1901: State of Florida Introduces Bill to Buy Up to $1.5 Billion In Bitcoin

Summary

Podcast Summary: Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News Episode: 1901: State of Florida Introduces Bill to Buy Up to $1.5 Billion In Bitcoin
Host: Justin Verrengia
Release Date: February 10, 2025

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Overview

In episode 1901 of "Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News," host Justin Verrengia delves into significant developments within the cryptocurrency landscape. The episode covers major institutional investments in Bitcoin, strategic moves by influential figures and companies, and pivotal legislative actions aimed at integrating Bitcoin into state reserves. Additionally, the podcast provides technical analysis and price predictions, offering listeners a comprehensive view of the current crypto market dynamics.

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Major Headlines Discussed

1. Tesla's Bitcoin Investment

   • Timestamp [00:58]
   • Highlight: Tesla has announced owning over a billion dollars worth of Bitcoin.
   • Quote: "Tesla announced owning over a billion dollars worth of bitcoin. The primary shareholders of Tesla are Elon. We also have Vanguard and BlackRock." – Justin Verrengia
   • Insight: This move underscores Tesla's commitment to Bitcoin as a strategic asset, aligning with other major institutional investors.

2. Meta Planet's Bitcoin Acquisition Plan

   • Timestamp [01:21]
   • Highlight: Meta Planet plans to raise $4 billion in yen to purchase more Bitcoin.
   • Quote: "Meta planet to raise $4 billion in yen to buy more bitcoin." – Justin Verrengia
   • Insight: This initiative mirrors MicroStrategy's aggressive Bitcoin accumulation strategy, signaling broader corporate adoption.

3. Strategic Moves by Michael Saylor and MicroStrategy

   • Timestamp [09:02] - [13:07]
   • Highlight: Michael Saylor, CEO of MicroStrategy (recently rebranded to Strategy), has purchased an additional 7,633 Bitcoin for $742 million, increasing the company's holdings to 478,740 Bitcoin.
   • Quote: "Strategy has already acquired 32,340 Bitcoin thus far this year." – Co-host
   • Insight: Strategy's continued investment at an average price of $65,000 per Bitcoin demonstrates confidence in Bitcoin's long-term value and strategic importance.

4. El Salvador's Bitcoin Purchases Amid IMF Pressure

   • Timestamp [13:30] - [16:03]
   • Highlight: El Salvador continues to acquire Bitcoin, reaching a total reserve of over 6,000 BTC despite pressure from the International Monetary Fund (IMF).
   • Quote: "Bukele's administration acquired 18 BTC with its total reserve reaching 6 Bitcoin." – Justin Verrengia
   • Insight: President Bukele remains steadfast in his Bitcoin adoption strategy, positioning El Salvador as a leading nation in cryptocurrency integration.

5. U.S. States Embrace Bitcoin as a Reserve Asset

   • Timestamp [18:07] - [27:55]
   • Highlight: Multiple U.S. states, including Florida and North Carolina, are introducing legislation to allocate up to 10% of state funds into Bitcoin.
   • Quote: "Florida bill proposes investing up to 10% of the state funds into Bitcoin which could mean a purchase of one and a billion and more." – Co-host
   • Insight: This legislative trend indicates a growing acceptance of Bitcoin as a legitimate reserve asset, potentially influencing federal policies in the future.

6. Bitcoin Price Predictions: The Valhalla Cycle

   • Timestamp [19:15] - [23:55]
   • Highlight: Prominent analysts predict Bitcoin could reach $700,000 as part of the "Valhalla cycle," driven by significant liquidity injections and institutional investments.
   • Quote: "Bitcoin is due to hit a giant 700,000 the cycle thanks to a massive liquidity injection." – Co-host
   • Insight: These optimistic forecasts are based on anticipated government monetary policies and increased demand from institutional players.

