Pundit Explains Why China Could Be About To Quietly Launch Bitcoin Price To The Moon
The price of Bitcoin continued its rebound on Friday, with the worlds largest and oldest crypto inching closer to the much-coveted $100,000 level. BTC registered an impressive rally in 2024, largely due to the BlackRock-spurred Wall Street Bitcoin revolution and Donald Trumps shock victory on Nov. 6.
Now, a popular investor is predicting that China will create Bitcoins next glorious rally as it unleashes its much-awaited bazooka fiscal stimulus.
For context, the Financial Times revealed that the Peoples Bank of China is set to slash its interest rates in order to prop up its stalling economy. This, according to Bill Miller IV, a portfolio manager at Miller Value Partners, might be the bullish catalyst that catapults Bitcoin to new highs.
Looks like China is going to drive the next leg higher in #Bitcoin, Miller wrote in a Jan. 3 post on X.
Hopes Grow For US Strategic Reserve
Miller also cited the United States launching a strategic Bitcoin reserve as another potential trigger for a meteoric bull run in 2025.
Bitcoin and the broader crypto market have been thrust into the limelight as investors bet that the incoming Trump administration will usher in a more friendly regulatory environment.
Were gonna do something great with crypto because we dont want China or anybody else not just China but others are embracing it and we want to be the head, President-elect Donald Trump said during a mid-December interview.
As ZyCrypto previously covered, Trump vowed to establish a national Bitcoin reserve on the campaign trail. If such a plan materializes, it would mean the U.S. government would hold a stockpile of the premier crypto as it already does with other assets, like oil and gold.
Its worth mentioning that governments around the world held roughly 2.2% of Bitcoins total supply as of July, as per CoinGecko data, with the U.S. holding approximately 213,297 BTC. China, the UK, Bhutan, and El Salvador are other nations with considerable Bitcoin stashes, data tracked by BitcoinTreasuries shows.
Moreover, politicians in Japan and Germany have signaled their interest in giving BTC reserve status in their nations.
Text source: ZyCrypto
