Bitcoin Act Could Propel Bitcoin into Uncharted Territory, Experts Say, Even Surpassing a $1M Price Tag

The U.S. could be on the verge of propelling Bitcoin into uncharted territory, possibly even surpassing a $1 million price tag.

As former President Donald Trump prepares for his 2024 return, crypto enthusiasts are buzzing with excitement over the potential for his administration to champion pro-Bitcoin policies, which could culminate in the U.S. making Bitcoin legal tender. This development, coupled with a Bitcoin reserve bill gaining traction in Washington, could propel Bitcoin to uncharted territory, possibly even driving its price to $1 million.

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Bitcoin Standard, Bitcoin Act Among Top Crypto Proposals

Several pro-Bitcoin proposals have emerged, including the Bitcoin Standard and the Bitcoin Act. These bills aim to establish a U.S. Bitcoin reserve, transforming Bitcoin into a "savings technology" for the nation. The proposals have garnered bipartisan support, increasing the likelihood of their enactment within the next four years, especially with Trump's return to the presidency and a Republican-controlled Senate. Notably, the U.S. already holds an estimated $18-$19 billion in Bitcoin assets, paving the way for the reserve.

Bitcoin Price Could Surpass $1 Million with US Reserve

Bitcoin experts, such as Adam Back, CEO of Blockstream, foresee immense potential in the U.S. Bitcoin reserve proposal. Back anticipates that such a move could easily drive the cryptocurrency's price to over $1 million, potentially within the current market cycle. "Bitcoin's price is currently around $100,000," Back stated in a recent post. "But with the reserve, we could see an explosive price increase." This surge in value would not only elevate Bitcoin's status but also attract institutional players like pension funds and sovereign wealth funds, further solidifying Bitcoin's role as a legitimate asset class.

Trump's Return to Signal End of 'War on Crypto'?

Beyond the impact on the Bitcoin price, Trump's presidency, combined with these pro-crypto policies, could mark the end of the "war on crypto." Michael Saylor, CEO of MicroStrategy (MSTR), believes that a Trump administration could foster institutional adoption on a scale we've never seen before, potentially leading to the approval of Bitcoin ETFs and traditional banks accepting Bitcoin as collateral.

As Bitcoin's ascent continues, crypto enthusiasts will be closely monitoring Washington to see if the Bitcoin Act becomes law. At the time of writing, Bitcoin is trading at $97,343.47.