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Detailed Discussions

1. Florida's Strategic Bitcoin Reserve Bill

• Timestamp [23:57] - [27:04]
• Summary: Florida State Senator Joe Gruters filed bill SB550, allowing the state's Chief Financial Officer (CFO) to invest up to 10% of public funds into Bitcoin and other digital assets. The bill aims to use Bitcoin as a hedge against inflation, safeguarding the purchasing power of state reserves.
• Quote: "SB550 seeks to incorporate the crypto into Florida's financial strategy... May include bitcoin and other digital assets as stores of value and provide a hedge against inflation." – Justin Verrengia
• Implications: If enacted, Florida could invest up to $1.5 billion in Bitcoin, setting a precedent for other states and potentially paving the way for a federal Bitcoin reserve.

2. Michael Saylor's Strategy B and MicroStrategy's Rebranding

• Timestamp [09:02] - [13:07]
• Summary: Michael Saylor continues to lead MicroStrategy (now Strategy) in its aggressive Bitcoin acquisition strategy. The recent purchase of 7,633 BTC for $742 million brings the total holdings to 478,740 BTC, acquired at an average price of $65,000 per Bitcoin. Strategy aims to issue and sell shares to raise up to $21 billion for further Bitcoin accumulation.
• Quote: "Strategy's new name aligns well with the company's Bitcoin corporate Treasury strategy. There is nothing micro about what Micro Strategy is doing." – Co-host
• Insight: The rebranding to Strategy reflects the company's deepened focus on Bitcoin, positioning it as a leading Bitcoin treasury company with ambitions to become a Bitcoin bank.

3. El Salvador's Commitment to Bitcoin Adoption

• Timestamp [13:30] - [16:03]
• Summary: El Salvador under President Nayib Bukele continues to purchase Bitcoin, increasing its reserves despite IMF's demands to scale back. The country has acquired over 6,000 BTC, emphasizing Bitcoin's foundational role in its economic strategy.
• Quote: "Bukele is just going to continue to play 5D chess, purchase the bitcoin because the overall goal is to make his country and his people as wealthy and free as possible." – Co-host
• Implications: El Salvador's unwavering commitment serves as a case study for other nations considering Bitcoin integration, highlighting both the potential benefits and geopolitical challenges.

4. Bitcoin as a National Reserve Asset in the U.S.

• Timestamp [18:07] - [27:04]
• Summary: With Kentucky becoming the 16th U.S. state to propose a Bitcoin reserve bill, the movement towards adopting Bitcoin at the state level is accelerating. Other states like Arizona, Alabama, and Texas have also introduced similar legislation. The bills typically allow a portion of state funds to be invested in Bitcoin, either directly or through secure custody solutions like Coinbase.
• Quote: "Florida could better safeguard its financial reserves from the economic volatility... Bitcoin's volatility should be embraced. Volatility equals life force." – Justin Verrengia
• Insight: The collective action of multiple states may influence federal policies, potentially leading to the establishment of a national Bitcoin reserve and further legitimizing Bitcoin as a sovereign asset.

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Technical Analysis and Market Insights

• Market Performance:

  • Timestamp [03:19] - [04:04]
  • Summary: Bitcoin is trading at nearly $975, up by 1.2%, while Ethereum is up almost 2%, trading under $2,700. The overall crypto market cap stands at $3.19 trillion, with Bitcoin dominance at 60.6% and Ethereum at 10.1%.
  • Quote: "Bitcoin's back in the green up 1.2% on the day, trading just shy of 975." – Justin Verrengia
  • Insight: Despite modest gains in major cryptocurrencies, the broader altcoin market remains volatile but shows signs of recovery after recent downturns.

• Price Predictions:

  • Timestamp [19:15] - [23:55]
  • Summary: Analysts predict Bitcoin could surge to $700,000 in the "Valhalla cycle," supported by substantial liquidity injections from new U.S. administration policies. Bill Barheid of Abra forecasts Bitcoin reaching $350,000 as a base case, with potential for higher targets aligned with Plan B's predictions.
  • Quote: "Bitcoin is due to hit a giant 700,000 the cycle thanks to a massive liquidity injection." – Co-host
  • Insight: While optimistic projections abound, contrasting opinions like those of Bitmex founder Arthur Hayes suggest potential price corrections, emphasizing the inherently volatile nature of cryptocurrency markets.

