WisdomTree Report: Proposed US Strategic Bitcoin Reserve Act Could Change Market Dynamics and Regulatory Landscape

WisdomTree recently released a report stating that in January 2024, the approval of a spot Bitcoin ETF pushed the price of Bitcoin to $70,000, but regulatory resistance and profit-taking caused Bitcoin to be in a consolidation period for most of the year. Recently, Trump's victory pushed Bitcoin to a new high, even breaking through $90,000, indicating that pro-cryptocurrency policy momentum may increase under the new administration. In addition, the proposed Bitcoin Act, which aims to establish a strategic Bitcoin reserve in the United States, may change market dynamics and the regulatory landscape, although debates about its size and fiscal impact remain. The report concluded that we do not know whether the Bitcoin Act (or a bill substantially similar to it) will become policy. However, it is helpful to think about potential policies through this lens, rather than focusing too much on possible changes in different government personnel. The fact that President-elect Trump took the stage at the Bitcoin 2024 conference in Nashville, Tennessee on July 27, 2024, in itself has already made a position clear. We now wait for some signals on how this campaign will turn into government policies that support the Bitcoin community.