Strategic BTC Reserves in the US
Although the inauguration of Donald Trump as the President of the United States is still about two weeks away, it appears that the country is already moving toward a grassroots pro-cryptocurrency policy. Several states are actively working on their own Bitcoin reserves.
Dennis Porter, co-founder and chairman of the Satoshi Action Fund, recently shared on social media that 14 states are currently developing legislation to establish their Bitcoin reserves. If these bills are passed and signed by their respective governors, these states will officially create Bitcoin reserves. However, the process is expected to take until the summer of this year.
Source: X
Will the Czech Republic Buy Bitcoin?
Aleš Michl, the Governor of the Czech National Bank, revealed that he is considering investing in Bitcoin. He has proposed supplementing the institution’s reserves with cryptocurrencies. However, the decision to include Bitcoin in the bank's reserves must be made collectively by the seven-member board.
Source: Cointelegraph
Will Canada Have a Pro-Bitcoin Prime Minister?
Staying in the realm of politics: Canadian Prime Minister Justin Trudeau is expected to step down soon. His support in Parliament and within his own government has plummeted to the point where a parliamentary vote would likely strip him of power. As a result, Trudeau has decided to resign voluntarily.
Attention is now turning to Pierre Poilievre and the Conservative Party, which currently enjoys 47% support in the polls. However, early elections would be needed for Poilievre to take power. Alternatively, the existing coalition could survive under a new prime minister, but it would likely lose the next election.
Why mention Poilievre? During his 2022 campaign, he promised to make Canada a regional hub for the cryptocurrency market. This suggests that if Poilievre becomes prime minister, the United States’ neighbor could soon also be led by a pro-Bitcoin leader.
Source: rp.pl
PMI Declines, but Other US Data Brings Reassurance
The US Purchasing Managers' Index (PMI), which measures industrial activity, remains below 50 points. This indicates a slight cooling in the sector, which could prompt the Federal Reserve to consider increasing the scale of interest rate hikes in 2025.
However, the Federal Reserve faces a complex challenge. While manufacturing slows, the ISM Services Index has risen sharply to 54.1 from 52.1. The categories of transaction prices and new orders saw strong growth, though the employment component experienced a decline.
These mixed indicators highlight an uncertain economic outlook in the US, contributing to increased volatility in the Bitcoin market.
Sources: inwestycje.pl, ING