Popular crypto analyst Andrew Kang has recently brought quite a lot of attention to the cryptocurrency community with his thoughts on Bitcoin (BTC). In a recent X post, Kang revealed that numerous speculations are going on as to why some politicians are advocating for Bitcoin as a national asset that could be kept in the treasury reserves.
Kang pointed out that it does not matter whether these endeavors are successful on the first try or not. The fact that these discussions are even taking place underlines the fact that BTC has a huge asymmetric positive outcome potential. As stated by the Kang, successful implementation might result in the following mid-term targets: price of BTC to amount to $500k – $1 million.
At the same time, even with a rather low probability of success, at 5-10%, the current market capitalization of Bitcoin is greatly underestimated. This is particularly the case given that the rate had only just started to rise from below 1% recently.
US Adopting Bitcoin May Spark Global Trend
The probability of the United States using Bitcoin as a treasury reserve currency has significant consequences. Kang argued that such a decision would most probably initiate a domino effect to a point where other countries emulate the same. This would confirm BTC as a store of value and fast-track the cryptocurrency’s adaption across the globe and in the financial markets.
To the positive outlook, there are speculations of a major Asian conglomerate joining to perform roles that are similar to those of Coinbase and MicroStrategy. This would help strengthen BTC’s image and encourage more institutions to enter the crypto market.
Kang noted that he was quite shocked by the speed of these bullish changes. He pointed out that the process of the following month will be highly active for Bitcoin and its advocates. The political support, possible nationwide utilization, and huge business interest pave the way for the next phase of evolution of BTC.
The growing interest in Bitcoin as a national asset in combination with more established corporations entering the market has certainly brought new life into the industry. As of now, it is still a big question mark; however, the plot provides evidence of Bitcoin’s increasing power and the effects of its possible usage at both the national and international levels. This period may turn out to be a turning point in the development of Bitcoin and its place in the world of finance.