Congress Just Took a Major Step Toward Signing the Strategic Bitcoin Reserve Into Law. Here's What Bitcoin Investors Need to Know.
So, the more in demand Bitcoin is, the better for the token's price. If the government could find ways to buy more Bitcoin, that would be more significant in my eyes because it would create a really strong, long-term buyer in the market for Bitcoin that would be more transparent than a Bitcoin whale.
Still a long way to go before passage
While Trump used an executive order to establish a Strategic Bitcoin Reserve and Digital Asset Stockpile, securing passage of ARMA would be much more significant.
Executive orders can be reversed by the next President, and they have more limited power over federal funding.
The problem for Trump is that passing crypto legislation in Congress has proven much more difficult, as evidenced by the Clarity Act.
Democrats are not happy with all the money Trump has reportedly made on his crypto ventures, and want stronger ethics provisions in place.
The fact that the committee vote went along party lines is telling. There is also only so much time before the midterm elections, and the Democrats could very well reclaim control of the House.
So, while passage of ARMA would likely be good for Bitcoin, the bill is far from becoming law.
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Bram Berkowitz has positions in Bitcoin, Ethereum, and XRP. The Motley Fool has positions in and recommends Bitcoin, Ethereum, Solana, and XRP. The Motley Fool has a disclosure policy.
Congress Just Took a Major Step Toward Signing the Strategic Bitcoin Reserve Into Law. Here's What Bitcoin Investors Need to Know. was originally published by The Motley Fool
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