On Friday (November 29), Bitcoin surged above $96,700. The Satoshi Action Fund confirmed that a nation-state is rapidly developing and plans to build a national strategic reserve of Bitcoin ahead of other countries. Former U.S. Commodity Futures Trading Commission (CFTC) Chairman Chris Giancarlo broke his silence and disclosed that President-elect Donald Trump's new "crypto czar" may need to disclose assets, resulting in difficulties in the selection.
Bitcoin adoption at the national level appears to be ready, Bitcoin.com News reports. Dennis Porter, CEO and co-founder of Satoshi Action, an organization that helps lawmakers design and introduce Bitcoin-related regulations, recently said that several unnamed countries are preparing to introduce cryptocurrency-centric reserve regulations.
Porter said he is in contact with more international lawmakers who are developing similar initiatives. He declared: "People's interest in Bitcoin is greater than ever before. A wave of orange Bitcoin banknotes is sweeping the planet."
Porter also said that a nation-state is accelerating the process, explaining that this new development has made him more optimistic than ever before. "A nation-state is moving quickly. They want to build a strategic Bitcoin reserve before other countries do," he explained.
He even went further to claim that “multiple states and countries have followed the lead of the Pennsylvania Strategic Bitcoin Reserve Act created by the Satoshi Action Fund” and implemented them “without question.”
Porter’s work has been closely tied to pushing Bitcoin regulation from the U.S. Congress to the states, where he has helped state lawmakers push for initiatives to guarantee access to fundamental crypto rights and protect them from current crypto-hostile competitors.
However, with Trump’s victory in the election, Porter has now begun advising lawmakers at home and abroad on how best to introduce regulation and thereby build a strategic Bitcoin reserve.
Recently, he made public a document laying out the foundations for achieving this goal, allowing other countries to use this blueprint as the basis for their own regulations. Shortly afterwards, Brazil put forward a proposal that, if ultimately passed, would allow the Brazilian government to allocate 5% of the country's international reserves to Bitcoin, following the example of countries such as El Salvador.
CoinGape noted that Giancarlo confirmed that despite being a frontrunner for “crypto czar,” he has not spoken directly to Trump.
He said Trump was considering many things at the Mar-a-Lago resort to achieve his crypto agenda. He outlined initiatives such as crypto self-custody, the creation of a crypto committee and a Bitcoin reserve, things he said were difficult to do.
Giancarlo, who is considered the "crypto dad," explained that finding the right people for strategic positions is a difficult task. He said the right people are those who have built cryptocurrency businesses. However, these experts may face a disadvantage because they may be required to disclose their assets.
He noted that this disclosure requirement and potential divestment requirements complicate the initiative. At the same time, he shared more insights into what drives Trump, including the need to boost economic growth, which he said led him to get involved in cryptocurrencies and artificial intelligence (AI).
He is betting that the new Trump administration will ensure that the U.S. Securities and Exchange Commission (SEC)'s lawsuit against Ripple is dismissed. This decision is crucial to the crypto industry because the SEC has defined Ripple as a "security" in the lawsuit, and the dismissal of the lawsuit is likely to declare victory for Bitcoin and mainstream cryptocurrencies.
Finally, Giancarlo shared his thoughts on who will replace SEC Chairman Gary Gensler, suggesting Paul Atkins, a former SEC commissioner who is reportedly in line to take the position.
Bitcoin Technical Analysis
Economies.com said that Bitcoin's short-term trend still suggests that it will turn into a downward trend in the next few trading days, especially the stochastic indicator is now sending a clear negative signal.
“Hence, we will remain on the sidelines until we get clearer signals of the next trend and note a trade above $95,820 to revive the positive scenario targeting $98,000 and then $100,000 levels as the next major stops.”
A continued decline and a breakout of $94,695 would push the price to suffer further losses and first visit the $91,855 area.
The current expected trading range is between the $93,000 support and $98,000 resistance.
The trend forecast is "Neutral".
