Bitcoin Might Hit $1mm If the US Creates a Bitcoin Reserve, Bitwise's Jeff Park Says

The idea has attracted a lot of attention in recent months, with various pundits debating its viability.

Jeff Park, head of alpha strategies at Bitwise Invest, believes that the price of Bitcoin might hit $1 million if the US creates a Bitcoin reserve.

However, he sees only a relatively small 10% of a federal Bitcoin reserve materializing next year.

Earlier this year, Senator Cynthia Lummis of Wyoming introduced a draft bill that would require the U.S. Treasury to acquire 1 billion Bitcoins over the course of five years.

The idea has attracted a lot of attention in recent months, with various pundits debating its viability.

Meanwhile, Polymarket buyers see a 31% chance of a Bitcoin reserve happening in 2025.

As reported by U.Today, the idea of creating a Bitcoin reserve is also gaining traction around the world. However, the Japanese government recently expressed skepticism regarding investing some of its foreign currency reserves in Bitcoin.

Galaxy CEO Mike Novogratz is also not convinced that a Bitcoin reserve is going to happen in the near future. However, if the US government does make such an audacious move toward mainstream cryptocurrency adoption, he expects the price of Bitcoin to surge to as high as $500,000 since other countries would likely follow suit.

Meanwhile, Fundstrat's Tom Lee believes that the price of Bitcoin could hit $250,000. However, the analyst is also convinced that it could surge much higher if the reserve gets implemented.