CoinShares: The enactment of the US Bitcoin Act will have far-reaching impact

According to a report by Cointelegraph, cryptocurrency research institution CoinShares stated in a blog post on January 10th that establishing a reserve bank in the United States would accelerate the adoption of Bitcoin, with the speed even faster than the launch of exchange-traded funds (ETFs) in 2024.

In 2024, US legislators proposed the "Bitcoin Act", which would instruct the US Treasury to purchase 1 million BTC within 5 years to establish a "strategic Bitcoin reserve". President-elect Donald Trump approved the plan, but it has not yet become law.

CoinShares stated: "We believe that the enactment of the US 'Bitcoin Act' will have a more profound long-term impact on Bitcoin than the launch of ETFs."

CoinShares said that "multiple interactions with institutional clients" indicate that the "reputation" of Bitcoin as an asset class is still the main obstacle for institutions to adopt BTC.