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⚡National Bitcoin Reserve🏦

Croxroad

01 Aug 2024 — 4 min read

☕️ GM Dear Plebs!

Here is Crox Road, your daily dose of orange pill that will turn you into a Bitcoin Maxi.

The menu for today:

🎱 U.S. Treasury Purchase

Bitcoin's price has surged nearly 20% following former U.S. President Donald Trump's keynote speech at the Bitcoin 2024 conference in Nashville, where he pledged to establish a "strategic national bitcoin reserve" and forecasted that Bitcoin could surpass gold's $16 trillion market capitalization. Trump's commitment to holding 100% of the U.S. government's current and future Bitcoin holdings was a significant highlight of his speech, which has generated considerable excitement among Bitcoin advocates.

In the wake of Trump's announcement, U.S. Senator Cynthia Lummis has introduced a bill that proposes the U.S. Treasury purchase 1 million bitcoins, valued at approximately $70 billion, over the next five years. Lummis envisions this reserve as a pivotal tool to address the nation's debt crisis, comparing it to the strategic reserves of oil and gold. Her proposal underscores a broader trend of integrating Bitcoin into national financial strategies, reflecting growing political support for the cryptocurrency.

Meanwhile, prominent figures in the crypto space are making bold predictions about Bitcoin's future value. MicroStrategy's Michael Saylor has suggested that Bitcoin could reach up to $49 million per coin by 2045, positioning it as a potential solution to economic challenges. This aligns with a broader narrative that Bitcoin could become a dominant financial asset, fueled by increasing institutional and governmental interest. As Bitcoin approaches its peak price of around $70,000 per coin this year, these developments are driving optimism about its long-term prospects.

🧱 From $1,187 to $67,872

On July 28, 2024, Bitcoin saw a notable transaction involving a dormant wallet from 2017, which transferred 121.63 BTC—equivalent to $8.25 million at the current price of $67,872 per coin. This wallet, originally created on April 9, 2017, had not been active for over seven years. The transfer was identified at block height 854,349 by btcparser.com, a blockchain parsing service.

The Bitcoin from this address was initially acquired when the cryptocurrency was valued at $1,187 per unit, marking a staggering 5,617.94% increase in value since then. The funds were split into two transactions of 71.63 BTC and 50 BTC respectively and were moved to multiple Bech32 (Pay-to-Witness-Public-Key-Hash, or P2WPKH) wallets. The exact reason for this transfer remains unclear—whether it represents a sale or simply a reallocation of assets.

July 2024 has seen a resurgence of activity among dormant Bitcoin addresses from 2017, with around 15 such addresses becoming active after seven years of dormancy. These transfers collectively moved 529.04 BTC, suggesting that holders have waited through several market cycles. This uptick in activity might be indicative of a broader trend, as Bitcoin’s price surpasses previous all-time highs, potentially prompting more long-held assets to be reactivated.

🧑‍🔧 A Forex Trade Using Bitcoin

You start by opening a trading account with a broker that supports crypto/fiat pair trading, such as Coinbase, eToro, or Gemini. Next, you transfer 2 BTC from your digital wallet to the broker’s platform. With Bitcoin currently valued at $7,500 per BTC, your deposit amounts to $15,000.

You decide to trade in British pounds, converting your $15,000 into £7,500 at an exchange rate of £0.5 = $1. Over time, the GBP/USD rate changes to 0.45. When you close your position, you receive $16,666.67. This results in an 11.11% profit from your initial 2 BTC deposit, demonstrating how Bitcoin can be leveraged in forex trading to achieve substantial gains.

🤣 Crox Road Memes

“Common sense in Bitcoin is as rare as a block reward halving.”

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