Jeff Park shared great predictions about the price of Bitcoin and showed full hope with the proposed concept of Bitcoin Strategic Reserve, but at the same time, he says that there is a possibility of passage of this law.
Bit by bit is a popular digital asset fund manager. This company offers investment solutions in the crypto space. This cryptocurrency investment focused company focuses on providing transparent, secure and regulated investment opportunities for institutional and retail investors to profit from investing in Bitcoin and Crypto.
Recently, Bitwise Asset Management’s Jeff Park, head of Alpha Strategies, took to X (formerly Twitter) to share his thoughts on the Bitcoin Strategic Reserve Act.
The Bitwise executive said the chances of successfully establishing a strategic bitcoin reserve are slim. He believes there is only less than a 10% chance of approval.
Alternatively, we can say that Park does not believe that the approval of the Bitcoin strategic reserve proposal is possible anytime soon, probably due to the rejection of similar proposals in some countries citing the volatility in the value of Bitcoin’s trading price.
Interestingly, he said that if the US government, under the leadership of President-elect Donald Trump, passes this law, then surely this is the way for Bitcoin to reach $1 million by 2025.
In response, some Bitcoin enthusiasts shared their opinion on the diminishing chances of the Bitcoin Reserve Act being passed and said that US leaders have no other option to fight the $37 trillion debt and that No one is there to help America, so Only Bitcoin can save them.
Hong Kong moves forward with Bitcoin Reserve Law
According to the latest reports, a Hong Kong lawmaker proposed the concept of Bitcoin reserves and urged the government to consider using the Exchange Fund to continue purchasing and holding it for a long time. The lawmaker suggested that such developments will act as a catalyst to boost the development of the digital asset sector in the Hong Kong jurisdiction, which will further help attract funds and talent.
Bitcoin price action
The current trading price of Bitcoin is $92,081 and this price level is down 1.8% in the last 24 hours.
Also Read: Is Ripple (XRP) a Good Investment to Make Big Profits in the Crypto Bull Run 2024-25?
