A Bitcoin Policy Institute (BPI) executive floated a $1 million Bitcoin price scenario if the United States were to buy 1 million BTC. In a Bitcoin Magazine podcast, Zach Shapiro, the head of policy for the Bitcoin-focused BPI think tank, said that a 1 million Bitcoin (BTC) purchase by the US would have a massive impact on the price of the asset. “If the United States announces that we are buying a million Bitcoin, that’s just a global seismic shock.[...] I think first, Bitcoin price goes through the roof,” Shapiro said.“I think we’d probably go very quickly to something like a million dollars per Bitcoin.” The discussion followed US President Donald Trump’s March 7 executive order establishing a Strategic Bitcoin Reserve and a Digital Asset Stockpile.
This is a measure of how much the United States is making good on that rhetorical objective,” Pines said. Trump’s executive order also directs the Treasury and Commerce secretaries to develop “budget-neutral” strategies for acquiring more Bitcoin to expand the reserve without additional taxpayer burden.
On March 12, Senator Cynthia Lummis reintroduced the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act to push US holdings above 1 million BTC. Related: Semler Scientific reports $42M paper loss on Bitcoin, floats $500M stock saleTariff earnings a “budget-neutral” strategy for buying BitcoinPines also suggested ways to acquire Bitcoin in a budget-neutral fashion.
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Author / Journalist: Cointelegraph by Ezra Reguerra
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