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Home»Altcoins»Pompliano Pushes for $250 Billion Bitcoin Reserve: Will BTC Rise to $1 Million?
Altcoins

Pompliano Pushes for $250 Billion Bitcoin Reserve: Will BTC Rise to $1 Million?

2024-11-21No Comments3 Mins Read
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  • Anthony Pompliano Proposes Bitcoin Reserve Plan.
  • Blockstream’s CEO believes a reserve would trigger more highs for BTC.

After Donald Trump’s election victory, discussions arose about establishing one Bitcoin [BTC] reserve has gained strength.

While Trump has committed to holding on to all existing and future government-acquired Bitcoin, the pressing question remains: will the US actively buy more to create a larger reserve?

Anthony Pompliano, founder and CEO of Professional Capital Management, shared his thoughts on the matter in the latest after on X.

Pompliano’s Bold Bitcoin Reserve Proposal

Pompliano addressed the recent proposals for a Bitcoin reserve, starting with that of Senator Cynthia Lummis. AMBCrypto reported to its proposal to convert the Treasury’s gold certificates into BTC, thus laying the foundation for reserves.

Worth mentioning is Dennis Porter, CEO of Satoshi Act Fund, who revealed that her bill ranks fourth nationally among the most viewed bills.

Pompliano also emphasized Robert F. Kennedy Jr proposed plan for daily Bitcoin purchases to allow the US to steadily accumulate hundreds of thousands of BTC over time, and Trump’s plan.

However, the director argued that these proposals, while promising, were insufficient given Bitcoin’s growing role as a global financial asset. Pompliano urged a more aggressive approach, stating:

“The United States should print $250 billion on the first day of Donald Trump’s presidency and put 100% of the proceeds into Bitcoin.”

He further explained that he used $250 billion to buy the king coin at current prices [~$95,000] could secure almost 2.8 million BTC.

Taking into account potential price increases from such large-scale purchases, he estimated that the US could acquire 1.6 million BTC with an average purchase price of $150,000.

See also  Enjin completes the migration of over 200 million NFTs from Ethereum to Enjin Blockchain

Combined with the existing holdings of 208,109 BTC, according to for Arkham Intelligence, this would position the US as the largest BTC holder in the world, with 1.8 million BTC.

Bitcoin against currency depreciation

In particular, the CEO drew attention to the increasing appeal of the largest cryptocurrency to companies such as MicroStrategy, which has become one of the best performing stocks of 2024.

He explained that companies seek Bitcoin for its ability to protect against dollar declines while posing minimal risk due to its decentralized nature.

Pompliano said:

“If Bitcoin is a desirable balance sheet asset for individuals and companies, it will eventually find its way onto the balance sheets of nation states.”

With only 21 million BTCs ever existing, the executive noted that its inherent scarcity further drives its appeal. This in turn makes it imperative for countries to secure their share before it is too late.

Arthur Hayes, co-founder of BitMEX, too noted the deflationary nature of the asset as a hedge against inflation, emphasizing its long-term value.

Bitcoin’s path to seven figures?

As the debate continues, Blockstream CEO Adam Back has arrived forward with his optimistic prediction, noting:

“If the US Strategic Bitcoin Reserve happens, prepare for Bitcoin to hit seven figures this cycle.”

While the possibility of a US Bitcoin reserve remains uncertain, its implementation could have far-reaching implications for the cryptocurrency market and the country’s financial strategy.

Next: Whale Shark Activity Surges 1400% – Time for MKR Price to Breakthrough?

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Billion Bitcoin BTC Million Pompliano Pushes Reserve Rise
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