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BTC finds support in strategic Bitcoin Reserve Development
Investors will track Ripple case-related updates, but they hope that the US Strategic Bitcoin Reserve (SBR) will strengthen BTC demand.
This is the announcement from Dennis Porter, CEO and co-founder of Satoshi Act Fund.
“Massive Destruction: The “Strategic Bitcoin Reserve” bill has officially passed Utah homes. The bill is currently moving to the Senate! ”
The law aims to classify BTC as a strategic reserve asset, raising hopes for future national SBRs. In January, speculation that BTC would become the US pushed Bitcoin to an all-time high of $109,312.
Anthony Scaramucci recently proposed that the US government could acquire a substantial BTC holding.
“They’ll probably buy another 40,000-50,000 BTC. Tell me why you think it will happen. Trump wants it to happen, and he has a Senate Banking Committee. Tim Scott hopes that it will happen. He will be the chairman of the Senate Banking Committee. Bescent hopes that it will happen.”
John E. Deaton, lawyer for Amicus Curiae, gave a price forecast for BTC, saying:
“If the US Government (USG) passes Senator Lummis’ bill and starts purchasing BTC, then there’s no doubt that other countries will follow like gold. It literally creates a national FOMO It could be, and if that happens, $1 million per BTC would happen much faster than people think.”
The Bitcoin Act, introduced by Senator Cynthia Ramis, proposes that the US government acquires 1 million BTC over five years with a 20-year mandatory holding period.
Bitcoin price outlook
On Thursday, February 6th, BTC fell 0.03% to close at $96,642 after falling 1.34% on Wednesday.
BTC’s short-term price trends rely on multiple factors, including US-China tensions, SBR news, Fed rate pass, and US BTC spot ETF flow.
On Friday, February 7th, the US employment report could affect the Fed’s policy stance and BTC’s price trends. Softer wage growth and higher unemployment rates could boost the Fed’s cutbacks and demand for BTC. However, a more severe labor market situation could sink expectations for a H1 2025 Fed rate reduction and put pressure on BTC.
Possible scenarios:
Bearish Case: Rising trade tensions, the Hawkish Fed and stalled SBR discussions could draw BTC below $90,000. Bullish Case: Eliminating trade risks, using the more incredible Fed, and increasing political support for the SBR could push BTC to an all-time high of $109,312.
