During the Bitcoin 2024 conference, Senator Cynthia Lummis sparked discussion with a proposal suggesting that U.S. Federal Reserve banks transfer their reserves from treasuries into Bitcoin over the next five years, amounting to 1,000,000 BTC—equivalent to 5% of Bitcoin’s circulating supply.
Samson Mow, CEO of JAN3 and a prominent advocate for Bitcoin, responded to Paul Vigna’s questioning of the proposal. Vigna had characterized treasuries as “the safest asset in the world” and Bitcoin as “the most volatile,” questioning the rationale behind such a move for the Federal Reserve. In response, Mow viewed this as the start of a larger conversation about Bitcoin as a potential reserve asset. He anticipated a paradigm shift in perceptions of what constitutes a “safe asset” versus volatility in the coming months, hinting at forthcoming bullish news for Bitcoin.
Mow has consistently expressed optimism about Bitcoin’s future, recently predicting a price surge to $1 million per coin within the next year and speculating on the potential demise of the U.S. dollar by 2045. His reiterated bullish sentiment coincided with Bitcoin’s recent gains, nearing the $70,000 mark with a notable hourly increase and an overall rise of 8.57% since last Thursday, currently trading around $69,500.
In summary, Mow’s remarks underscore a robust confidence in Bitcoin’s potential as a significant financial asset, challenging conventional perceptions and predicting substantial future growth.
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