As Bitcoin's price hits $100,000, there are discussions in the United States considering selling some of the Federal Reserve's gold holdings to buy BTC.
Reducing US debt with the aid of Bitcoin
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This year has been a period of transition for Bitcoin, with increased interest from traditional finance.Following Donald Trump's election as President of the United States, the US government has expressed renewed interest. In the last week, a proposal was introduced in Pennsylvania to include Bitcoin as an asset in the national reserve, equivalent to 10% of the total value, or around $7 billion.
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At the same time, Senator Cynthia Lummis of Wyoming introduced a new proposal. It analyzes the notion of using revenues from the Federal Reserve's gold reserves to buy Bitcoin without increasing the budget deficit.
The operation intends to purchase 1 million Bitcoins over the next five years, worth more than $90 billion at current prices.
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As governments, organizations, and huge investment funds become more interested, Bitcoin's price coincides with this new narrative. Can Bitcoin now be classified as a store of value?For years, Bitcoin's role has been questioned. Over the last year, the market appears to be ready to accept it as a store of value versus fiat currencies.This new narrative, backed by unrelenting buying and record quantities, has propelled Bitcoin's price discovery, which is currently less than 10% away from the important psychological threshold of $100,000.