Bitcoin to Turn Bullish With Better Laws?

Market structure legislation will be a massive boon to the price of Bitcoin. Once signed into law, the flood gates will be wide open and the rush of capital will be like nothing you've ever seen before.

The U.S. government's crypto holdings are currently valued at approximately $17.03 billion, according to market data on April 16.

This includes 198,012 BTC, held by the government, valued at around $16.94 billion at the current price of Bitcoin. Additionally, the government's 59,965 ETH holdings are worth about $98.43 million.

Amidst this, and several chalked-out crypto plans, can a Bitcoin surge be a repeated phenomenon?

"Market structure legislation will have a huge bullish effect on the price of Bitcoin. Once this bill is passed and signed by the president, the floodgates of capital will open completely, and the rush of capital will be like nothing you've ever seen before. Very bullish for Bitcoin," stated Dennis Porter, co-founder of the Satoshi Action Fund and a contributor to the Paycoin project.

His statement comes amid ongoing discussions within the U.S. government to establish a Bitcoin Reserve strategy.

Highlighting this, the White House Director of the National Economic Council, Bo Hines, mentioned the possibility of using tariff revenues to buy Bitcoin.

"We're looking at ways to diversify the balance sheet of the U.S. government, and one of the proposals that's been put forth is to use a portion of the tariff revenues to purchase Bitcoin or other assets," explained Hines during a recent interview.

Moreover, the possibility of new crypto-friendly legislation, especially under a potential second term for Donald Trump, could set the stage for a bullish crypto market. Trump, a self-confessed crypto advocate, has already shown signs of support for the industry.

Recently, he signed the bill to undo a controversial rule that could force crypto mixers to register with the government as money services businesses. This move is seen by many as a positive step in favor of the crypto sector.

However, despite these promising developments, macroeconomic factors continue to affect Bitcoin's performance. One major factor is the ongoing U.S. tariff conflict, which recently pushed Bitcoin to a five-month low of $74,436.68.

Nevertheless, markets reacted positively when President Trump announced a 90-day tariff suspension for over 75 countries, along with a reduced reciprocal tariff rate of 10%. Following this announcement, Bitcoin rebounded and is currently trading at $85,806, marking a 1.89% increase in the last 24 hours.

At this juncture, perhaps comprehensive crypto legislation could be a major factor that could push Bitcoin towards another bull market.