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New Dollar Substitute? Planning Something Unprecedented, The US Plans To Adopt Bitcoin As A Store Of Value And Soon, A Historic Purchase Of 1 Million Cryptocurrencies May Happen.
Donald Trump was elected the 47th President of the United States on Tuesday (5), gathering numerous 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 US into the global capital of cryptocurrencies, making Bitcoin a substitute for the dollar. Check out the plan that aims to make Bitcoin a Store Of Value for the United States!
The US Plans To Adopt Bitcoin As A Store Of Value
Regardless of this, the market is now watching the strategic Bitcoin plan presented by Senator Cynthia Lummis in July of this year. In summary, the US plans to adopt Bitcoin as a store of value and a substitute for the dollar. The text suggests the purchase of 1 million bitcoins, or about 5% of the total supply of 21 million units.
According to Lummis, the focus is to establish a decentralized network of secure Bitcoin vaults operated by the United States Department of the Treasury, with legal requirements that ensure the highest level of physical and cybersecurity for the nation’s Bitcoin reserves.
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Trump, on the other hand, has only promised not to sell the bitcoins that the US already owns instead of buying. These coins are the result of confiscations. However, of the 208,109 bitcoins, about 94,643 must be returned to Bitfinex, considerably reducing the reserves of the dollar substitute.
Lummis touched on the subject again last Wednesday after the elections, showing her determination to approve this proposal. Data from VisualCapitalist shows that, currently, the US has 8,133 tons of gold in its reserves. This amount is equivalent to US$ 522 billion, twice the reserves of Germany.
How Much Will The Purchase Of 1 Million Bitcoins Cost?
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 the US to adopt Bitcoin as a store of value makes complete sense.
In addition to Trump, who has presented himself as a defender of Bitcoin, the US has also elected 262 pro-crypto candidates in the House and Senate, which may facilitate the approval of this plan with the dollar substitute.
In comparison, it is estimated that Satoshi Nakamoto, the creator of Bitcoin, holds 1.1 million bitcoins. MicroStrategy holds 252,220 bitcoins, and American ETFs exceeded the mark of 1 million coins 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, equivalent to R$ 423 billion at current prices, disregarding that they would not be able to buy all these coins at the same price.
Understand The Impacts On Bitcoin As A Possible ‘Substitute’ For The Dollar
Regardless of this, the biggest change would be psychological, considering that this position where the US plans to adopt Bitcoin as a dollar reserve would influence the entire market, including the central bank positions of other countries, mainly Germany, Italy, France, Russia, China, Switzerland, Japan, India, and others.
This measure would place Bitcoin, the dollar substitute, in a role similar to that of gold, giving it a recognized position within the national reserve and signaling a historically high level of legitimacy.
According to CoinShares, if implemented, the Bitcoin Act could significantly boost institutional and governmental interest in Bitcoin, potentially accelerating its growth and raising its value to new heights. The question remains, how much will the dollar substitute be worth when major economic powers begin to stockpile it in their vaults?
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Não e hora de compra e hora de vender galera cê liga e nós
Que salto você deu… Saiu da senadora propôr um projeto, à tal projeto já estar aprovado, sancionado e implementando (dólar sai e entra Bitcoin)! Isso não é uma matéria, mas um desejo do autor que escreveu!