Bitcoin (BTC) Strategic Reserve Gains Momentum: Implications for Price Surge to $500,000
- US strategic Bitcoin reserve could push the price to $500,000.
- Countries worldwide are adopting Bitcoin, increasing demand and pushing prices higher.
- Bitcoins bullish outlook continues into 2025 with significant demand drivers like ETFs and institutional adoption.
Bitwise CIO Matt Hougan has speculated that Bitcoin (BTC) could surge as high as $500,000 if the US government establishes a strategic reserve for the asset. This comes as the strategic reserve motion gains momentum, particularly following Trumps election win and his choice of cabinet members, which indicates an intention to support cryptocurrency growth in the US.
Hougan argues that creating a US BTC stockpile would boost BTCs global demand. He believes this move would attract more countries to the cryptocurrency, increasing demand and pushing BTCs value past the $200,000 target. Following the reserves creation, he envisions a substantial rise, with BTC potentially reaching between $300,000 and $500,000 per coin.
Bitcoin to Trounce 2024 Performance Next Year
Hougan emphasized that BTCs impressive performance in 2024 will spill over into 2025. Three main factors are driving this upswing: first, inflows from US BTC spot exchange-traded funds (ETFs), which have brought in $36.73 billion this year and now hold 5.76% of BTCs circulating supply.
Second, public companies like MicroStrategy and Marathon Digital, along with new entrants like Rumble and Metaplanet, are adopting BTC as a strategic reserve asset. Lastly, theres growing demand from nations, which Hougan believes will lead to a significant demand shock as the limited supply of Bitcoin becomes even more scarce.
Read more: https://www.tronweekly.com/bitcoin-gains-momentum-price-surge-to-500000/
Text source: TronWeekly
