Bitcoin Surges to $102K as Strategic Reserve Speculation Heats Up: Nation-State Eyes BTC ETFs

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Earlier on Thursday, the cost of a single Bitcoin reached its peak for the day at $102,088, marking the highest point since January 7th.

This occurs while there’s talk about the possibility of revealing a strategic Bitcoin reserve as soon as next Monday.

Contrary to certain community beliefs, Polymarket predicts that there is just a 37% likelihood of the creation of such a reserve by early 2025.

Or simply:

Polymarket forecasts a low probability (37%) of creating the reserve by early 2025, despite some community assumptions.

In the past month, Bitwise Invest’s alpha strategies leader, Jeff Park, expressed his viewpoint that the likelihood of establishing a strategic Bitcoin reserve in 2025 is approximately 10%. Yet, if this event were to occur unexpectedly, the price of Bitcoin could potentially skyrocket and reach an astounding $1 million.

The US government could sell 70,000 Bitcoins 

According to U.Today’s report, the U.S. government has been given court permission to sell approximately 70,000 Bitcoin that were taken from a hacker linked to the Silk Road marketplace.

As an analyst, I find myself expressing similar apprehensions to those voiced by Senator Cynthia Lummis of Wyoming regarding the sale associated with her proposed bill to establish a strategic Bitcoin reserve, which she introduced last July.

The U.S. government must stop disregarding the worth of Bitcoin and digital currencies; it’s resulting in billions being lost for taxpayers. I recently penned a letter to the U.S. Marshals Service, seeking clarification on their intentions to auction off approximately 70,000 Bitcoins,” she expressed.

A nation-state is curious about Bitcoin ETF

Currently, Bitwise CEO Hunter Horsley has disclosed that a country’s entity is showing interest in investing in Bitcoin Exchange-Traded Funds (ETFs).

He shared some insights on Bitcoin Exchange-Traded Funds (ETFs) for a country, hinting at the possibility of shifting investment from government bonds denominated in foreign currencies towards Bitcoin. He believes that Bitcoin is embarking on a fresh phase.

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2025-01-17 11:30