In the latest segment of the Bitcoin Show, featuring NowMedia Group's Jim Csek and Scott Dedels, founder of Block Rewards, the pair touched on several topics, including recent news of a proposed massive Bitcoin purchase south of the border.
Dedels shared that MicroStrategy chairman Michael Saylor recently proposed plans to establish a national Bitcoin strategic reserve for the US federal government, with a potential investment ranging from $16 trillion to $81 trillion.
This announcement has ignited speculation about Bitcoin’s future, given its current market cap of approximately $2-3 trillion.
“If the US alone were to buy $16 trillion worth of Bitcoin, this is an experiment on something that's never happened before," said Dedels, emphasizing the unprecedented nature of such a move.
The Block Rewards founder said that the move could drive Bitcoin’s price to unprecedented levels, potentially reaching $1 million per coin, as it would significantly outstrip the available supply.
"Rate cuts are driving people towards hard assets, and I think that the stage is really set for a really explosive run on Bitcoin, and this news of Saylor is more fuel for the fire," added Dedels.
The pair’s discussion also highlighted Bitcoin’s evolution from a speculative investment to a recognized asset class, driven by increasing institutional adoption and regulatory acceptance, such as through ETFs and oversight by the SEC.
Dedels noted that "the newly mined and circulating Bitcoin is decreasing over time while the new buyers are growing,” underscoring the tightening supply dynamics that could further elevate Bitcoin’s value.
The pair contrasted Bitcoin with other cryptocurrencies, which they described as speculative cryptocurrencies prone to pump-and-dump schemes, urging investors to focus on Bitcoin as a hard asset akin to gold.
Click the above video to watch the entire discussion between the pair, which touched on concerns about the future of the Canadian dollar, the stability of Bitcoin’s price, how Block Rewards facilitates Bitcoin investment through payroll contributions and more.
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