Anthony Scaramucci, founder of SkyBridge Capital and author of the upcoming The Little Book of Bitcoin, has voiced his belief that a sizable government purchase of Bitcoin—potentially as much as 500,000 BTC—will advance through the US Senate. Speaking on the Bankless podcast with host Ryan Sean Adams, Scaramucci suggested that top lawmakers are aligning to […]
In an exclusive interview with Yahoo Finance, Matt Hougan, Chief Investment Officer at Bitwise Asset Management, shared his bullish outlook on Bitcoin, projecting significant price appreciation by the end of 2025. “We expect Bitcoin to be up above $200,000 by this time next year,” Hougan stated, attributing this forecast to three primary sources of demand: exchange-traded funds (ETFs), corporate investments, and governmental acquisitions. Hougan elaborated, “There are ETFs that are vacuuming up Bitcoin, public companies like MicroStrategy are accumulating Bitcoin, and now we’re seeing discussions about governments investing in Bitcoin. It ultimately boils down to supply and demand—there’s too much demand and not enough supply, which drives the price higher.” When probed about the sustainability of such demand, Hougan emphasized the gradual awakening of different investor segments to Bitcoin’s value proposition. “People just wake up to Bitcoin at different paces. We’ve seen retail investors engage first, followed by companies and financial advisors, and now institutions are recognizing that Bitcoin belongs in a diversified portfolio,” he explained. Related Reading: Bitcoin Top Here? What Historical HODLer Selloff Pattern Says “Bitcoin is now a global macro asset worth a few trillion dollars, and virtually every investor should have some exposure. We still have a large number of investors to go, which is why I believe we’re still early in this journey. We have many quarters to go,” he added. How High Can Price Go If The US Buys Bitcoin? A pivotal aspect of Hougan’s forecast hinges on the potential establishment of a US Strategic Bitcoin Reserve (SBR). Addressing this, Hougan remarked, “If we do get a Bitcoin strategic reserve where the government is buying Bitcoin, as proposed in Senator Lummis’ bill for the government to purchase a million Bitcoin, $200,000 Bitcoin is going to be looking quaint. You’re going to be looking at three four $500,000 Bitcoin. It’s just too big a story because governments all around the world would have to do it.” Hougan admitted that he was first skeptical about Trump suggestions to establish a SBR. “But over the months, it hasn’t gone away in fact we continue to see leaders in the Trump Administration suggest that they’re open to it,” Hougan remarked. The Bitcoin CIO still thinks that the odds of the US government buying Bitcoin is less than 50%, but “it’s not zero,” he added. “If it happens or if we start to see it happening in other countries, you’re going to see a rip up in Bitcoin that will make 2024 look pretty docel in comparison.” Related Reading: Bitcoin Miners Now In Selling Mode For A Year: Should You Be Concerned? Hougan also highlighted the role of institutional platforms, specifically citing Coinbase as a potential major beneficiary in the evolving crypto landscape. “Coinbase is currently about half the size of Charles Schwab, and we believe it could surpass Schwab in brokerage size,” he noted. “Coinbase hasn’t had major competitors bubbling up to challenge it; it’s sort of had a degree of regulatory capture, if you can believe it. As a result, it’s been able to sustain its high margins in brokerages and then layer on things like stablecoins. [..,.] It’ll also help if it gets into the S&P 500; you see institutions buying it broadly. I think it’s a really unique situation driven by the fact that there was so much regulatory uncertainty—it cleared the competitive fat path and now it’s going to reap those rewards and build a really, you know, maybe an unsalable position leading this industry in the US.” Looking ahead to the broader market, Hougan anticipated an influx of crypto-related companies entering public markets. “We can expect firms like Kraken, Anchorage, and Chainalysis to go public, further normalizing the industry,” he stated. “This influx will lead to increased Wall Street coverage and institutional investment, setting the stage for a robust IPO window in 2025.” Despite the optimistic outlook, Hougan acknowledged potential risks that could impede Bitcoin’s growth. “The biggest risk is that politicians don’t deliver on their promises—if we don’t achieve regulatory clarity or fail to establish a strategic reserve, the expected bull market might not materialize,” he cautioned. “Regulatory and political factors are crucial drivers for crypto in 2025, and any setbacks in these areas could pose significant challenges.” At press time, Bitcoin traded at $104,212. Featured image created with DALL.E, chart from TradingView.com
