- Many market experts believe that this Bitcoin theory will create a snowball effect very soon in the future.
- The new presidential candidate, Mentzen has also recently disclosed that he had put all his money into Bitcoins back in 2013.
- Senator Cynthia Lummis has also proposed the significance of having a Bitcoin reserve and claimed that it can cut the US national debt by $16 trillion, and interestingly the chairman of Microstrategy, Michael Saylor has supported this statement.
Slawomir Mentzen, a Polish right-wing libertarian politician, proposed a strategic Bitcoin Reserve in his election pitch. Following Trump’s victory and his proposal for the crypto industry, many political leaders are working similarly.
On November 18, Mentez posted on X mentioning the demand of creating a Bitcoin reserve for Poland. Not only this, but he also demanded crypto-friendly laws asking for support from the national banks for building the reserve.
It is expected that the Election in Poland will happen in May 2025, and therefore a Bitcoin push early on could result in a shift at the time of elections in the near future. At the same time, it is also anticipated that despite being a candidate from a smaller party, Mentzen could witness a victory with this Bitcoin push.
The snowball effect
Many market experts believe that this Bitcoin theory will create a snowball effect very soon in the future. A snowball effect is an event that starts with a smaller significance and leads to several similar events which eventually become larger and at a greater level.
Recently, Senator Cynthia Lummis has also proposed the significance of having a Bitcoin reserve and claimed that it can cut the US national debt by $16 trillion, and interestingly the chairman of Microstrategy, Michael Saylor has supported this statement.
We can conclude from these happenings that the leaders from different countries have now seen the potential of Bitcoin as a crucial reserve. Senator Lummis has also presented the idea of selling gold which can be further used to buy Bitcoin.
The accusations over the leader
The new presidential candidate, Mentzen has also recently disclosed that he had put all his money into Bitcoins back in 2013. He said, “In 2013, I purchased cryptocurrencies with each and every penny I had.” He has also been accused of chasing people and advising them to buy Bitcoin or giving some similar advice.
In his defense, he stated, “I have been holding Bitcoin and cryptocurrencies for a long time. I purchased it a decade ago in 2013. At the start of 2024, I also sold some of them, but still, I hold a great majority. Many people say that I always try to sell cryptocurrencies but it is not like that.
I am clearly not trying to sell crypto, also I have not purchased it for years as I consider it to be a risky investment.”
At the time of writing, Bitcoin is currently priced at $91,901, having a market capitalization of about $1.791 billion. Many experts believe that Bitcoin will hit $100k before 2025. At the same time, Bitcoin has rallied more than 32% in a month.