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Conclusion and Host's Takeaways

Host Justin Verrengia encapsulates the episode by highlighting the significant strides being made towards institutional and governmental adoption of Bitcoin. From Tesla's substantial investments to state-level legislative actions, the momentum behind Bitcoin as a strategic asset is undeniable. The potential establishment of Bitcoin reserves at both state and national levels could revolutionize how governments perceive and utilize cryptocurrencies. Coupled with bullish price predictions, the future of Bitcoin appears poised for transformative growth, albeit amidst regulatory and market challenges.

Final Quote: "Crypto fam, what are your thoughts on Florida and the rest of the states? Adoption is coming, and the million-dollar question becomes when will Trump be introduced to the strategic Bitcoin reserve bill and have the ability to sign it into action?" – Justin Verrengia

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Notable Quotes with Timestamps

• [00:58] "Tesla announced owning over a billion dollars worth of bitcoin." – Justin Verrengia
• [09:02] "Strategy has already acquired 32,340 Bitcoin thus far this year." – Co-host
• [13:30] "Bukele's administration acquired 18 BTC with its total reserve reaching 6 Bitcoin." – Justin Verrengia
• [18:07] "Bitcoin is on track to becoming a mainstream reserve asset thanks to growing institutional and national level adoption." – Justin Verrengia
• [19:15] "Bitcoin is due to hit a giant 700,000 the cycle thanks to a massive liquidity injection." – Co-host
• [23:30] "Arthur Hayes just blaze as the global community quickly realizes that politics in America didn't change that dramatically." – Co-host

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This comprehensive summary encapsulates the key discussions, insights, and forward-looking statements from episode 1901, providing listeners with an in-depth understanding of the current and future state of Bitcoin and cryptocurrency adoption.

Transcript

[Angel Reese]

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[JV]

Welcome crypto fam to number one daily bitcoin pod. In today's show, I'll be sharing the latest technical analysis as well as big breaking news. Tesla announced owning over a billion dollars worth of bitcoin. The primary shareholders of Tesla are Elon. We also have Vanguard and blackrock.

[Sponsor Voice]

As the whales continue accumulating at unprecedented.

[JV]

Numbers, stacking the biddy. Also breaking news, Meta planet to raise $4 billion in yen to buy more bitcoin.

[Co-host 1]

That's the Japanese version of Micro Strategy.

[Sponsor Voice]

Also Prince Philip of Serbia says nation.

[JV]

States are secretly adopting strategic bitcoin reserves.

[Co-host 1]

Also Michael Sailor just purchased a fresh 7,633 of the bitty for 742 million.

[JV]

Days after the firm just rebranded from Micro Strategy last week.

[Co-host 1]

Strategy B has already acquired 32, 340 Bitcoin thus far this year and we're barely even in February.

[JV]

Also be discussing El Salvador continues buying Bitcoin despite the IMF pressure. That's right. As well as Bitcoin's role as a reserve asset gains traction in US as states adopt. I think we're now up to 29 United States states who are adopting bitcoin. And speaking of that, also Bitcoin ogc 700,000 price calling it the Valhalla cycle and we're in it. Also breaking news, Florida Bill proposes investing.

[Co-host 1]

Up to 10% of the state funds into Bitcoin which could mean a purchase.

[JV]

Of one and a billion and more.

[Co-host 1]

Breaking news just in. Before I went live, North Carolina House Speaker Destin hall introduces legislation to create.

[JV]

A strategic bitcoin reserve. All this plus so much more in today's show. Yo, what's good Crypto fam. This is first and foremost a video show. So if you want the full premium experience with video, visit my YouTube channel at crypto news alerts. Again, that's crypto news alerts.net and also.

