WisdomTree Report: Proposed U.S. Strategic Bitcoin Reserve Bill Could Change Market Dynamics and Regulatory Landscape

WisdomTree recently released a report stating that in January 2024, the spot Bitcoin ETF was approved, pushing the price of Bitcoin to soar to $70,000. However, regulatory resistance and profit-taking caused Bitcoin to be in a consolidation period for most of the year. Recently, Trump's election victory pushed Bitcoin to new highs and even broke through $90,000. This indicates that under the leadership of the new government, pro-cryptocurrency policies may strengthen.

In addition, proposed legislation aimed at establishing US strategic bitcoin reserves could change market dynamics and regulatory patterns despite ongoing debates about its scale and fiscal impact. The report concluded that we do not know whether the Bitcoin bill (or similar bills) will become policy. However, it is beneficial to consider potential policies from this perspective rather than focusing too much on changes that different government personnel might make. On July 27th 2024 President-elect Trump took stage at Nashville Tennessee during "Bitcoin 2024" conference which itself indicated his stance already . We are now waiting for some signals indicating how this campaign will transition into government policies supporting the bitcoin community.