On Friday (January 3), Bitcoin rebounded to around $97,000, welcoming the New Year of 2025 by challenging the $100,000 threshold again. The Satoshi Action Fund hinted that a certain state in the US would begin purchasing Bitcoin within 4 months, laying an important foundation for the Trump Trade. Since the EU implemented the MiCA regulations on December 30, 2024, the market value of the USDT stablecoin has decreased by $1.8 billion, the largest single-week fluctuation since the FTX exchange bankruptcy event.
A 'certain state' in the US will begin purchasing Bitcoin within 4 months.
Dennis Porter, co-founder and CEO of the Satoshi Action Fund, stated in a Twitter post that a certain state in the US is almost 100% certain to start purchasing Bitcoin within the next four months. He also mentioned that his team is actively pushing for the passage of related legislation, stating that this is not just a prediction but a reality that is currently happening.
Porter responded to a series of questions regarding the future state-level Bitcoin acquisitions. When asked about a specific state (especially Texas) purchasing Bitcoin in 2025, Porter provided detailed insights. 'That's a great statement, that's an accurate prediction, but I think it will be slightly off. You may want to adjust it to make it one of the first states to incorporate Bitcoin into its balance sheet. Because the current Texas legislation actually does not allow the state to purchase; it only allows donations and taxes,' Porter clarified.
Porter explained the mission of the Satoshi Action Fund by stating that the Satoshi Action Fund is a non-profit organization dedicated to advocating for Bitcoin by educating lawmakers and regulators about its benefits. The organization not only promotes the adoption of Bitcoin but also develops model policies that can be enacted into law.
So far, the fund has assisted in proposing 30 bills in 20 states in the US, covering about 50% of the states. Porter emphasized that their efforts are not limited to legislation; the fund works closely with lawmakers to ensure these bills pass smoothly.
Regarding the protection of Bitcoin rights, Porter stated: 'Bitcoin rights, self-custody rights, mining rights, and the rights to run nodes are currently protected in four different states: Oklahoma, Louisiana, Arkansas, and Montana. But we are just getting started, and there will be more states protected in the future.'
Looking ahead to 2025, Porter expressed optimism about further legislative progress: 'I believe at least 10 states, and possibly as many as 12 states, will introduce strategic Bitcoin reserve legislation.'
When asked about the nature of the upcoming legislation, Porter assured: 'This could happen very soon; in fact, we already have a state that believes it is almost 100% guaranteed that our legislation will pass into law.'
Although Porter did not disclose which specific state was involved, citing the need to 'protect the policy process,' he emphasized the certainty of an upcoming acquisition. 'This will happen within the next four months. So what will happen is that there is a state with a working group. They meet during the off-season. What they do is say, 'Well, we like this bill or we do not like this bill.' Every bill they have passed in the past few years, every bill they said they liked will become law.'
Notably, Porter revealed that the strategic Bitcoin reserve bill has just passed the working group. 'Therefore, we believe that the likelihood of this bill becoming law is close to 100%, and the state will be able to start purchasing Bitcoin,' Porter concluded.
President-elect Donald Trump will be sworn in on January 20, and Reuters previously reported that he is likely to sign an executive order on his first day in office to establish a Bitcoin strategic reserve for the US. The Satoshi Action Fund seems to have taken action in advance for the legislation to make all of this possible.
USDT's market value shrunk by $1.8 billion, a rare major tremor in the pegged market.
Since the implementation of the EU's cryptocurrency regulation MiCA on December 30, 2024, the market value of USDT has decreased by $1.8 billion, marking the largest single-week fluctuation since the FTX bankruptcy event. Before the implementation of the MiCA regulations, the market value of USDT was $138.8 billion, but it is now $137 billion, a decrease of 1.2%. If the time frame is extended to two weeks, the decrease is about 2.7%.
Previously, several exchanges based in the EU and Coinbase delisted USDT citing its non-compliance with the EU MiCA regulations. The compliance of USDT issuer Tether with the MiCA regulations is still under review, and although European regulators have not officially declared USDT non-compliant, the European Securities and Markets Authority (ESMA) has yet to complete its assessment.
Cryptocurrency analyst Bitblaze also emphasized Asia's dominance in USDT trading, noting that 80% of its $44 billion daily trading volume comes from the region. 'The EU delisting will not have any serious impact,' Bitblaze added.
To comply with regulatory changes, Tether has invested in companies that meet MiCA standards, such as StablR and Quantoz Payments, to align with the new framework.
Bitcoin Technical Analysis
Economies.com reported that Bitcoin prices initially broke through $95,195 and are trying to maintain above that level, with a recovery expected to start from the $99,000 area and extend to $102,000 as the next positive point.
Therefore, unless it breaks through $95,195 and maintains below that level again, the intraday trend will show a bullish tendency.
The current expected trading range is between a support level of $95,000 and a resistance level of $99,000. The trend forecast is bullish.
