Bitcoin has surged amazingly high with its price ruling within a touching distance $80,000 per Bitcoin. Escalation of this nature is based on the expectation that Trump could create a Bitcoin Strategic Reserve. All other cryptos too have gained — Ethereum (30%), Dogecoin (50%) , Cardano (70%). China has been quietly buying Bitcoins.
One nation state is acquiring Bitcoins, and is now among the top five holders of the bitcoins. The top five countries holding Bitcoins are the US (2 lac Bitcoins), China (2 lac Bitcoins), the UK (61000 Bitcoins), Ukraine (50000 Bitcoins), Bhutan (13000 Bitcoin) and El Salvador (5000 Bitcoins). Most of these holdings are through seizures through donations.
El Salvador, we have already observed, has adopted Bitcoin, as legal tender. Bhutan, the Himalayan kingdom, is into Bitcoin mining. Qatar is buying several billion dollars’ worth of Bitcoins.
Trump would like the USA to be the ‘crypto capital of the world’. US senator Cynthia advocates a Bitcoin Reserve to hedge the national debt. It would like to buy 1 million Bitcoins over five years. Pennsylvania would like to ensure Bitcoin as payment method and would like to bring taxes on Bitcoins. They would like to pass a crypto bill.
Bitcoin rallied past $84000 for the first time as Trump is considered digital-asset-friendly and the prospect of a Congress with pro-crypto lawmakers.
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