WisdomTree Report: Proposed U.S. Strategic Bitcoin Reserve Legislation May Change Market Dynamics and Regulatory Landscape
ChainCatcher news, WisdomTree recently released a report indicating that in January 2024, the approval of a spot Bitcoin ETF could drive Bitcoin prices to soar to $70,000, but regulatory resistance and profit-taking could lead Bitcoin to remain in a consolidation phase for most of the year.
Recently, Trump's election victory has propelled Bitcoin to new highs, even breaking through $90,000, indicating that under the new government's leadership, the momentum for pro-cryptocurrency policies may strengthen. Additionally, the proposed Bitcoin bill aimed at establishing a strategic Bitcoin reserve in the U.S. could change market dynamics and regulatory landscapes, although debates surrounding its scale and fiscal impact still persist.
The report concludes that we do not know whether the Bitcoin bill (or a bill fundamentally similar to it) will become policy. However, it is beneficial to consider potential policies from this perspective rather than overly focusing on the changes that may occur with different government personnel.
On July 27, 2024, elected President Trump took the stage at the Bitcoin 2024 conference held in Nashville, Tennessee, which in itself indicates a stance. We are now waiting for some signals to show how this campaign will translate into government policies that support the Bitcoin community.
