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The issue of BTC in the state structures of the United States becomes the largest center of controversy in recent hours. However, what there seems to be no doubt about is the positive impact that this would have on the price of the largest Cryptocurrency. In that sense, Bitwise CIO Matt Hougan believes that Bitcoin would easily reach $500K if this occurs.
The possibility of Bitcoin being part of the strategic reserves of the United States seem close and far at the same time. On the one hand, the country’s president-elect, Donald Trump, maintains his firm position that this is the solution to pay the public debt. Meanwhile, detractors of the idea think that it only benefits the richest.
There are numerous critics, but the biggest blow so far to that idea came from the Federal Reserve. Fed Chairman Jerome Powell’s statements showed clear disdain for BTC. In any case, if Congress approves the proposal, the case could be definitively resolved.
This scenario, according to the Bitwise CIO, would allow Bitcoin to rise comfortably in the following months. The price would even easily reach $500,000 per coin amid the strong demand that would be unleashed worldwide for the token.
Bitwise maintains its positive view on Bitcoin
During a recent interview, Hougan highlighted that mere adoption by the US government would have enormous implications. Thus, an important group of countries around the world would do the same. The massive government purchase would create a shock to the supply of BTC, leading to a large appreciation, according to the executive.
The expert considers that the idea of a strategic Bitcoin reserve in the US becomes feasible over time. It is worth mentioning that this company considers, according to its recent prediction, that the price of the coin will reach $200,000 in this bullish cycle.
This forecast is above the conservative estimate of a rise to $150K. In any case, Hougan predicts the increase to half a million dollars per coin depending on the entry of Bitcoin into the reserves of the North American country. In this way, the confirmation of this fact would completely change all the rules of the game, he explains.
Although the incoming Trump administration seems determined to incorporate Bitcoin into strategic reserves, some doubts remain. For example, it is not known whether the proposal will become law through congressional approval or if it will be issued by executive order.
On the other hand, the origin of the funds to purchase BTC is unknown; until now it is assumed that they will come from the Treasury Department’s exchange stabilization fund. As you can see, speculation abounds at the moment regarding this topic.
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