The resounding success of El Salvador’s Bitcoin strategy has significantly influenced other nation-states to follow the same course amid ongoing institutional FOMO.
As Bitcoin BTC $78 895 24h volatility: 2.6% Market cap: $1.58 T Vol. 24h: $61.79 B holders celebrated the long-awaited $100K milestone earlier today, Dennis Porter, the CEO and co-founder of Satoshi Action Fund, announced that more legislators are focused on implementing a strategic Bitcoin reserve. According to Porter, the Satoshi Action Fund has confirmed up to 11 states in the United States and two nation-states are poised to implement the legislation of a strategic Bitcoin reserve.
Earlier this week, Porter had confirmed that the SAF is working with 10 states and also closely monitoring the same situation at the Federal government level. Moreover, Porter announced that he will be joined by Republican Senator for Wyoming, Cynthia Lummis, later today to share a major update on the progress for Strategic Bitcoin Reserves.
As Coinspeaker previously reported, Porter is confident that a strategic Bitcoin reserve act will be passed at the state level before the upcoming Trump administration implements the same, unless the president issues an executive order in the first week of office.
According to Porter, more regulators in the United States understand that the US dollar will survive and thrive alongside Bitcoin in the long haul. Outside the United States, Swiss lawmaker Samuel Kullmann proposed a strategic Bitcoin reserve to allow Bitcoin holders to pay taxes via digital assets.
Earlier today, tech billionaire Elon Musk, who is actively involved in the upcoming Trump administration through the DOGE program, commended El Salvador’s Bitcoin strategy after registering more than 110 percent gains year-to-date (YTD).
Impressive
— Elon Musk (@elonmusk) December 5, 2024
Market Impact on Bitcoin
The inevitable adoption of Bitcoin by nation-states is expected to accelerate the next major rally towards $1 million. Moreover, Porter is confident that Bitcoin will act as a neutral network of a robust financial layer between the BRICS movement and the United States-led SWIFT.
However, Porter cautioned investors that Bitcoin’s available for sale will eventually deplete once the nation-states begin purchasing to hedge their respective debt crisis. According to the latest market data, the supply of Bitcoin on centralized exchanges declined by over 135k coins in the past 30 days to hover about 2.26 million at the time of this writing.
If the United States approves legislation on a strategic Bitcoin reserve ahead, the country could purchase 1 million BTC units in the next five years. However, Michael Saylor, the founder of MicroStrategy Inc (NASDAQ: MSTR), noted that a potential Trump max could see the country purchase up to 6 million Bitcoins to fully repay the country’s debt of over $36 trillion.
The BITCOIN Act is a humble proposal (as you can see below). A jumping off point. Let’s pass it quickly so we can move on to Trump Max. https://t.co/IyIxMe0RH0
— Cynthia Lummis 🦬 (@CynthiaMLummis) December 4, 2024
Ultimately, BTC will outshine gold in market capitalization as more investors proliferate to purchase a share of digital gold to secure a lifetime generational wealth.
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