to Miami
Bitcoin-friendly Miami Mayor Francis Suarez has been in office since 2017. Suarez is a staunch supporter of Bitcoin and cryptocurrencies, working hard to position Miami as a leading hub for the digital asset industry.
Source: Francis Suarez
Under his leadership, Miami has embraced blockchain technology and explored ways to integrate Bitcoin into its financial infrastructure. Suarez has proposed allowing Miami residents to pay for municipal services using cryptocurrencies and has pushed for Bitcoin to be included in city fiscal investments.
His vision is to make Miami the global capital of cryptocurrency, attracting entrepreneurs and investors with its favorable regulatory environment and technological foresight.
In addition to local initiatives, Suarez has also promoted cryptocurrency adoption at the state and national levels. He is an active supporter of clearer regulatory policies for the crypto space that seek to strike a balance between innovation and consumer protection.
As an advocate of Bitcoin, Suarez has also publicly expressed Bitcoin's potential in combating inflation and replacing traditional banks. His stance has gradually made Miami a cryptocurrency-friendly city, attracting major crypto companies and investors who hope to find an environment that supports innovation and growth.
Indira Kempis: Hope for boosting cryptocurrency adoption in Mexico
Mexican Senator Indira Kempis advocates for the adoption of cryptocurrencies and central bank digital currencies (CBDCs) at the national level. On February 23, 2022, she proposed a bill to make Bitcoin legal tender in Mexico, and on April 14, 2022, she introduced a bill to amend Article 22 of the (Monetary Law) to promote the development of a digital Mexican peso CBDC.
Source: Indira Kempis
However, her primary focus has been educating the public and policymakers to help them understand the broad implications of blockchain technology and digital assets.
Her work includes collaboration with think tanks, advocacy groups, and public forums on how cryptocurrencies fit into Mexico’s economic landscape, particularly in terms of financial inclusion and remittances, which are important components of the Mexican economy.
Carlos Rejola: The potential of Bitcoin mining in Latin America
Carlos Rejara, a former Paraguayan deputy congressman, is very active in the cryptocurrency and blockchain space in Paraguay. He is best known for promoting the adoption of Bitcoin in Paraguay, especially by utilizing the country’s abundant hydroelectric resources to sustainably mine Bitcoin.
Source: Carlitos Rejada
The natural resources of this Latin American country have attracted a large number of investments from Bitcoin miners who are trying to set up mines here.
Tether announced an investment plan of $500 million in 2023 as part of its goal to achieve 1% of the world’s Bitcoin mining computing power. On November 12, Nasdaq-listed Canadian mining company Hive Digital began installing its mining machines, having previously purchased 6,500 mining machines.
Paraguay has an energy surplus, producing more electricity than the small country needs. As a result, Paraguay sells the excess electricity to neighboring countries at low prices. Politicians like Rejara are pushing for crypto-friendly regulations that would allow crypto miners to use this excess electricity for crypto mining as a way to benefit the country.
Despite the potential “treasury,” the Paraguayan government has hinted that it may ban Bitcoin mining, which Hashlabs Mining co-founder Jaran Mellerud calculated would result in losses of more than $200 million per year, Mellerud revealed in an interview with Cointelegraph.
The regulatory battle continues in Paraguay, but Rejara has won over other allies, such as Senator Salyn Buzarquis, who has urged Paraguay’s Industry Ministry to study the economic advantages of selling excess electricity to bitcoin miners.
Elon Musk: Make America efficient again with D.O.G.E.
Elon Musk, the billionaire CEO of tech companies like Tesla and SpaceX, might not be strictly considered a political figure, but he was heavily involved in Trump's presidential candidacy.
On November 13, Trump appointed Musk and former presidential candidate and entrepreneur Vivek Ramaswamy to the newly created Department of Government Efficiency (D.O.G.E.). The main goal of D.O.G.E. is to cut "waste and fraud" in the U.S. government's $6.5 trillion in spending.
In August, Trump said he would consider appointing Musk as a cabinet member or adviser, but because the D.O.G.E. is an independent consulting agency, Musk would not be a cabinet member.
Musk has always been a controversial figure in the crypto community. However, he played a key role in the last crypto bull run, with Tesla buying Bitcoin under his guidance. He also has a controversial influence on the price of meme coin Dogecoin and does not shy away from this weird relationship.
Source: Elon Musk
Musk's influence on policy is unclear, as he is already busy running multiple top tech companies. However, his continued presence at Trump's resort, Mar-a-Lago, may indicate that he is able to influence government decisions without being directly involved in the administration, as CNN's insider reported.
However, technology journalist Kara Swisher told CNN: "They're both narcissists, and there can only be one narcissist at the head of the country, and that's Donald Trump." She continued: "Trump handles people like he uses tissues, basically throwing them around. Even with Musk, they eventually clash."
