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THE UNITED STATES PLANS TO CREATE STRATEGIC BITCOIN RESERVES
#Crypto Market Year-End Predictions
In the United States, many states are considering creating strategic Bitcoin reserves to increase financial stability and protect against inflation. Pennsylvania Representative Mike Cabell has introduced a bill proposing that up to 10% of state funds be invested in Bitcoin. Cabell stated that this move would be a measure against inflation
Similarly, Ohio State Representative Derek Merrin has introduced a bill called the 'Ohio Bitcoin Reserve Act'. This bill proposes the establishment of a Bitcoin reserve fund within the state treasury and the investment of temporary public funds in Bitcoin. Merrin stated that this initiative is in line with Ohio's goals of supporting innovation in crypto assets and protecting public funds from depreciation
According to the analysis of asset management firm VanEck, if the US were to create a reserve of 1 million Bitcoins, it is predicted that the national debt could be reduced by 35% by 2049 This prediction is in line with Senator Cynthia Lummis's proposal
However, these initiatives are also facing some criticisms. Critics argue that due to the price fluctuations of Bitcoin, public funds could be at risk and such an investment could pose potential dangers for taxpayers.
🔥🔥Ultimately, while efforts to establish Bitcoin reserves at the state level in the US gain momentum, debates continue on whether these steps will provide protection against financial stability and inflation!
#Gate.io Annual Report 2024
#GateOpinionQuest #escoin #elg