Strategic Bitcoin Reserve Could Take Up to 2 Years to Build: Willy Woo

U.Today - In a recent tweet, cryptocurrency investor, trader and entrepreneur Willy Woo shared his take on the prospects of creating the U.S. national Bitcoin Reserve and why the new U.S. president did not sign any orders about it on his first day in the White House.

Woo has warned that building a strategic Bitcoin Reserve for the U.S. is not easy in terms of approval and execution. Therefore, it may take up to two years to start.

6-24 months needed to start buying BitcoinWoo explained the way he sees the U.S. 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 inauguration would be “the blunt way to execute this.”

If it is approved, Willy Woo continued, then, he stated, nothing of that scale would happen immediately. The trader believes that it would take from six to twenty-four months for the U.S. government to only “execute on BTC stacking.” Still, Woo reckons that the markets would begin to react earlier and “start a process of speculative front running.” The original plan said that U.S. would buy 200,000 BTC every 12 months within the next five years.

Kiyosaki predicts Bitcoin to hit $250,000 this yearAs reported by U.Today earlier, financial guru and author of the popular book “Rich Dad Poor Dad” Robert Kiyosaki shared a prediction that, this year, the world’s pioneer cryptocurrency, Bitcoin, would reach a staggering $250,000 per coin.

That was a forecast slightly lower than the one he made twice in December. Back then, Kiyosaki stated that he expected Bitcoin to spike as high as $350,000 in 2025. Still, that was the maximum price level in his prediction. The minimum one was $175,000 per Bitcoin.

Bitcoin hits $109,114 record peakOn Monday, Jan. 20, Bitcoin's price jumped by almost 10% — from roughly $99,700, it surpassed the $100,000 level and kept rapidly surging until it hit a new all-time high at $109,114. The price jump took place before the new U.S. president’s inauguration into the White House.

Currently, Bitcoin has shed some of its recent gains and is trading at $102,650.

Source: Investing.com