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The U.S. Government Transferred $2B Bitcoin

The Daily Leo #535

idiosyncratic

Jul 29

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The U.S. Government Transferred $2B Bitcoin

Every time the charts show $70K for Bitcoin, we suffer an instant rejection from that psychological resistance level. Once again, the bulls are geared up to test it but bears are still driving the market with narratives!

Today's strongest bearish negative came from the U.S. government! Yes, the market was expecting a perfectly crypto-friendly approach from the policymakers in the U.S. but the attitude of Harris' economies is not as friendly as Trump's.

Though Trump has pledged to have Bitcoin as a strategic reserve for the country, Harris plans to be more proactive against crypto. Meanwhile, $2B worth of Bitcoin was moved and the investors are fearful of a possible dump as it happened by the German government.

Bitcoin as a strategic reserve sounds great at first!

As you think about the potential risks and rewards of such a phenomenon, you realize that some hidden risks are not in line with crypto's philosophy.

When Bitcoin becomes a type of reserve, the centralized power of the governments will grow further. Although there will be 21M Bitcoin forever, derivative markets are the forces that can manipulate the prices of assets.

Imagine a case which the governments scare the investors with taxes, temporary laws and other ways until they can have enough reserves. People are likely to be "persuaded" to sell their valuable crypto at lower prices.

What about the other side of the coin?

Golden Visa via Web3 sounds crazy but, no, this is the future we are heading to.

The Bitcoin investments will be tried to fit in all possible sides of economic parameters and the authenticity and real utility will come in time! To get UE Citizenship via Portegal, you only need to have €500,000 worth of Bitcoin to invest in Portuguese companies.

If you are okay with investing in Portuguese companies with 60% of the capital, you are good to go! Spot Bitcoin ETFs by Blackrock is preferred to be held rather than Bitcoin on chain. This might be an example project that shows the mass adoption of crypto ETFs without dealing with the complexity of these assets!

The Golden Visa might be a dream for many people. Even if the project fails, the cryptocurrencies are able to find a solid place for themselves. A new era has started for the ecosystem ✌️

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