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Opinion: Unless the U.S. state-level Bitcoin strategic reserve plan actually starts to be implemented, market gains will be difficult to see
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3 hours ago 2,089
According to news on January 21, Eugene Epstein, head of trading and structured products at Moneycorp, said in an interview: “We have experienced cyclical bull markets in cryptocurrencies before, but I remember that this is the first time that the hype has really happened at the government level. "There's just been a lot of talk so far, but this is still the furthest the cryptocurrency has ever gone in terms of acceptance." The United States is already the largest sovereign holder of Bitcoin, mostly from judicial seizures. According to Bitbo data, the country holds more than 200,000 Bitcoins, equivalent to nearly $22 billion. Epstein said that trading in the cryptocurrency market is based on expectations that the United States will make large purchases in the future. Large-scale purchases of cryptocurrencies by U.S. governments at all levels have been priced in by the market, and if expectations are not met, they may retreat: "Unless some kind of state-level plan really starts to be implemented, it is difficult for me to see the market rising, which I expect will happen." It will be led by the Ministry of Finance.”
Keywords: Bitcoin
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