Source: Cointelegraph Original: "{title}"
A senior executive at the Bitcoin Policy Institute (BPI) suggested that if the United States were to purchase 1 million bitcoins (BTC), the price of Bitcoin could reach $1 million.
In a podcast by Bitcoin Magazine, Zach Shapiro, the policy director of the BPI, focused on Bitcoin research and stated that a purchase of 1 million bitcoins by the U.S. would have a significant impact on the asset's price.
"If the U.S. announces that we are going to buy 1 million bitcoins, it will send shockwaves around the world. […] First, I think the price of Bitcoin will skyrocket," Shapiro said, "I believe the price of Bitcoin is likely to quickly rise to $1 million."
This discussion follows an executive order signed by Trump on March 7, aimed at establishing a strategic Bitcoin reserve and digital asset reserve.
BPI Executive Director Matthew Pines noted that other countries are watching how the U.S. determines its Bitcoin positioning before formulating their own strategies.
The executive added that holding more Bitcoin aligns with Trump's commitment to making the U.S. a Bitcoin superpower.
"If Trump wants to fulfill his promise of making the U.S. a Bitcoin superpower, the key is how much Bitcoin to hold. This is an important metric for assessing whether the U.S. achieves this verbal goal," Pines said.
Trump's executive order also directed the Treasury Secretary and Commerce Secretary to develop a "budget-neutral" strategy to acquire more Bitcoin to expand reserves without increasing the taxpayer burden.
On March 12, Senator Cynthia Lummis reintroduced the National Optimized Investment for Technology, Innovation, and Competitiveness (BITCOIN) Act, aimed at pushing U.S. Bitcoin holdings beyond 1 million.
Pines also proposed suggestions for acquiring Bitcoin in a budget-neutral manner. He suggested that tariff revenues could be used to purchase Bitcoin and explored other potential avenues for the U.S. government to buy more Bitcoin.
"The revenue the government could use to purchase Bitcoin includes tariff revenues or other non-tax-related fees," Pines said. This could include royalties from oil and gas leases, proceeds from the sale of federal land, physical gold, and other digital assets.
On April 2, Trump imposed a baseline tariff of 10% on imported goods from all countries through an executive order. The presidential order also included reciprocal tariffs on countries that impose import tariffs on the U.S. However, the government's changing tariff policies have created ongoing uncertainty in the market.
Related: VanEck Executive: Bitcoin Treasuries Could Help the U.S. Refinance $14 Trillion Debt
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