As a seasoned analyst with over two decades of experience in global finance and technology markets, I find Quaglini’s prediction intriguing yet plausible. The trajectory of Bitcoin’s growth, from technological advancements to retail boom, and now institutional phase, mirrors the adoption patterns of other disruptive technologies.
As a researcher, I’m observing that the surge in U.S. Bitcoin adoption could spark a worldwide competition among nations to acquire parts of the asset’s limited 21 million supply, according to Alessio Quaglini, CEO of Hex Trust, during this market fervor.
In a CNBC interview, Quaglini stated that Bitcoin’s (BTC) crossing over the $100,000 milestone signified the initiation of its institutional stage, which followed initial technological breakthroughs and a surge in interest from retail investors once exchanges were well-established.
He predicted that mass sovereign demand for BTC would drive the cryptocurrency to even greater heights. Quaglini foresees fierce competition among the world’s 195 countries once Bitcoin gains widespread acceptance in the U.S.
Approximately three quarters of Bitcoin’s existing stockpile remains untouched, indicating a strong tendency towards long-term investment among its owners. The relative scarcity of this digital asset could potentially stir up a sense of FOMO (Fear Of Missing Out) in countries looking to invest in the $2 trillion crypto market.
Bitcoin reserve race
Quaglini’s comments echo the views of business leaders and experts in the field, who contend that the increased use of Bitcoin in the U.S. has effectively addressed remaining concerns about the cryptocurrency’s reputation.
Proposals such as Paul Atkins’ nomination for the position of Securities and Exchange Commission chair, along with reports of a ‘Crypto Chief’ post in the White House, have added to the growing belief that Bitcoin could prosper under a potential second term of President Trump’s administration. As President-elect Donald Trump and U.S. policymakers consider establishing strategic Bitcoin reserves, more and more nations are showing interest in this digital currency.
Eros Biondini, a member of Brazil’s Chamber of Deputies, suggested setting aside 5% of Brazil’s national foreign investment fund for Bitcoin (BTC). In Russia, President Vladimir Putin referred to Bitcoin as unstoppable and resistant to censorship. The country has made it legal tender and established regulations for cryptocurrency mining.
If elected as Poland’s President, candidate Sławomir Mentzen plans to create a national Bitcoin reserve, according to a report by crypto.news in November.
The prediction made by Quaglini about the Bitcoin gold rush could have already started, with a preliminary phase possibly wrapping up before 2025. Various local authorities might decide to enter this race as well. Earlier, Dennis Porter, founder of Satoshi Act Fund, noted that more than ten U.S. states are considering legislation for Bitcoin reserves. Additionally, Vancouver Mayor Ken Shim has submitted a proposal to invest the city’s funds in Bitcoin.
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2024-12-05 18:42