- December 5, 2024
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
The post Bitcoin News: Eleven US States Prepare Strategic BTC Reserve Legislation appeared first on Coinpedia Fintech News
The mainstream adoption of Bitcoin (BTC) has moved from individual traders to institutional investors and now aiming at nation-states. The ongoing shift from traditional financial institutions to web3 protocols has seen the cryptocurrency industry scale to more than $3.82 trillion, thus surpassing the valuation of Apple Inc. (NASDAQ: AAPL) for the first time in this bull cycle.
As Bitcoin price rallied above $100k for the first time in its history, more experts believe a 10x rally to $1 million will be much faster than the former. Moreover, the cash inflow to the crypto investment products is at an all-time high fueled by spot ETF markets.
Nation-States on Strategic Bitcoin Reserve
Following the resounding success of El Salvador, which has been buying 1 Bitcoin per day since 2022, more nation-states have been looking into ways to legalize the adoption of BTC and digital assets. Earlier this week, Russian President Vladimir Putin said that Bitcoin is here to stay and has a bright future.
In the United States, the upcoming Trump administration is expected to legislate clear crypto regulations to favor the mainstream adoption of Bitcoin and digital assets. According to Dennis Porter, the CEO and co-founder of Satoshi Action Fund which has been helping in the legislation of Bitcoin laws, more US states and countries are poised to enact legislation on strategic Bitcoin reserves soon.
Porter noted that up to eleven states and two nation-states are poised to introduce Strategic Bitcoin Reserve legislation. The adoption of Bitcoin at the state level is expected to act as a neutral financial layer between the BRICS and the US-backed SWIFT ecosystem.
Bitcoin Price but may face a 25-30% correction after reaching $100,000, aligning with past market cycles. This dip could be a strategic buying opportunity for both Bitcoin and altcoins.
Bitcoin’s rise above $100K is driven by strong market sentiment, high trading volumes, and optimism fueled by pro-crypto policies. However, technical indicators suggest a potential cooldown as the RSI approaches overbought levels.
