President Trump

U.S. Bitcoin adoption will ignite a global race to secure portions of the asset’s 21 million supply, Hex Trust CEO Alessio Quaglini stated amid market euphoria.
Quaglini said during a <a href="https://www.cnbc.com/video/2024/12/05/furious-competition-among-countries-to-hold-bitcoin-in-the-next-phase.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a> interview that Bitcoin’s (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/bitcoin/">BTC</a>) surge past the $100,000 psychological barrier marked the beginning of its institutional phase, following earlier technological advancements and the retail boom after exchanges became established.
He predicted that mass sovereign demand for BTC would drive the cryptocurrency to even greater heights. Quaglini foresees fierce competition among the world’s 195 countries once Bitcoin gains widespread acceptance in the U.S.
Trading data shows that 75% of BTC’s circulating supply is <a href="https://crypto.news/bitcoin-exchange-holdings-decline-to-multi-year-low-report/" target="_blank" rel="noopener noreferrer nofollow">inactive</a>, highlighting long-term holding strategies by current buyers. This scarcity could trigger “fear of missing out among nations aiming to acquire the $2 trillion crypto asset.
You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/president-trump-confirms-paul-atkins-as-top-pick-for-sec-chair/"> President Trump confirms Paul Atkins as top pick for SEC chair </a>
<h2 class="wp-block-heading" id="bitcoin-reserve-race">Bitcoin reserve race</h2>
Quaglini’s remarks align with sentiments from industry executives and analysts who believe U.S. Bitcoin adoption has dispelled lingering reputational risks around the cryptocurrency.
Nominations like Paul Atkins for Securities and Exchange Commission chair and news of a crypto czar post in the White House have further <a href="https://crypto.news/president-trump-confirms-paul-atkins-as-top-pick-for-sec-chair/" target="_blank" rel="noopener noreferrer nofollow">fueled</a> BTC optimism for a Trump 2.0 administration. Sovereign governments increasingly looked toward BTC as President-elect Donald Trump and American policymakers moved to create strategic reserves.
Chamber of Deputies member Eros Biondini <a rel="noopener noreferrer nofollow" href="https://crypto.news/bitcoin-reserve-bill-introduced-in-brazils-congress/">proposed</a> allocating 5% of Brazil’s national foreign investment treasury to BTC. In Russia, President Vladimir Putin described Bitcoin as unstoppable and censorship-resistant. The nation <a href="https://crypto.news/vladimir-putin-bitcoin-cant-be-stopped/" target="_blank" rel="noopener noreferrer nofollow">legalized</a> BTC as property and has standardized crypto mining.
Polish presidential candidate Sławomir Mentzen <a rel="noopener noreferrer nofollow" href="https://crypto.news/polish-minister-advocates-support-for-bitcoin-strategic-reserve/">pledged</a> to establish a national BTC reserve, if elected, as crypto.news reported in November.
The Bitcoin “gold rush” foreseen by Quaglini may have begun its first lap before 2025, and local jurisdiction could join the jockey. Previously, Satoshi Act Fund founder Dennis Porter said over 10 U.S. states <a href="https://crypto.news/bitcoin-advocate-hints-at-strategic-reserve-laws-in-10-us-states/" target="_blank" rel="noopener noreferrer nofollow">advanced</a> toward BTC reserve laws. Vancouver Mayor Ken Shim also submitted a bid to buy BTC with the city’s treasury.
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/hut-8-to-build-bitcoin-treasury-with-500m-raise/"> Hut 8 to build Bitcoin treasury with $500m raise </a>

Sovereign ‘gold rush’ for Bitcoin imminent: Expert

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