[Co-host 1]

Today is spot episode 1901, believe it or not.

[JV]

And yeah, let's kick it off with our market watch. I'm your host, JV. As you know, today is February 10th.

[Co-host 1]

Tomorrow is my birthday.

[JV]

I will be streaming tomorrow by the way, but it's going to be an early stream because I got to pick up my daughter from school and it's.

[Sponsor Voice]

Also her birthday tomorrow, so it's a.

[JV]

Double celebration which I'm looking forward to. So we will be doing an early stream and then I'll be spending the birthday with my little one. But nonetheless, just make note of that. Hence the importance of having notifications turned on. But anyways, checking out the market you can see bitcoin's back in the green up 1.2% on the day, trading just shy of 975. We have ether up almost 2% trading under 2700. Modest gains but overall most the alts pumping and in the green.

[Co-host 1]

And checking out coinmarketcap.com uh, the current crypto market cap sitting at 3.19 trillion.

[JV]

And the Bitcoin market gap 1.931 uh, trillion.

[Sponsor Voice]

That is 116 billion worth of volume.

[JV]

For the past 24 hours.

[Co-host 1]

And the Bitcoin dominance is still above 60%.

[JV]

Today it's 60.6%. Ether dominance is all the way down to 10.1%. And checking out top 100 crypto gainers.

[Sponsor Voice]

Past 24 hours we got Litecoin up.

[JV]

12 and a half percent, Radium up.

[Sponsor Voice]

Almost 10% and Maker up 9%. Which alts if any are you bullish on for this bull holla, let me know.

[Co-host 1]

And checking out the crypto bubbles we get a visual perspective on the daily.

[Sponsor Voice]

Could to finally see everything virtually back in the green. Safe to say 95% of the market because the past week or two virtually everything has been wreck city. So it looks like we're recovering a little here and zooming out on the monthly. Unfortunately still the majority of the alter as you can see, safe to say 90% massive losses.

[Co-host 1]

And checking out the crypto greed and fair index today we're still in fear. 43 yesterday 46 last week of 44.

[Sponsor Voice]

And last month of 69 in greed and let me pull up the time chain calendar. I forgot to prep that one for you. See how many sats we can stack for a dollar today.

[Co-host 1]

127 sats per dollar.

[Sponsor Voice]

We're currently on block number 883211 and we have 166,789 blocks until the next having of 2028.

[JV]

Here's the latest technical analysis Bros. Bitcoin sought higher levels around the February 10th.

[Sponsor Voice]

Wall street open as traders demanded 100G's.

[JV]

100K and of course we just had.

[Sponsor Voice]

The 100K Fiesta here in Puerto Rico on the 8th. So yeah, up 1.3% on the day, the weekly low is 94750. Quoting analyst CJ here. Finally got to fill in that 95 level.

[JV]

Must be referring to the CME futures gap.

[Sponsor Voice]

I now Want to see 963Defended if we pull back during New York and why 100,000 is main pivotal level. Can't get too excited while we are.

[JV]

Below and we also have school analytics.

[Sponsor Voice]

Who shared still stuck within the same current range, although notably the market has now swept liquidity both ways as liquidity and bid liquidity.

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[JV]

Keep an eye on the.

[Sponsor Voice]

Price control during the early week trading and the weekly daily open. Meanwhile, Rec Capital Shared Bitcoin is holding this potential pattern. The series of higher lows remains intact. Downside wicks below the higher low are permitted, but price needs to continue holding above 965 on the weekly to reclaim 979 for the intra pattern continuations. And they say Bitcoin's at the mercy.

[Co-host 1]

Of the sentiment fluctuations.

[Sponsor Voice]

According to QCP Capital quoting them here, commodities were largely unchanged while the Asian equities dip. Bitcoin briefly dropped to 95 before rebounding. Bitcoin volatility now skews in favor to put until April for the puts, reflecting a lack of upside catalysts. And before I pull up the live charts, here are some of the big news stories that just came in. Right before I went live, Tesla announced owning over a billion in bitcoin. That means they've been buying quietly and so you already know. And as pointed out here, whales are buying bitcoin like never seen before. Tighten your seat belts.

