The decline in US stocks last night did not prevent Bitcoin from making a strong rise this morning, briefly breaking the $97,000 mark. The core driving force behind this round of Bitcoin's rise comes from a key measure in New Hampshire — it has become the first state in the US to pass a strategic Bitcoin reserve law, authorizing the state treasury to purchase Bitcoin. This news is nothing short of a bombshell! If New Hampshire invests $1 billion annually in Bitcoin purchases and other states follow suit, it would only take 5 states to join for a strong buying power of $5 billion each year.
Currently, the bills regarding Bitcoin purchases in Texas, Ohio, and North Carolina are still in the Senate voting stage and will require the governor's signature to take effect. However, reliable estimates suggest that within the next year, 3 to 5 more states are expected to join the Bitcoin purchasing camp. While ordinary retail investors are selling off Bitcoin due to fatigue, fear, and frustration, the wealthy and institutions are quietly accumulating. Just yesterday, the Japanese listed company Metaplanet announced it would spend another $53.4 million to acquire 555 Bitcoins. With Bitcoin having gone through several fluctuations near the $95,000 resistance level, breaking the $100,000 mark may just be a matter of time.
In the long run, the outlook for Bitcoin remains bullish, but in the short term, the market is still filled with uncertainty. Political factors and trade negotiations are also influencing Bitcoin's price trends. For example, relevant individuals have expressed fatigue during trade negotiations, claiming they will directly set terms requiring countries to comply. If the tariffs imposed are too high, it will not only negatively impact the stock market but Bitcoin's price may also drop by several percentage points. Furthermore, the recent sharp decline in US stocks originated from the tariffs impacting the economies of the US and Canada, with US trade exports in March suffering setbacks and Canada experiencing its largest decline in exports to the US in five years.
In the Bitcoin market, the entry of state-level finances injects a strong boost for its long-term development; however, short-term fluctuations are still influenced by various complex factors. Investors need to closely monitor policy dynamics in various states, the macroeconomic situation, and changes in market sentiment. While grasping long-term trends, they must respond cautiously to short-term fluctuations to find their own direction in this wave of cryptocurrency investment.
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