The lawyer mentioned the victory of Donald Trump in the US presidential elections, as well as the predominance of Republican legislators in the Senate and House of Representatives. The lawyer suggested that with the support of Democrats, there is a high probability that a bill on a government procurement program for bitcoins could be adopted as early as next year.
According to the bill, the US authorities will buy up to 200,000 BTC per year for five years, until the total number of BTC in the possession of the authorities reaches 1 million coins. This would represent about 5.05% of the 19.78 million bitcoins currently in circulation. The US Secretary of State is required to hold purchased bitcoins for at least 20 years to ensure the long-term stability of the cryptocurrency, the bill says. If this bill is passed, other countries will follow the example of the United States and also begin accumulating bitcoins, increasing the value of the crypto asset, Hogan dreams.
Another factor that can stimulate a sharp increase in the BTC rate is the influx of capital from corporate investors into the crypto market. Hogan mentioned MicroStrategy, which recently purchased another 27,200 bitcoins worth $2.03 billion at an average price of $74,463 per coin. MicroStrategy currently holds 279,400 BTC, worth $11.9 billion. Hogan believes companies with excess cash reserves, such as Microsoft, will soon face intense pressure from shareholders eager to invest in Bitcoin.
According to the lawyer’s forecast, next year the US Securities and Exchange Commission (SEC) may stop litigation with crypto companies not related to fraud.
Source: Bits
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