Jeff Park shared big predictions regarding Bitcoin price and showed full hope with the proposed Bitcoin Strategic Reserve concept, but simultaneously, he says there is a chance for approval of this act.
Bitwise is a popular digital asset fund manager. This firm offers investment solutions in the crypto space. This crypto investment-focused company focuses on providing transparent, secure, and regulated investment opportunities for institutional and retail investors to gain benefits from Bitcoin & Crypto investment.
Recently Bitwise Asset Management’s Jeff Park, Head of Alpha Strategies, took to X (formerly Twitter) to share his thoughts on the Bitcoin Strategic Reserve Act.The Bitwise executive said that the chances of successfully establishing a bitcoin strategic reserve are slim. He believes there are only less than 10% chances for approval.
Alternatively, we can say that Park doesn’t think that approval of the Bitcoin strategic reserve proposal will be possible shortly, probably due to the rejection of similar proposals in some countries citing volatility in the value of Bitcoin trade price.
Interestingly, he said that if the US government, under the leadership of President-elect Donald Trump, will approve this act, then surely this is the way for Bitcoin to hit $1 million in 2025.
The idea of a federal Bitcoin Strategic Reserve happening in 2025 is less than a 10% chance event. That’s the only math in which Bitcoin can hit $1mm+ in 2025 when it happens.
— Jeff Park (@dgt10011) December 26, 2024
In response, some Bitcoin enthusiasts shared their opinion on the lower chances of Bitcoin Reserve Act approval and said that the US leadership don’t have any other option to fight against the $37 Trillion debt, and no one is there to help America, so it is only Bitcoin that can save them.
Hong Kong Moving Forward Bitcoin Reserve Act
As per the latest reports, a Hong Kong lawmaker proposed the concept of Bitcoin reserves and urged the government to consider using the Exchange Fund to continue purchasing and holding it for a long time. The lawmaker suggested that such developments will act as a catalyst to push the development of the digital assets sector in Hong Kong jurisdiction, which will further help to attract funds and talent.
Hong Kong lawmaker have proposed incorporating Bitcoin into Hong Kong’s fiscal reserves and considering using the Exchange Fund to continue purchasing and holding it for a long time to stimulate the development of the cryptocurrency industry in Hong Kong, attract funds and…
— Wu Blockchain (@WuBlockchain) December 30, 2024
Bitcoin price action
The current trade price of Bitcoin is $92,081 & this price level is 1.8% down over the last 24 hours period.
The current trade price of #Bitcoin is $92,104 pic.twitter.com/3FSHmlxvQ9
— Bitcoinik (@Bitcoinikdotcom) December 31, 2024
Read also: Is Ripple (XRP) a Good Investment for Big Returns in the 2024-25 Crypto Bull Run?