A newly uncovered public document reveals that the Bitcoin Policy Institute, a research and advocacy group in the United States, has drafted an executive order that aims to designate Bitcoin as a strategic reserve asset. This proposed order is designed to take effect immediately upon being signed by President-elect Donald Trump on his first day […]
In an interview with Natalie Brunell, Luke Gromen, a renowned macroeconomic analyst and founder of FFTT LLC, shared his insights on former President Donald Trump’s potential influence on the Bitcoin price. The discussion centered around Trump’s campaign promise that he will establish a strategic Bitcoin stockpile and his comparison to oil. Bitcoin As ‘The New […]
Dennis Porter, CEO and Co-Founder of the Satoshi Act Fund, has announced that ten US states are poised to introduce legislation to establish a Strategic Bitcoin Reserve (SBR) at the state level. Notably, the Satoshi Act Fund was instrumental in Pennsylvania’s first-ver introduction of the Bitcoin Strategic Reserve Act, which permits the state to invest […]
In a series of exchanges on X, Adam Back, CEO of blockchain technology firm Blockstream, projected that Bitcoin could surge beyond $1 million if the United States were to establish a Strategic Bitcoin Reserve (SBR) under President-elect Donald Trump. “If the US Strategic Bitcoin Reserve happens, prepare for 7 figure bitcoin. This cycle. The market is skeptical on meaningful follow through for now, so that is not at all priced in,” Back stated. if the US Strategic Bitcoin Reserve happens prepare for 7 figure bitcoin. this cycle. the market is skeptical on meaningful follow through for now, so that is not at all priced in. — Adam Back (@adam3us) November 18, 2024 The bold prediction sparked discussions among industry experts and enthusiasts. James Van Straten, a noted crypto analyst, responded, “7 figures? I don’t think I’m mentally prepared for 6.” Acknowledging the market’s doubt, Back replied, “That’s a fairly big ‘if’ though. At least if we infer from market price, the market thinks a US Strategic Bitcoin Reserve is unlikely. If that becomes real, I’d expect a rapid repricing.” Can Bitcoin Rise To $1 Million Per Coin? The conversation highlights the market’s skepticism regarding the feasibility of the US government accumulating such a significant Bitcoin reserve. Van Straten, like other experts, suggested that a nation might consider “front-running” this potential scenario, to which Back noted, “There’s no good way to buy 1 million BTC other than very, very quietly. Even then, once it leaks, the entire world gets FOMO and a price teleport happens.” Related Reading: Is $135,000 Bitcoin’s Current Ceiling? This Model Says So Portal, a custodyless interoperability protocol for Bitcoin, weighed in on the discussion via X: “If the US starts one, surely the rest of the world will start to follow suit as well.” This sentiment underscores the potential global ripple effect of a US-initiated SBR on Bitcoin adoption and valuation. Skepticism was also voiced by X user AndyLiteMan (@LiteAndy), who critiqued Back’s astronomical prediction: “As much as that would be exciting, it’s not going to happen. We hear this every cycle.” Back maintained his position, emphasizing the conditional nature of his prediction: “I said ‘if,’ and that market doesn’t believe it so far.” Adding another layer to the unfolding narrative, Dennis Porter, CEO and founder of the Satoshi Act Fund—a US nonprofit advocating for Bitcoin adoption—claimed on November 18 that Donald Trump’s team is considering an executive order to establish a national SBR, as Bitcoinist reported. “I’ve heard that the Trump team is considering an Executive Order for a National ‘Strategic Bitcoin Reserve’ in order to beat any state from passing it into law first,” Porter disclosed via X. “I can confirm that US Senate offices are backing this plan up. Game on President Trump. The race is on.” Related Reading: Bitcoin’s Market Is Still In An ‘Healthy Growth’ Phase, Says Analyst—Here’s Why Porter, deeply involved in legislative efforts surrounding Bitcoin adoption, noted that his information stems from “private conversations with people familiar” with the matter and his direct involvement in promoting SBR language across the United States and internationally. Notably, it is crucial to distinguish between the proposals being discussed. Porter’s reference to Trump’s consideration pertains to an executive order that would