Bitcoin may ‘pump then rotate back’ if US strategic reserve gets approved
A crypto analyst warns that Bitcoin’s price could face volatility if the highly anticipated United States Bitcoin Strategic Reserve bill gets passed.
A crypto analyst has warned that if approved, Senator Lummis’ proposal for the United States government to acquire 5% of Bitcoin’s supply could cause increased price volatility in the short term.
“I expect it to be pretty volatile, especially if the strategic Bitcoin reserve gets approved; I think Bitcoin will pump then rotate back,” Collective Shift founder Ben Simpson told Cointelegraph.
Cointelegraph recently reported that after Trump’s winning the presidential election on Nov. 5, Wyoming Senator Cynthia Lummis — a Trump supporter, Republican and crypto advocate — said she would move forward with legislation for the US government to buy 1 million Bitcoin (BTC) and hold it for at least 20 years.
Go to Source
Author: Ciaran Lyons
