Bitcoin's strategic reserve could set the price of Bitcoin up for a $1 million rally this market cycle, according to Adam Back.
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A Bitcoin-related bill is gaining support in the United States, signaling a potential surge in the cryptocurrency’s value to reach $1 million.
Former President Donald Trump's victory in the November 5, 2024 presidential election has sparked optimism about more crypto-friendly policies.
One of the most anticipated projects is the Bitcoin Act, led by Wyoming Republican Senator Cynthia Lummis, which proposes the creation of a strategic Bitcoin reserve.
R$567,798 to the US, making it the first country to use it as a "savings technology".
The proposal to create a Bitcoin reserve is gaining significant support thanks to Trump’s victory and the new Republican majority in the Senate, according to Anastasija Plotnikova, co-founder and CEO of Fideum.
Bipartisan support suggests the bill could be passed within the next four years. “Momentum in the states is growing, with initiatives like Pennsylvania’s Bitcoin Strategic Reserve Act serving as a model for broader adoption,” Plotnikova said.
“At the federal level, the US government’s current Bitcoin reserves, valued at between $18 and $19 billion, provide a solid basis for implementing the reserve,” he added.
The bill is generating widespread excitement as it could set Bitcoin up for a valuation of over $1 million, according to Adam Back, co-founder and CEO of Blockstream, inventor of Hashcash and one of the industry’s most renowned cryptographers.💰
A US Bitcoin Strategic Reserve Act Could Pave the Way for a $1 Million Bitcoin
The potential for the world’s largest economy to open a Bitcoin reserve could push the asset’s price above the seven-figure mark later this cycle, Back said in a post on X on Nov. 18.
Back expects a rapid price increase as markets are currently not pricing in the likelihood of the reserve bill passing.
Bitcoin’s price is currently flirting with the $100,000 mark, trading just 2% below that milestone at around $98,000 as of 12:31 UTC, according to data from Cointelegraph.
The bill has significant transformative potential from an economic perspective, as it could attract more institutional adopters, said Anastasija Plotnikova of Fideum. She added:
The project has received support from several political figures, including Democratic Party representative Ro Khanna.
Trump presidency could end the “war on crypto,” says MicroStrategy’s Saylor
Others are also optimistic about the future of the crypto sector during a Trump presidency, including MicroStrategy's Michael Saylor.
A Trump presidency and a Republican Senate could bring significant positive implications for the crypto industry, such as ending the “war on crypto,” accelerating institutional adoption and creating a strategic Bitcoin reserve, among other benefits, Michael Saylor said in a presentation on Nov. 16.
Saylor also predicts other significant institutional milestones for Bitcoin, such as the creation of options on Bitcoin ETFs, approval of sales requested by traditional banks, and acceptance of Bitcoin as a collateral asset.
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