establish a national SBR. This contrasts with Trump’s previous suggestion at the Bitcoin 2024 conference to create a strategic Bitcoin reserve by retaining all “seized coins” obtained through law enforcement actions. Furthermore, Republican Senator Cynthia Lummis has introduced the Bitcoin Act, which proposes the US government purchase 1 million BTC over five years, allocating 200,000 BTC per year. Addressing this legislative initiative, Back commented on a Polymarket prediction market screenshot showing a 36% chance for “Will Trump create a national Bitcoin reserve?” He clarified, “Optimistic IMO and depends on what they mean. ‘Not selling seized coins’ is very different from Senator Lummis’ SBR bill to buy 1 million BTC.” The latter could send the Bitcoin price skyrocketing. Back highlighted the logistical challenges of such a substantial acquisition: “There’s no good way to buy 1 million BTC other than very, very quietly. Even then, once it leaks, the entire world gets FOMO and a price teleport happens.” At press time, BTC traded at $92,329. Featured image created with DALL.E, chart from TradingView.com
On Tuesday, Matthew Sigel, the head of digital asset research at asset management firm and crypto exchange-traded fund (ETF) issuer VanEck, officially endorsed President-elect Donald Trump’s proposal for a national strategic Bitcoin reserve. Major Financial Players Align This endorsement comes as discussions about BCT’s role in US economic policy are intensifying, most notably with Dennis Porter, co-founder and CEO of the non-profit Satoshi Action Fund (SAF), reaffirming BlackRock’s support for the strategic Bitcoin reserve. Related Reading: Bitcoin Reaches New High Of $94,000: Blockstream CEO Anticipates $1 Million Ahead Porter emphasized that the Trump administration is actively working towards creating this reserve through an executive order, highlighting a significant alignment among major financial players and lawmakers regarding Bitcoin’s future. During a series of social media posts on X (formerly Twitter), Porter also outlined a series of steps he believes will facilitate the establishment of the strategic Bitcoin reserve, suggesting that the process will begin with Trump appointing a pro-Bitcoin Treasury Secretary. Key Steps For Establishing A US Strategic Bitcoin Reserve Porter asserts that Donald Trump would then sign an executive order to create the reserve, which would also involve halting the auction of Bitcoin currently held by the US Marshals Service. The next phase would see the Treasury absorb these Bitcoin assets and place them into the Exchange Stabilization Fund. Over time, the Treasury would continue to accumulate Bitcoin for the reserve. Porter also noted the importance of legislative support, stating that since executive orders can be easily reversed, it would be crucial for Congress to pass a formal bill establishing the strategic reserve, spearheaded by pro-crypto Senator Cynthia Lummis. Related Reading: Solana Analyst Expects A Retrace Before It Breaks ATH – Targets Revealed The potential for a US strategic Bitcoin reserve has generated substantial excitement in the market, contributing to Bitcoin’s recent surge to an all-time high of $94,000. This reflects growing confidence among investors and speculation that such government actions could lead to significant buying pressure and further institutional adoption. At the time of writing, BTC has fallen back to $93,380 after hitting its new all-time high, marking a 40% increase in just two weeks. Featured image from DALL-E, chart from TradingView.com
Dennis Porter, CEO and founder of the Satoshi Act Fund—a US nonprofit advocating for Bitcoin adoption—has claimed that former President Donald Trump’s team is considering an executive order to establish a national Strategic Bitcoin Reserve (SBR). This move aims to position the federal government ahead of individual states that are considering similar legislation. Trump Considers […]
At the Bitcoin 2024 conference in Nashville, Donald Trump unveiled his proposal to establish a Strategic Bitcoin Reserve (SBR) for the United States upon his return to office. The plan has swiftly captured widespread attention, particularly in the wake of Trump’s US electoral victories securing majorities in both the House of Representatives and the Senate. […]
United States Senator Cynthia Lummis of Wyoming is optimistic that a strategic Bitcoin reserve could be realized quite fast under the incoming Trump administration. Following former President Donald Trump’s proposal to create a US strategic BTC reserve, Lummis introduced the Bitcoin Act at the end of July, outlining a comprehensive plan to integrate BTC into […]