WisdomTree Report: Proposed US Strategic Bitcoin Reserve Act Could Change Market Dynamics and Regulatory Landscape

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ODAILY
11-19
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Odaily Planet Daily Report: WisdomTree recently released a report indicating that in January 2024, the spot Bitcoin ETF was approved, driving the Bitcoin price to soar to $70,000, but regulatory resistance and profit-taking led Bitcoin to be in a consolidation period for most of the year. Recently, Trump's victory has pushed Bitcoin to a new high, even breaking through $90,000, suggesting that the pro-cryptocurrency policy momentum may strengthen under the new government. In addition, the proposed Bitcoin bill aimed at establishing a strategic Bitcoin reserve in the United States may change the market dynamics and regulatory landscape, although debates around its scale and fiscal impact remain. The report concludes that we do not know whether the Bitcoin bill (or a bill essentially similar to it) will become policy. However, it is beneficial to consider potential policies from this perspective, rather than focusing too much on changes that may occur among different government officials. On July 27, 2024, President-elect Trump took the stage at the Bitcoin 2024 conference in Nashville, Tennessee, which in itself indicates a stance. We are now waiting for some signals on how this campaign activity will translate into government policies supporting the Bitcoin community.

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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