$BTC could reach $1 million if the U.S. establishes a strategic bitcoin reserve fund, according to Jeff Park from Bitwise Asset Management. However, he estimates the likelihood of this happening to be under 10% by 2025, although he sees this as the only scenario to achieve this price target.
Trump once proposed a strategic Bitcoin reserve fund at the Bitcoin conference in Nashville. Currently, the price of Bitcoin fluctuates around $94,000, after surpassing $108,000 at the beginning of the month.
Some states in the U.S. are considering establishing a strategic Bitcoin reserve fund. Pennsylvania proposed allocating 10% of the state fund to Bitcoin, while Texas suggested creating a fund based on donations and existing resources, not using tax money, to combat inflation and increase the chances of passing legislation.
If passed, Texas would become one of the first states in the U.S. to hold bitcoin in its treasury. Hong Kong and Germany are also considering holding bitcoin to compete with the U.S.
The Trump administration is promoting progressive cryptocurrency policies, even suggesting that the Fed could hold bitcoin.
However, Fed Chairman Jerome Powell dismissed this idea, stating that the Fed is not allowed to own bitcoin unless Congress changes the law.
