Cryptocurrency research firm CoinShares said in a blog post on January 10 that the establishment of a reserve bank in the United States would accelerate the adoption of Bitcoin even faster than the launch of an exchange-traded fund (ETF) in 2024.
In 2024, U.S. lawmakers proposed the Bitcoin Act, which would instruct the U.S. Treasury to purchase 1 million BTC over 5 years to establish a "strategic Bitcoin reserve." President-elect Donald Trump approved the plan, but it has not yet been passed into law.
CoinShares said: "We believe that the enactment of the U.S. Bitcoin Act will have a more profound long-term impact on Bitcoin than the launch of an ETF." CoinShares said that "multiple interactions with institutional clients" showed that Bitcoin's "credibility" as an asset class remains a major obstacle to institutional adoption of BTC.
Blockstream co-founder and CEO Adam Back said that passing the Bitcoin Act would further accelerate the process, ultimately pushing BTC's spot price to more than $1 million per coin. (Cointelegraph)