Pakinomist – In a recent tweet, cryptocurrency investor, trader and entrepreneur Willy Woo shared his take on the prospects of creating the US National Reserve and why the new US President did not sign any orders on it on his first day in the White House House.
Woo has warned that building a strategic Bitcoin Reserve for the US is not easy in terms of approval and execution. Therefore, it can take up to two years to start.
6-24 months needed to start buying Bitcoin
Woo explained how he sees the US National Bitcoin Reserve happening: “The Bitcoin Strategic Reserve needs buy-in from Congress and the House.” He pointed out that issuing an executive order on the day of the inauguration would be “the direct way to do this.”
If approved, Willy Woo continued, then, he stated, nothing of that scale would happen immediately. The retailer believes that it would take from six to twenty-four months for the US government to “execute on BTC stacking.” Still, Woo reckons markets would start to react earlier and “start a process of speculative front-running.” The original plan said the US would buy 200,000 BTC every 12 months for the next five years.
Kiyosaki predicts that Bitcoin will hit $250,000 this year
As reported by Pakinomist earlier, financial guru and author of the popular book “Rich Dad Poor Dad” Robert Kiyosaki shared a prediction that the world’s pioneering cryptocurrency, Bitcoin, would this year reach a staggering $250,000 per share. coin.
It was a forecast slightly lower than the one he made twice in December. At the time, Kiyosaki stated that he expected Bitcoin to rise as high as $350,000 by 2025. Still, that was the maximum price level in his prediction. The smallest was $175,000 per Bitcoin.
Bitcoin hits $109,114 record high
On Monday, January 20, Bitcoin’s price jumped by almost 10% – from around $99,700, it surpassed the $100,000 level and continued to rise until it hit a new all-time high of $109,114. The price jump took place before the inauguration of the new US president in the White House.
Currently, Bitcoin has shed some of its recent gains and is trading at $102,650.