[JV]

Other big news meta planet to raise 4 billion yen to buy more bitcoin. And also Prince Philip of Serbia says nation states are secretly adopting strategic bitcoin reserves. And also. Oh, we'll get to the Michael Saylor story actually in just a little bit. Don't mind the net p barks when people come over. So. But anyways, let me pull up some.

[Co-host 1]

Of the live charts for you guys.

[JV]

You should be able to see here in a second. Let's see B there. Let me know if you guys can see the the live charts on the screen. You should be able to.

[Co-host 1]

This is the one hour.

[JV]

We'll do a little quick analysis live for you. We do have a red target on the screen sitting at 10, 4, 2. And if we zoom out from the one hour, we'll take a look at the four hour. And the four hour chart has a couple of targets as well. We do have a target at 130 and we also have a target at 104. Very bullish on the 4 hour chart which we love to see. 130 in play.

[Co-host 1]

Send it.

[JV]

And zooming out for the daily, the daily chart shows a rising wedge formation. Zooming out from the daily, we'll take a look at the weekly chart. Still have that cup and handle target which has been there forever. Sitting at 124,000. And zooming out from the weekly, we'll take a look at the monthly and the monthly chart. Obviously February has been bearish thus far.

[Co-host 1]

But we're still young.

[JV]

I mean, we got another 18 days left to go. Obviously November. You see the mega Godzilla candle. That was the biggest one we've had.

[Co-host 1]

Since the inception of the Genesis block.

[JV]

But there you have it. Crypto fam. So here's the latest Michael Sailor's Strategy B, which is the new rebranding from Micro Strategy. Purchase a fresh 7,633 Bitcoin for 742 million days after the firm rebranded strategy has already acquired 32,340 Bitcoin thus far.

[Sponsor Voice]

This year in 2025.

[JV]

Here's the official announcement from Sailor. Micro Strategy has acquired 7,633 Bitcoin for 742 million at 97,255 per coin and has achieved a Bitcoin yield of 4.1% year to date. This year, as of February 9, Strategy holds 478,740 Bitcoin acquired for 31.1 billion.

[Sponsor Voice]

At an average price of 65,000. And he's already said he's going to be buying the top fore Laura. So you already know.

[JV]

But yeah, let's get a little deeper into this strategy.

[Sponsor Voice]

Yep, I just shared that the fresh Bitcoin purchase came day after the company.

[JV]

Of the official rebranding.

[Sponsor Voice]

Since making its first bitcoin purchase all the way back In August of 2020, they were the first publicly traded company to do so. Strategy has now accumulated a total of 478,000Btc, which it has acquired at an average price of 65,000per biddy. And according to the filing Strategies Yield, which is a key performance indicator representing the percentage change of the ratio between his Bitco assumed diluted shares amounted to 4% in the time period from January 1 to February 9. And on February 5, Strategy reported that its Bitcoin yield for 2024amounted to 74%, which is significantly higher than expected this year. And after recording a 670 million net loss for the fourth quarter of 2024, the company lowered its Bitcoin yield target to just 15% for this year. Additionally, Strategies Bitcoin's gain came from the period of January 1 to February 9 was around 1.8 billion, nearly 18% from the 10 billion of the newly targeted gains in 2025. And here you can see in the chart Strategy Bitcoin KPI Targets reflects the.

[JV]

Incremental value generated through the strategy treasury operations annual Bitcoin yield targeted revised to minimum of 15% for the new year and the annual Bitcoin gain target is 10 billion. For 2025, they're looking to gain another 10 billion in fiat value. And in 2024 Strategy said it achieved a gain of 140,538, which is around 13.1 billion.

