Advertise
Elena R
Elena R
Author
Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
- Dec 05, 2024 06:33 UTC
-
Bitcoin News: Eleven US States Set to Adopt Strategic BTC Reserves
Bitcoin's adoption is expanding from individuals to institutions and now nation-states.
Bitcoin's recent surge above $100,000 has ignited speculation about a potential 10x rally to $1 million.
While a short-term correction is possible, the long-term outlook for Bitcoin remains bullish.
Bitcoin (BTC) has moved from being a popular asset for individual traders to attracting institutional investors, and now it’s even catching the attention of nation-states. The shift from traditional financial systems to Web3 protocols has helped the cryptocurrency market grow to over $3.82 trillion—surpassing the market value of Apple Inc. (NASDAQ: AAPL) for the first time in this bull cycle.
As Bitcoin recently broke past $100,000 for the first time, many experts now believe that a 10x rally to $1 million could happen even quicker than the previous gains. The cash inflows into crypto investment products, driven by spot ETFs, are at an all-time high, signaling a bright future for Bitcoin and the wider crypto market.
More Nations Eye Bitcoin
The success of El Salvador, which has been buying one Bitcoin per day since 2022, has inspired other countries to explore adopting Bitcoin and digital assets. Just this week, Russian President Vladimir Putin stated that Bitcoin is here to stay and has a promising future.
Crypto Regulations Under Trump
In the United States, the upcoming Trump administration is expected to legislate clear crypto regulations to favor the mainstream adoption of Bitcoin and digital assets. According to Dennis Porter, the CEO and co-founder of Satoshi Action Fund which has been helping in the legislation of Bitcoin laws, more US states and countries are poised to enact legislation on strategic Bitcoin reserves soon.
Porter also mentioned that up to eleven U.S. states and two nations are preparing to introduce laws for Strategic Bitcoin Reserves. This approach is seen as a neutral financial layer that could connect the BRICS countries with the U.S.-backed SWIFT system.
FAQs
Bitcoin Price may face a 25-30% correction after reaching $100,000, aligning with past market cycles. This dip could be a strategic buying opportunity for both Bitcoin and altcoins.
Bitcoin’s rise above $100K is driven by strong market sentiment, high trading volumes, and optimism fueled by pro-crypto policies. However, technical indicators suggest a potential cooldown as the RSI approaches overbought levels.
Yes 
No 
