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As Bitcoin (BTC) 
$104,570 dips below $90,000, a notable development reminds us of the cryptocurrency‘s trajectory. Several U.S. states have started accepting Bitcoin for tax payments. However, the recent progression suggests a potentially more significant step where the Federal Reserve might begin holding BTC.
Plans for Federal Bitcoin Acquisitions
Fox Business reporter Eleanor Terrett recently shared encouraging news. The proposal from Republicans to have the Fed purchase one million BTC and hold it in reserves seemed trivial months ago when Trump’s chances of winning appeared slim. However, the scenario now holds more weight, especially with Trump’s suggested SEC chair removals and promises for crypto-friendly regulations.
Eleanor noted in her recent update that, “Today, the Pennsylvania House of Representatives passed a law that will allow the state to hold Bitcoin as a reserve asset, contributing to a broader movement to recognize BTC as a store of value.”
Impact of State-Level Adoption
The move for states to hold BTC is a remarkable step for both demand and the cryptocurrency’s reputation. Trump’s potential influence on diversifying the Fed’s reserves by incorporating Bitcoin could lead to an unprecedented era for cryptocurrencies. However, it’s crucial to remain aware that there is often a large gulf between expectations and reality.
