The administration of Donald Trump is likely to create more favorable conditions for cryptocurrencies, including the adoption of a Bitcoin law. This conclusion was reached by CoinShares.
“The proposal will establish digital gold as a strategic reserve asset, with the US government able to acquire up to 5% of the available issuance,” the report states.
According to analysts, in this scenario, Bitcoin will gain greater legitimacy.
In July, ForkLog reported on the preparation of the Bitcoin Act by Wyoming Senator Cynthia Lummis.
The document proposes the purchase of no more than 200,000 BTC per year over a five-year period, allowing the US to accumulate a total of 1 million coins. Later, Trump suggested using Bitcoin to pay off the national debt.
“If the law is passed, there will be significant interest in the asset from institutions and governments, potentially accelerating its popularization and pushing prices to new heights,” CoinShares concluded.
Analysts also recalled Trump’s criticism of the SEC and his desire to dismiss the agency’s chairman, Gary Gensler.
Earlier, CLO of Variant Fund Jake Chervinsky outlined the priorities of the agency following the return of a Republican to the White House.
Following Trump’s victory, the community was enthused. ForkLog gathered reactions from some of its members.