In recent discussions on social media platform X, Adam Back, CEO of the blockchain technology firm Blockstream, projected a bold future for Bitcoin. Back suggested that if the United States were to establish a Strategic Bitcoin Reserve (SBR) under President-elect Donald Trump, Bitcoin could exceed $1 million per coin. He stated, “If the US Strategic Bitcoin Reserve happens, prepare for 7 figure bitcoin. This cycle. The market is skeptical on meaningful follow through for now, so that is not at all priced in.”
The Market’s Reaction and Expert Opinions
The bold prediction from Back has ignited discussions among industry experts and enthusiasts alike. Noted crypto analyst James Van Straten humorously responded, “7 figures? I don’t think I’m mentally prepared for 6.” Back acknowledged the market’s skepticism, adding, “That’s a fairly big ‘if’ though. At least if we infer from market price, the market thinks a US Strategic Bitcoin Reserve is unlikely. If that becomes real, I’d expect a rapid repricing.”
Can Bitcoin Rise To $1 Million Per Coin?
The conversation underscores the market’s doubt regarding the feasibility of the US government accumulating such a significant Bitcoin reserve. Van Straten, along with other experts, suggested that some nations might consider “front-running” this potential scenario. Back noted, “There’s no good way to buy 1 million BTC other than very, very quietly. Even then, once it leaks, the entire world gets FOMO and a price teleport happens.”
Global Implications of a Strategic Bitcoin Reserve
Portal, a custodyless interoperability protocol for Bitcoin, contributed to the discussion by stating on X, “If the US starts one, surely the rest of the world will start to follow suit as well.” This sentiment highlights the potential global ripple effect of a US-initiated SBR on Bitcoin adoption and valuation. However, skepticism remains. X user AndyLiteMan expressed doubt, critiquing Back’s astronomical prediction: “As much as that would be exciting, it’s not going to happen. We hear this every cycle.” Back reiterated the conditional nature of his prediction: “I said ‘if,’ and that market doesn’t believe it so far.”
The Political Angle: Executive Orders and Legislative Proposals
Dennis Porter, CEO and founder of the Satoshi Act Fund—a US nonprofit advocating for Bitcoin adoption—added another dimension to the narrative. He claimed that Donald Trump’s team is considering an executive order to establish a national SBR. “I’ve heard that the Trump team is considering an Executive Order for a National ‘Strategic Bitcoin Reserve’ in order to beat any state from passing it into law first,” Porter disclosed via X. “I can confirm that US Senate offices are backing this plan up. Game on President Trump. The race is on.”
Legislative Efforts and Their Impact
Porter, deeply involved in legislative efforts surrounding Bitcoin adoption, noted that his information comes from “private conversations with people familiar” with the matter and his direct involvement in promoting SBR language across the United States and internationally. It is important to distinguish between the proposals being discussed. Porter’s reference to Trump’s consideration pertains to an executive order that would establish a national SBR. This contrasts with Trump’s previous suggestion at the Bitcoin 2024 conference to create a strategic Bitcoin reserve by retaining all “seized coins” obtained through law enforcement actions.
The Bitcoin Act and Its Potential Consequences
Furthermore, Republican Senator Cynthia Lummis has introduced the Bitcoin Act, which proposes the US government purchase 1 million BTC over five years, allocating 200,000 BTC per year. Addressing this legislative initiative, Back commented on a Polymarket prediction market screenshot showing a 36% chance for “Will Trump create a national Bitcoin reserve?” He clarified, “Optimistic IMO and depends on what they mean. ‘Not selling seized coins’ is very different from Senator Lummis’ SBR bill to buy 1 million BTC.” The latter could send the Bitcoin price skyrocketing. Back highlighted the logistical challenges of such a substantial acquisition, emphasizing the need for discretion and the potential for a rapid price change once information leaks.
Current Bitcoin Market Status
At the time of writing, Bitcoin was trading at $92,329. As discussions continue and potential political actions unfold, the cryptocurrency market remains on edge, closely watching any developments that could impact Bitcoin’s trajectory.