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[JV]

Latest purchase Strategy has significantly increased as Bitcoin stash acquires thus far this year. As of February 9, strategies year to date purchase amounted to 32,340biddy, which is 7% of the total Bitcoin holdings of its about 7% of its total bitcoin holdings. Similarly to Strategies previous bitcoin purchases, the latest buy was made using proceeds from the issuance. The sales of shares on the convertible notes sales agreements. And we all know his 2121 plan strategy targeting to issue and sell shares of Class A common stock to raise up to 21 billion dollars in equity and 21 billion in fixed income securities over the next three years in order to accumulate more the Bitty Founded by Sailor in 1989, strategy positions itself as the world's first and largest bitcoin treasury company and I believe his goal is to turn it into a bitcoin bank. I've heard him announce that in one of his interviews. Its rebranding came amid the US lawmaker pushing the adoption of the Bitcoin strategic Reserve. According to Jan3 CEO Samson Ma, Micro Strategy's new name aligns well with the.

[Co-host 1]

Company'S Bitcoin corporate Treasury strategy. There is nothing micro about what Micro Strategy is doing.

[JV]

So the rebrand to Strategy is very fitting and I couldn't agree more.

[Sponsor Voice]

I think it's a good rebrand.

[JV]

What are your thoughts family regarding Michael Sailor continuing to buy all the Bitcoin available and how many bitcoin do you think he'll acquire before the end of.

[Sponsor Voice]

This year considering the pace he is at? Let me know.

[JV]

Now let's dive into the next story of the day. Headline reads El Salvador continues buying the biddy despite the IMS IMF Pressure f the IMF the government of the El.

[Co-host 1]

Salvador has continued to buy the Bitcoin.

[JV]

Despite the deal reached by the IMF back in December. According to the national Bitcoin office, In the last seven days Bukele's administration acquired 18 BTC with its total reserve reaching 6 Bitcoin which is nearly 584 000. It's total reserve stacked again. The organization posted on X reinforcing the commitment to keep adding Bitcoin to the country stockpile. Now my understanding is it's 6000 so let me correct that. Obviously they don't just have 6 Bitcoin, they make purchases of 11 or 12 Bitcoin at a time recently. So I I think they mean 6,073 BTC. I don't know why people started using decimals as commas. I don't get that. But it's over 6,000. Nonetheless many are wor of these purchases as the Salvadoran Congress recently removed the Bitcoin legal tender status to comply with.

[Co-host 1]

The requirements for receiving the 1.4 billion.

[JV]

Credit line from the IMF which demand is scaling back as bitcoin role in El Salvador's economy. And that's where the fud comes in and the IMF loves generating fud. My understanding is Bukele took this loan so he can purchase more bitcoin and further his bitcoin adoption versus scaling it back. So the scaling back is FUD being reported from the imf. They're not scaling back whatsoever from my understanding. So just FYI and I believe Bukele is just going to continue to play.

[Co-host 1]

5D chess, purchase the bitcoin because that's.

[Sponsor Voice]

The overall goal is to make his.

[JV]

Country and his people as wealthy and free as possible. And I believe he's doing a fantastic job. I personally got to spend some time in bitcoin country and it was a blast. It was a great time. I got to experience firsthand what it's like actually paying for your food using the bitcoin lightning network, zap and sats.

[Co-host 1]

And all that fun stuff.

[JV]

And yeah, I think adoption will continue. Obviously not everyone there has to accept bitcoin. Some vendors do, some vendors don't. So you have the option, you can choose a vendor. For example, if you go out for.

[Sponsor Voice]

Papusas and there's 100 Papusa restaurants, which there are, there's plenty of them, some.

[Co-host 1]

Of the vendors will say we accept Bitcoin.

[Sponsor Voice]

You may see a sign bitcoin accepted.

[Co-host 1]

Other vendors, no, we don't accept it. But no one was ever forced to. And no one was ever forced to only use bitcoin. As far as currency are concerned, you.

[Sponsor Voice]

Have the US dollar and you have Bitcoin, both are currencies in El Salvador. And then you have things such as tether, stablecoin, usdt, which is considered a registered security. Then all the shitcoins are considered unregistered securities and it's actually illegal to promote them in El Salvador.

