Prominent attorney Jeremy Hogan has identified two key factors that could promote the continued rise in Bitcoin's value. These factors are linked to government support and institutional interest.
Government Support for Cryptocurrencies
Following recent U.S. elections, the cryptocurrency sector has seen increased investor interest. According to Jeremy Hogan, newly elected crypto-friendly lawmakers may support Bitcoin through favorable legislation. A significant piece of proposed legislation is the Bitcoin Purchase Program, allowing the U.S. government to purchase up to 200,000 BTC annually, potentially increasing global demand and market stability.
Institutional Interest and Corporate Activity
Hogan also highlights institutional interest's role. MicroStrategy has increased its Bitcoin holdings after elections, hinting at possible insider knowledge regarding government plans. Such profitable investment could pressure other corporations, like Microsoft, to consider similar investments.
Jeremy Hogan's Conclusions
According to Jeremy Hogan, government and institutional support are key factors in fostering Bitcoin's growth. New legislation and corporate interest may aid in a sustained price increase in the foreseeable future.
In conclusion, the outlook for Bitcoin remains positive owing to renewed government interest and institutional investments. This could drive sustained growth in its price over the forthcoming months and years.
