Crypto
Key Points
- Strategic Bitcoin Reserve legislation is coming faster than anticipated.
- BTC’s price recovered above $93,000, following yesterday’s dip at $90,000 levels.
Today, Bitcoin’s price recovered following a drop at $90,000 levels on November 26, fueled by continued optimism in the crypto industry amidst other factors.
At the moment of writing this article, BTC is trading above $93,000. Yesterday, the coin’s price topped $94,600, ahead of a price dip to $90,700 levels.
In the past weeks, Bitcoin saw a sell-off activity coming from LTHs, triggering increased market volatility.
However, the continued optimism in the crypto industry coming from the upcoming creation of BTC Reserves in the US and abroad is expected to push BTC’s price to $100,000 this year.
3 New States to Announce a Strategic Bitcoin Reserve in December
Satoshi Act Fund’s CEO and founder, Dennis Porter, shared a message on his X account, announcing that he confirms three new states will make Strategic BTC Reserve legislation announcements next month.
He highlighted that there will be more similar legislation coming faster than he had previously anticipated, and we can expect December to be a huge month for the industry.
So far, Pennsylvania has introduced a bill for establishing a Strategic Bitcoin Reserve, setting a precedent for more states to follow.
This is one of the most important changes that should take place in the US crypto industry, and other important names including Senator Cynthia Lummis are strongly supporting the idea.
Porter earlier explained that in less than three months, a US state could be holding BTC in a cold storage multi-sig wallet, and they will probably be running their own node as well.
It’s also worth noting that one of the most important Bitcoin miners in the world, MARA Holdings wrote a full thesis on the importance of a Strategic BTC Reserve.
MARA Holdings Strategic Recommendations for US Action
In their notes, MARA highlighted the need to implement the following strategic measures to address the challenges and seize the opportunities that BTC presents:
- Create a Strategic BTC Reserve in the US, similar to how the country is a leading holder of gold.
- Invest in domestic BTC mining to control a larger portion of the global hashrate and protect its economic sovereignty.
- Develop mining technology and promote self-sufficiency, encouraging the production of mining hardware to reduce dependence on foreign suppliers.
- Implement supportive policies and regulations that offer legal clarity for BTC miners and investors and offer incentives to stimulate industry growth.
- Lead in global BTC standards by collaborating with allies and ensuring that BTC remains a neutral, open, and secure platform.
- Protect national security via hashrate control to safeguard the US from foreign interference.
The US is not the only country that’s working on creating a Strategic Bitcoin Reserve, as recently Poland proposed the same thing, and yesterday’s reports revealed that Brazil has similar plans to hedge economic risks.
There are various reasons to remain optimistic regarding the fate of Bitcoin and the entire crypto industry, as more moves are being made towards global adoption and crypto-friendly regulation.
