CandleFocus Bitcoin Nears $100,000 As Trump Council Expected To Implement BTC Reserve
2024-11-22
Author: Content Editor
The Chairman of the Securities and Exchange Commission (SEC), Gary Gensler, announced his resignation, while it was reported that Donald Trump's "crypto council" plans to establish a bitcoin reserve for the United States. The reserve would involve the purchase of 200,000 bitcoins per year for five years, totaling 1 million bitcoins. Despite these developments, Bitcoin's price continued to rise and broke $99,000, with $100,000 now imminent. The author expresses bullishness about the US purchasing such a large amount of bitcoin, considering the limited supply of 21 million coins. The potential demand from the US, combined with other entities accumulating large amounts of bitcoin, could significantly impact prices. The author also mentions MicroStrategy's recent $3 billion bitcoin purchase and escalating demand. Although it remains uncertain if the bill to establish a bitcoin reserve will become law, the outlook is positive. The author concludes by stating that this move would be historic and beneficial for Bitcoin, Bitcoiners, and the future financial dominance of the United States.
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