advertisement
Bitcoin prices continued to rebound on Friday, with the world’s largest and oldest cryptocurrency inching closer to the coveted $100,000 mark. BTC posted an impressive rally in 2024, largely due to Wall Street’s Bitcoin revolution spurred by BlackRock and Donald Trump’s shock victory on November 6th.
Now, one popular investor is predicting that China’s long-awaited bazooka fiscal stimulus will create Bitcoin’s next bright rally.
By way of background, the Financial Times revealed that the People’s Bank of China plans to cut interest rates to support the stalling economy. According to Bill Miller IV, portfolio manager at Miller Value Partners, this could be a bullish catalyst that pushes Bitcoin to new highs.
In a Jan. 3 post on X, Miller wrote, “It looks like China is trying to push #Bitcoin to the next level.”
Expectations rise for US strategic stockpiles
Miller also mentioned that the US has begun launching a strategic Bitcoin reserve as another potential trigger for a meteoric bull market in 2025.
advertisement
Bitcoin and the broader cryptocurrency market are in the spotlight as investors bet that the incoming Trump administration will usher in a friendlier regulatory environment.
“We’re going to do something great with cryptocurrencies, because we don’t want China or anyone else to accept cryptocurrencies, not just China, but other countries as well. We want to be at the forefront of that,” President-elect Donald Trump said in mid-December. Interview.
As previously covered by ZyCrypto, Trump vowed to establish a national Bitcoin reserve during his campaign. If such a plan were to materialize, the U.S. government would own a stockpile of high-end cryptocurrencies, similar to other assets such as oil or gold.
It is worth noting that governments around the world hold about 2.2% of the total Bitcoin supply as of July, with the United States holding about 213,297 BTC, according to CoinGecko data. China, the United Kingdom, Bhutan, and El Salvador are also countries with significant Bitcoin stashes, according to data tracked by BitcoinTreasuries.
Furthermore, politicians in Japan and Germany have expressed interest in giving Bitcoin reserve status in their countries.
