Key Points
- The Polish Presidential candidate revealed in 2023 that he invested funds in Bitcoin.
- BTC is at the moment buying and selling at $92,000.
Polish presidential candidate Slawomir Mentzen vowed to undertake a Strategic Bitcoin Reserve if elected, utilizing the Satoshi Act Fund mannequin.
According to the CEO and co-founder of the fund, Dennis Porter, he’s simply one of many many worldwide politicians and lawmakers poised to endorse the laws to create a nationwide BTC reserve.
Poland Could Establish a Strategic Bitcoin Reserve
On November 17, Porter shared a post by way of his X account, highlighting Mentzen’s curiosity in making a Strategic Bitcoin Reserve in Poland if he’s elected as President.
Mentzen additionally shared a put up by way of his X account, promising that if he turns into president, the nation will develop into a crypto haven, with pleasant regulation, low taxes, and a supportive method from banks and regulators.
Poland’s presidential elections can be held in May 2025.
A Forbes article from 2023 famous that Mentzen had round 5 million PLN (over $1 million) in BTC.
He would reportedly use the draft invoice created by the Satoshi Act Fund which is already on its strategy to cross in Pennsylvania.
Last week, Porter shared that lawmakers are claiming large assist within the US for a Strategic BTC Reserve laws.
Yesterday, he announced that the Satoshi Act Fund has open-sourced the mannequin coverage and since then, a number of lawmakers and a presidential candidate endorsed the coverage and vowed to cross it into legislation.
Strategic Bitcoin Reserve Model Policy is Open-Sourced
According to the official act, Section 1’s legislative findings point out that inflation eroded the buying energy of the belongings held in state funds managed by the state treasurer and state retirement funds. This erosion is diminishing the worth of the state’s reserves, affecting the next:
- Financial stability
- Economic safety
- Taxpayers
- Residents
The official notes point out that the state doesn’t have direct management over the nationwide cash provide or the insurance policies influencing inflation, but it surely does have the accountability to safeguard the monetary assets in opposition to the impression of inflation and financial uncertainty.
Also, the notes describe how Bitcoin has reached a market cap of over $1 trillion in its 16-year historical past and is now changing into extensively accepted as a world medium of alternate worldwide.
More international locations together with the US are already holding BTC of their Treasury Dept. and the digital asset is now seen as a hedge in opposition to inflation by sovereign nations and funding advisors as properly.
This yr, Bitcoin recorded a formidable upward trajectory, particularly following the US elections, reaching an ATH on November 13, above $93,000.
Now, the digital asset is listed on the seventh spot within the listing of the world’s high belongings by market cap, just lately surpassing silver and Saudi Aramco. Its market cap is at the moment at $1.82 trillion.
BTC is Trading at $92,000
At the second of writing this text, BTC is buying and selling above $92,000, up by 1.6% within the final 24 hours.
Today, the coin recorded a major surge in worth from $88,000 ranges earlier.
Founder and CEO of Crypto Quant, Ki Young Ju, shared an optimistic put up earlier at present, revealing that retail buyers are coming to the market, with BTC transaction quantity below $100,000 hitting a 3-year excessive.
Institutional curiosity in BTC additionally accelerated following the US elections, supporting the digital asset’s worth rally. From November 6 to November 13, when BTC hit its ATH, the US BTC ETFs recorded inflows of $4.7 billion.
Now, the cumulative flows within the crypto merchandise are at $27.46 billion since their January inception, SoSoValue knowledge reveals.
Bitcoin is supported by a number of favorable elements, and, contemplating the upcoming adjustments in crypto insurance policies, the stage is about for the digital asset to achieve $100,000 even earlier than 2025, in keeping with essentially the most optimistic predictions.
