The price of a composition continues to decline amid a wide wave of sale of encrypted currencies
Bitcoin price today
Bitcoin was traded at 81,712 dollars, a decrease of more than 5%, but out of its lowest levels, according to Queen Metrics.
According to CNBC, the reserve will be funded through the currencies that have been confiscated in criminal and civil cases, and this is a clear lack of any ambitious financing visions.
Also read: What are the Bitcoin price expectations one year from now in light of the Trump administration?
Also, there are no plans for the American government to buy more bitcoin, which limits the reserve capabilities before it begins, as it is not possible to rely on large leaps of encrypted currencies in the absence of plans and relying on traditional collection trends to confiscate the money of the convicts.
After announcing the strategic reserve last Thursday, the prices of encrypted currencies decreased, as the investors were disappointed that the program was not more advertising.
The prices of other cryptocurrencies and XRB also decreased by about 7.5%.
Create a bitcoin reserve
However, some investors said that the step towards creating the reserve was positive in the long run.
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“I think completely that the market is wrong in this matter the market is very disappointed in the short term because the government did not say that it will immediately start buying 100 thousand or 200 thousand Bitcoin but in the extended term will improve,” said Matt Hogan, chief investment official at the Bitais Ascest Mangimant.
White House plan for Bitcoin reserves
Hogan pointed out comments on the X X -Booking social networking platform from David Sachs Caesar Caesar Cryxal and Artificial Intelligence in the White House, which said that the United States will search for “neutral strategies that do not affect the budget to obtain additional bitcoin currencies, provided that these strategies do not have additional costs on American taxpayers.”
Does Bitcoin turn into an official currency?
Hogan added: “I think the correct question that must be asked is: Does this executive lead to an increase in the possibility that the Bitcoin in the future becomes a currency or an important geopolitically important? And will other governments seek to follow the footsteps of the United States and build their own strategic reserves?
The reason for his vision is by saying: “The reason behind this is that this question is the one that must be asked whether the price of the bitcoin currency is 80 thousand dollars or a million dollars, and I see that the low prices of the current encrypted currencies are only a short -term setback.”
He concluded that the market will find a positive and submissive move to it soon that it takes it for the long -term climbing ladder.
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