Author: WOO X Research
For crypto users, the most anticipated policy after Trump's election was definitely the United States adopting BTC as a strategic reserve. However, over three months after the election, the central government has yet to take action. Does this mean the hope for a BTC strategic reserve is shattered? Not necessarily. In fact, within just a short week, two U.S. states have officially written BTC into their state treasuries, with five more states in the legislative pipeline. Analyzing the funding sources, allocation limits, and custody modes reveals significant differences, reflecting local governments' varying tolerance for "high-volatility, decentralized assets". This article critically examines who is truly strategizing, who is engaging in political showmanship, and where potential black swan events might lurk, while also exploring the next impact of this "official HODL" wave on market liquidity and narrative premium.
[The rest of the translation follows the same professional and accurate approach, maintaining the specific translation rules for technical terms like Bit, BTC, Staking, Slashing, etc.]The official HODL narrative has been "half-cooked" by the market, and the true determinants of market trends are the speed of legislation implementation and the actual amount of fiscal appropriations. Only when legislation, appropriations, and on-chain addresses are simultaneously established can it be said that the primary cause of BTC price increase can be attributed to state strategic reserve funds.
