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New replacement for the dollar? Planning something unprecedented, the US plans to adopt Bitcoin as a store of value and, soon, a historic purchase of 1 million cryptocurrencies could happen.
Donald Trump was elected the 47th president of the United States on Tuesday (5), garnering several votes from the cryptocurrency community due to his proposals for the sector. Among them is the dismissal of Gary Gensler and other more generic statements, such as transforming the USA into the world capital of cryptocurrencies, transforming Bitcoin into a substitute for the dollar. Check out the plan that aims to transform Bitcoin as a store of value from United States!
US Plans to Adopt Bitcoin as Store of Value
Regardless, the market is now keeping an eye on the Bitcoin strategic plan presented by Senator Cynthia Lummis in July of this year. In short, the US plans to adopt Bitcoin as a store of value and a replacement for the dollar. The text suggests purchasing 1 million bitcoins, or about 5% of the total supply of 21 million units.
According to Lummis, the focus is establish a decentralized network of secure Bitcoin vaults operated by the United States Department of the Treasury, such as legal requirements that ensure the highest level of physical and cyber security for the nation's Bitcoin reserves.
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TOYS
Trump, on the other hand, has only promised not to sell the bitcoins that the US already has, instead of buying them. These coins are the result of confiscations. However, of these 208.109 bitcoins, around 94.643 must be returned to Bitfinex, considerably reducing the reserves of the dollar substitute.
Lummis returned to the topic last Wednesday after the election, showing his determination to pass this proposal. Data from VisualCapitalist shows that the US currently has 8.133 tons of gold in its reserves. The amount is equivalent to US$522 billion, twice as large as Germany's reserves.
How much will it cost to buy 1 million bitcoins?
As Bitcoin is seen as digital gold due to its scarcity and the US is the largest holder of gold in the world, the senator's proposal for where the US plans to adopt Bitcoin as a store of value makes perfect sense.
In addition to Trump, who has presented himself as a Bitcoin advocate, the US has also elected 262 pro-crypto candidates to the House and Senate, which could make it easier to pass this plan with the dollar replacement.
By comparison, Bitcoin creator Satoshi Nakamoto is estimated to own 1,1 million bitcoins, while MicroStrategy holds 252.220 bitcoins, and U.S. ETFs surpassed the 1 million-coin mark last week.
The US plans to adopt Bitcoin as a store of value and this purchase of 1 million in crypto would mean a buying pressure of US$ 74,7 billion, the equivalent of R$ 423 billion, at current prices, disregarding that they would not be able to buy all these coins for the same value.
Understand the impacts on Bitcoin as a possible 'substitute' for the dollar
Regardless, the biggest change would be psychological, given that this position where the US plans to adopt Bitcoin as a dollar reserve would influence the entire market, including the position of central banks in other countries, mainly Germany, Italy, France, Russia, China, Switzerland, Japan, India and others.
Such a move would place Bitcoin, a replacement for the dollar, in a role similar to that of gold, giving it a recognized position within the national reserve and signaling a historic level of legitimacy.
According to CoinShares, if implemented, the Bitcoin Act could significantly boost institutional and government interest in Bitcoin, potentially accelerating its growth and driving its value to new heights. The question remains, how much will the dollar substitute be worth when major economic powers start hoarding it in their vaults?
What a leap you made… You went from the senator proposing a project, to the project already being approved, sanctioned and implemented (dollars leave and Bitcoin enters)! This is not an article, but a wish of the author who wrote it!
It's not time to buy, it's time to sell, guys, you call and we