United

Bitcoin

Resistance

Chainlink

<ul class="wp-block-list"> 
 <li>The U.S. may acquire 1 million Bitcoin, marking 5% of its total supply, to hold for 20 years.</li> 
 <li>Countries like El Salvador and Bhutan are already integrating Bitcoin into their economic strategies.</li> 
 <li>Approval of the U.S. plan could drive massive institutional interest and inspire other nations to follow suit.</li> 
</ul> 
The U.S. government is considering a groundbreaking move in the crypto space. <a href="https://thenewscrypto.com/us-strategic-bitcoin-reserve-gains-momentum-following-trump-victory/" target="_blank" rel="noreferrer noopener">Senator Cynthia </a>Lummis has proposed that the United States acquire 1 million Bitcoins. 
That is roughly 5% of its total supply and it could be held as a strategic reserve for 20 years. If approved, this plan could solidify Bitcoin’s standing as a global financial asset but may also cause short term market volatility. 
<h3 class="wp-block-heading" id="h-bitcoin-will-surge-if-proposal-approved">Bitcoin will surge if Proposal approved</h3> 
<a href="https://x.com/bensimpsonau" target="_blank" rel="noreferrer noopener nofollow">Ben Simpson</a>, CEO of Collective Shift, predicts that Bitcoin’s price will surge if the proposal is approved, only to experience a pullback later. “I expect it to be pretty volatile,” Simpson commented, a price pump followed by a correction. 
This proposal aligns with growing Bitcoin adoption worldwide. Countries like El Salvador and Bhutan have already integrated it into their economies. El Salvador made Bitcoin a legal tender in 2021, while Bhutan has leveraged its renewable energy resources to mine Bitcoin. 
These examples show how nations are beginning to view BTC as more than just an investment, treating it as a vital part of economic strategy. 
At the same time, Bitcoin dominance currently at 56.63%, according to TradingView which has been declining, signaling a potential shift toward altcoins. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="288" src="https://thenewscrypto.com/wp-content/uploads/2024/12/0193c37b-7779-7e9b-bb45-1e35e0989b15-1024x288.png" alt="" class="wp-image-117962" srcset="https://thenewscrypto.com/wp-content/uploads/2024/12/0193c37b-7779-7e9b-bb45-1e35e0989b15-1024x288.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/12/0193c37b-7779-7e9b-bb45-1e35e0989b15-300x84.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/12/0193c37b-7779-7e9b-bb45-1e35e0989b15-768x216.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/12/0193c37b-7779-7e9b-bb45-1e35e0989b15-1536x431.png 1536w, https://thenewscrypto.com/wp-content/uploads/2024/12/0193c37b-7779-7e9b-bb45-1e35e0989b15-2048x575.png 2048w" sizes="auto, (max-width: 1024px) 100vw, 1024px">
</figure> 
However, analysts believe Bitcoin will remain a key asset for institutions and governments even if its price dips, strong demand at the $100,000 level will likely provide support. 
During this cycle, investment firm <a href="https://x.com/vaneck_us/status/1867610972237521256" target="_blank" rel="noreferrer noopener nofollow">VanEck </a>has reaffirmed its $180,000 price target for Bitcoin. That is reflecting confidence in its long-term potential. 
If the U.S. reserve plan gains traction, it could encourage other nations to follow suit, potentially a massive bull market. 
With demand growing and more countries adopting Bitcoin, its role as a store of value and a global financial asset continues to strengthen. 
<h3 class="wp-block-heading" id="h-highlighted-crypto-news-today">Highlighted Crypto News Today</h3> 
<a href="https://thenewscrypto.com/will-chainlink-link-break-resistance-and-reach-new-highs/" target="_blank" rel="noreferrer noopener">Will Chainlink (LINK) Break Resistance And Reach New Highs?</a>

Bitcoin Could See a Pump and Pullback if U.S. Strategic Reserve Plan Proceeds

Table of Contents

TheNewsCrypto

Other articles published on Dec 14, 2024

5 Best Altcoins To Watch Today December 14 – Kaia, XRP, Monero, Core

Ripple Advocate Exposes Legal Disparity in SEC’s Case Against Elon Musk

Japanese lawmaker Satoshi Hamada pushes for a national Bitcoin reserve

NYSE Arca Files to List Bitwise's Bitcoin-Ethereum ETP

Secure These Cryptos Today Before the Christmas Altcoin Rally Sends Prices Soaring!

Binance’s $22B Stablecoin Inflows Power Bitcoin’s $100K Rally – Here’s How

Join our free newsletter for daily crypto updates!