The expectation of a strategic reserve in Bitcoin will be a new boost for prices.

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The election of Donald Trump as President in the USA and the Republicans gaining a majority in the Senate created a festive atmosphere in the cryptocurrency markets. One of the main reasons for this is the expectations regarding the 'Bitcoin Law', which was presented to the Senate by the Republicans 3.5 months ago but blocked by the Democrats. This law proposes that the USA recognizes Bitcoin as a strategic reserve and adds 1 million Bitcoins to its reserves within 5 years. Currently, the US government holds 207,000 Bitcoins. If the Bitcoin Law is accepted and these are added to the Treasury, the USA will purchase a total of 793,000 Bitcoins between 2025 and 2030. This means a purchase worth 69 billion dollars at today's value. Of course, experts predict that if the USA accepts this law and starts purchasing, new peaks in Bitcoin will be expected.

Donald Trump's victory in the presidential election triggered a significant rally in the cryptocurrency markets. Before the elections, Bitcoin was hovering around 67,300 dollars, but yesterday it reached 89,915 dollars.

This rise of over 30% in a week was due to Trump emerging as a 'crypto-friendly' candidate. At the Bitcoin conference he attended in July, Trump stated that he would make the USA 'the world's cryptocurrency center and Bitcoin superpower'. In his speech, the former and newly elected President of the USA also mentioned that he would fire SEC Chairman Gary Gensler, a figure he dislikes due to the regulations the sector is trying to implement, strict controls, and the delayed approval of Bitcoin ETFs.

Trump's speech was met with a standing ovation from industry representatives and cryptocurrency investors for minutes. One of the main reasons for this was his statement that the US government would not sell the Bitcoins it holds, but would even purchase more.

PREPARATION OF LEGAL GROUND

The way for Trump to fulfill this promise lies in the approval of the 'Bitcoin Law'. Just 4 days after Trump's speech on July 27, Republican Senator Cynthia Lummis presented the proposal known as the 'National Level Optimized Investment to Enhance Innovation, Technology, and Competitiveness Act' to the Senate.

According to the proposal, which foresees the US Treasury holding Bitcoin as a strategic reserve, the Treasury will increase its Bitcoin holdings to 1 million over a 5-year period and will not sell these Bitcoins for 20 years.

The US government currently holds 207,000 Bitcoins. Most of these are assets seized in various investigations such as money laundering and drug trafficking. If the Bitcoins are transferred to the Treasury, the Bitcoin Law anticipates the purchase of 793,000 Bitcoins by the USA in 5 years. This means a purchase worth approximately 69 billion dollars at today's value. Of course, if the USA starts making these purchases, the value of Bitcoin could reach a much higher level than today.

BLOCKCHAIN COMPANY OWNER BECOMES A VOICE

The proposal that created great excitement in the cryptocurrency markets in August was referred to the Senate Banking Committee. However, the Chairman of the Banking Committee, Democratic Senator Sherrod Brown, blocked the vote on the law in the committee. Brown's decision to block the law seems to have cost him dearly in the elections. Along with the presidential election, the state of Ohio also went to the polls last week for Senate elections. Brown lost his seat to Republican candidate Bernie Moreno. What made this race interesting was that the Republicans nominated Moreno, the owner of blockchain firm Ownum, against the 'crypto-opposed' Brown. In other words, cryptocurrencies became the main agenda item in the Ohio election. Cryptocurrency-focused lobbying funds spent about 40 million dollars on ads targeting Democrat Brown during the election period. As a result, Brown, who has been a member of the House of Representatives and a Senator since 1975, lost his first election.

COULD REACH A SIMILAR POSITION TO GOLD

With the Republicans winning both the presidency and the majority in the Senate, the approval of the Bitcoin Law is now expected in 2025. The current version of the law means that Bitcoin will transform into a reserve asset like gold. In addition, experts point out that this step taken in the USA will serve as an example for other countries.

"COULD CARRY ITS VALUE TO NEW PEAKS"

In its assessment regarding the law, digital asset investment firm CoinShares stated that 1 million Bitcoins correspond to about 5% of the total supply, saying, "If accepted, the Bitcoin Law could significantly increase institutional and governmental interest in Bitcoin. This could accelerate Bitcoin's growth and carry its value to new peaks."