Michael Saylor, the Founder of Strategy (formerly MicroStrategy), has reiterated his call for the United States to acquire a significant portion of the total Bitcoin (BTC) supply. During a crypto summit at the White House, Saylor presented a framework for U.S digital dominance in the 21st century, which included a 10-year plan to acquire BTC.
Saylor’s plan proposes that if the U.S were to acquire 5%-20% of the Bitcoin supply (equivalent to 1.05M-4.2M BTC), it could potentially generate between $16-$81 trillion in the next 20 years. This move could also help address the country’s fiscal debt issues. However, the acquisition plan would come at a cost of $90 billion – $362 billion based on current prices.
It is worth noting that this is not the first time Saylor has advocated for the U.S to control a significant portion of the Bitcoin market. In a previous statement, Saylor warned that other countries like the UAE, Russia, and China could take advantage of the opportunity if the U.S does not act swiftly.
The concept of nation-state FOMO (Fear of Missing Out) on Bitcoin is gaining traction, with Brian Armstrong highlighting the potential for other countries in the G20 to follow America’s lead in establishing a strategic BTC reserve. Currently, the U.S government holds approximately 198k BTC, valued at $17 billion. However, there are speculations that some of these holdings may be returned to Bitfinex, reducing the stash to 88k BTC.
The strategy for the U.S government to adopt ‘budget-neutral strategies’ to acquire more BTC remains unclear, as outlined in an executive order. However, reports suggest that South Korea is also considering establishing a strategic BTC reserve, signaling a potential positive impact on Bitcoin’s value.
Despite the bullish news of the U.S strategic BTC reserve, the short-term market reaction has been a typical “sell the news” event, leading to an 8% drop in Bitcoin’s price from $92.8k to $86.8k. Market predictions indicate a likely dump to $70k rather than a strong rally above $100k by the end of March.
Options traders have priced in only a 12% chance of Bitcoin reclaiming $100k by the end of the month, indicating a cautious outlook in the market. Overall, the concept of nation-state FOMO on Bitcoin and the U.S strategic BTC reserve could have significant implications for the cryptocurrency market in the coming months. The COVID-19 pandemic has had a profound impact on every aspect of our lives, from the way we work and socialize to the way we shop and travel. One of the industries that has been hit hardest by the pandemic is the travel industry. With travel restrictions in place, strict quarantine measures, and fears of contracting the virus, many people have put their travel plans on hold.
The impact of the pandemic on the travel industry has been devastating. Airlines have been forced to cancel thousands of flights, hotels have seen a significant drop in bookings, and travel agencies have been struggling to stay afloat. The tourism industry, which relies heavily on international travelers, has been hit particularly hard.
One of the biggest challenges facing the travel industry is the uncertainty surrounding the pandemic. With cases surging in some parts of the world and vaccines rolling out at different rates, it’s difficult to predict when travel will return to pre-pandemic levels. Many countries have imposed strict travel restrictions to curb the spread of the virus, making it difficult for people to travel for leisure or business.
Despite the challenges, the travel industry is slowly starting to recover. With the rollout of vaccines, some countries are starting to loosen travel restrictions and open their borders to tourists. Airlines are implementing new safety measures to reassure passengers, and hotels are offering flexible booking policies to attract travelers.
As we navigate through the pandemic, it’s important for travelers to stay informed about the latest travel advisories and guidelines. Travelers should also be prepared for any changes or cancellations to their travel plans, as the situation can change rapidly. It’s also important to practice good hygiene and follow safety protocols while traveling to minimize the risk of contracting the virus.
While the travel industry may never fully return to its pre-pandemic levels, there is hope that it will eventually recover. As more people get vaccinated and the virus is brought under control, we can expect to see a gradual return to normalcy in the travel industry. In the meantime, it’s important for travelers to stay vigilant and take precautions to protect themselves and others while traveling.