Highlights:
- Slawomir Mentzen promises to establish a Bitcoin reserve if elected, inspired by Trump’s support.
- Mentzen’s Bitcoin initiative could gain substantial support despite his smaller political party.
- Global Bitcoin adoption grows as El Salvador leads and U.S. lawmakers push for reserves.
In a post on the X platform on November 17, Slawomir Mentzen, the Polish presidential candidate from the KORWiN party, promised to establish a Bitcoin reserve if elected. The decision is inspired by U.S. President-elect Donald Trump, who recently voiced his support for Bitcoin during his political rallies. Mentzen, who owns 33.7 Bitcoin worth over $3 million, also suggested implementing crypto-friendly regulations and gaining support from national banks to build the reserve.
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He wrote:
“If I become the President of Poland, our country will become a cryptocurrency haven, with very friendly regulations, low taxes, and a supportive approach from banks and regulators. BTC to the Moon!”
The Polish election is expected to take place around May 2025, and an early push for Bitcoin could influence the election dynamics in the coming months. While Slawomir Mentzen represents a smaller party, his Bitcoin initiative could help him gain substantial support. A Bitcoin reserve could boost Poland’s economy by diversifying its financial assets. With a fixed supply of 21 million coins, Bitcoin serves as a stable store of value over time, unlike traditional currency, which is vulnerable to inflation.
Poland should create a Strategic Bitcoin Reserve.
If I become the President of Poland, our country will become a cryptocurrency haven, with very friendly regulations, low taxes, and a supportive approach from banks and regulators.
BTC to the Moon! pic.twitter.com/izKc4spkkV
— Sławomir Mentzen (@SlawomirMentzen) November 17, 2024
Mentzen noted, however, experts believe Poland’s options in the cryptocurrency market may be limited as an EU member. Additionally, the European market recently adopted the MiCA and DAC8 regulations, which govern the adoption of digital assets and Web3 protocols.
Mentzen’s Bitcoin Plans Mirror Trump’s Strategy as U.S. Considers Bitcoin Reserve
Mentzen’s plans mirror U.S. President-elect Trump’s recent endorsement of Bitcoin. Trump made several crypto-related promises during his campaign, including creating a “Strategic Bitcoin Stockpile.”
Senator Cynthia Lummis introduced a bill to establish a Bitcoin strategic reserve, which, if passed, would create a Bitcoin fund to help hedge against the national debt. The bill aims to acquire one million Bitcoins over five years and hold them for a minimum of 20 years.
It’s official! S.4912, the BITCOIN Act of 2024, has been introduced and referred to the Banking committee.
You can follow along on https://t.co/dWMJw4p97s pic.twitter.com/w4bE5IZxqW
— Cynthia Lummis 🦬 (@CynthiaMLummis) August 3, 2024
Global Bitcoin Adoption Grows as El Salvador Leads
Globally, more countries are recognizing Bitcoin’s value. In 2021, El Salvador became the first nation to adopt Bitcoin as legal tender. Under President Nayib Bukele’s leadership, the country has been consistently accumulating Bitcoin, with its current reserve at 5,748.8 BTC. Switzerland is also exploring its integration into the financial system.
Moreover, lawmakers in Pennsylvania introduced a bill last week that could allow the state treasury to invest up to 10 percent of the General Fund, Rainy Day Fund, and State Investment Fund into Bitcoin. The growing adoption of Bitcoin by nation-states, along with institutional investors like MicroStrategy and BlackRock’s IBIT, has greatly strengthened BTC’s bullish sentiment.
Bitcoin Price Surges, Analyst Predict $100K by Year-End
As of now, Bitcoin is trading at $90,547, with a market cap of $1.791 billion. Market analysts predict BTC could reach $100K by year-end, but bulls are taking a wait-and-see approach. BTC has surged over 32% in the past month. Popular crypto analyst Rekt Capital believes the Bitcoin top hasn’t come yet, forecasting 3-4 more weeks of rally before a peak, based on historical trends.
In the 2013, it took 6 weeks of upside into Price Discovery before #BTC experienced any sort of deeper pullback
In the 2017 cycle, BTC rallied 8 weeks into Price Discovery before a deeper pullback
In the 2020/2021 cycle, $BTC rallied 4 weeks into Price Discovery before a deeper…
— Rekt Capital (@rektcapital) November 17, 2024
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