ilmscore | Federal Bitcoin Reserve: A Game-Changer for Crypto?

Federal Bitcoin Reserve: A Game-Changer for Crypto?

Published: 2024-11-19
Status: Available | Analyzed

Predictions from this Video

Total: 11
Correct: 0
Incorrect: 0
Pending: 11
Unrated: 0
Prediction
Topic
Status
US Senator Cynthia Lummis proposed a law for a federal Bitcoin purchase program, aiming to acquire up to 1 million BTC over the next 5 years.
"Senator Cynthia Lummis has proposed a law to create a federal Bitcoin purchase program under which the US would buy up to 1 million BTC over the next 5 years."
BTC
Pending
The US government currently holds 213,297 BTC, confiscated primarily from the Silk Road marketplace, and plans to not sell any more of it.
"Trump's pledge was merely that the government would not sell any more of the 213,297 BTC it currently holds having confiscated it mostly from the Silk Road darknet marketplace."
BTC
Pending
RFK Jr. previously advocated for the US to establish a Bitcoin reserve of 4 million BTC.
"Before his rebrand as the seed oils guy RFK Jr. was calling for a reserve of 4 million BTC."
BTC
Pending
Under Lummis' proposal, the US government would control 8% of the Bitcoin supply.
"The US government would therefore control 8% of the BTC Supply"
BTC
Pending
Lummis' claim that the US could be debt-free with Bitcoin is deemed wishful thinking, requiring the accumulation and sale of all 21 million BTC at $1.7 million each to cover the $36 trillion debt.
"Lummis claims that the US will be 'debt-free' because of Bitcoin but this seems like wishful thinking because the US national debt is almost 36 trillion dollar To repay this with Bitcoin the treasury would have to accumulate all 21 million BTC and sell the entire supply at $1.7 million per coin"
BTC
Pending
Senator Lummis believes Tim Scott could chair the Senate banking committee and advance a federal Bitcoin reserve, but Scott is reportedly focused on leading the Senate Republicans' campaign arm.
"Senator Lummis sits on this committee alongside her pro-crypto colleague Tim Scott who she thinks could become its new chair This would be bullish indeed but Senator Scott is apparently more interested in running the Senate Republicans campaign arm"
BTC
Pending
If the US establishes a Bitcoin reserve, other countries might follow, leading to an international race to acquire BTC and potentially causing its price to skyrocket.
"if the US does create a reserve other countries could follow suit sparking an international race to accumulate more BTC causing its price to go vertical"
BTC
Pending
Anti-crypto forces gaining power in the US could potentially sell off a government-held million BTC reserve, leading to a market crash.
"if the levers of Power are returned to anti-crypto forces they could just market sell the government's million BTC one day nuking the entire crypto Market in the process"
BTC
Pending
If crypto is viewed as a means of freedom from fiat currency, then government involvement in accumulating Bitcoin is undesirable.
"if crypto is freedom from the shackles of fiat currency then you probably don't want governments getting involved at all"
BTC
Pending
Bitcoin is the best performing asset of all time, outperforming other major asset classes for 7 out of the last 10 years.
"BTC is the best performing asset of all time It outperformed every other major asset class for seven out of the last 10 years"
BTC
Pending
Due to Bitcoin's cyclical price movements, a central bank could potentially profit by buying low and selling high.
"given the cyclical nature of BTC's price expansion and contraction it wouldn't be too difficult for a central bank just to buy low and sell high if it was so inclined"
BTC
Pending