[JV]

Hence they're focused on Bitcoin. Unlike the United States and other countries around the world which fully embracing all types of crypto, meme coins, etc. I mean here in the United States.

[Sponsor Voice]

Our own pot launched his own meme coin.

[Co-host 1]

Who would have thunketh?

[JV]

And how many NFT collections is Trump up to? His own wife has her own, you know, meme coin. So the shitcoinery is full on here in the United States. El Salvador is completely different. Their only focus is bitcoin.

[Sponsor Voice]

Right?

[JV]

Because they understand bitcoin financially will benefit.

[Sponsor Voice]

Everyone and no one's going to get.

[JV]

Scammed or rug pulled and things of that nature. It's the most secure network. And I know I'm preaching to the choir, but El Salvador is a very special place. I have a Lot of love and respect for Bukele and the El Salvadoran people. And my boy Sergio, who I get these caps [e-mail] but if you don't.

[Sponsor Voice]

Know, now you know.

[JV]

We're going to be discussing. Bitcoin's role as a reserve asset gains traction in the United States as the state's adoption continues. And it's crazy. Every day more states proposing a bitcoin bill. So it's just a sign of the times. The growing number of the bitcoin reserve protocols in the United States has fueled speculation about a potential global accumulation rate. Max actually coined the global hash wars. And that's precisely what we're witnessing right now, as early adopters could benefit from the cryptos, monetary incentives. And also, I wanted to shout out robbie p. We did play one of my favorite songs, bitcoin slang, at the party and I saw you reposted that, which was awesome. And of course Max is quoted at that end of the song. So we had Max at the party through Robbie's music. So shout out Robbie P. If you're watching, brother. So Kentucky became the 16th U. S. State to introduce legislation aimed at establishing a bitcoin reserve that would allocate up to 10 excess state reserves into digital assets. Bitcoin is on track to becoming a mainstream reserve asset thanks to growing institutional and national level adoption. If the Kentucky bill is approved, it may trigger a global race. No, the global race has already started.

[Sponsor Voice]

Family.

[JV]

They're accumulating. Countries are accumulating.

[Co-host 1]

Low key.

[JV]

As the prince of Serbia, as shared with you earlier, let me find that tweet. A little proof of work for you here. Prince Philip of Serbia says nation states are secretly adopting strategic bitcoin reserves. I couldn't agree more and trust me, they will announce it eventually. But they rather continue to accumulate at these prices versus paying double, triple, quadruple of what you see. Yeah, I mean, quoting them here, the.

[Co-host 1]

Tipping point will be when one state.

[JV]

Formally adopts bitcoin in reserves.

[Sponsor Voice]

After that, it's game on.

[JV]

Most likely once a few actually commit, the others will feel the pressure and follow.

[Sponsor Voice]

This is the game theory we've been preaching each and every day.

[JV]

We expect to see many portfolios reposition their diverse allocation strategy to include bitcoin before the big players eat up all of the supply. Some of the world's largest asset management companies have already accumulated over 5.9% of.

[Sponsor Voice]

The current Bitcoin supply through the Bitcoin.

[JV]

ETFs, which hold a cumulative 113 billion worth of Bitcoin.

[Sponsor Voice]

According to Dune Analytics, Black Rock's Bitcoin ETF accounts for 48.7% 55 billion of the cumulative holdings of all the US Bitcoin ETFs. Continued Bitcoin ETF inflows may push bitcoin.

[JV]

To a new all time high.

[Sponsor Voice]

In 2024 U. S Bitcoin ETFs accounted for about 75 of new investment into Bitcoin when it recaptured the 50, 000 mark on February 15th. I actually remember the day it was actually on the 12th just FYI I don't know why they say the 15th but I remember it because my birthday is on February 11th so I can't forget. And on the 11th I just wanted Satoshi to bless me with a fifty.

[Co-host 1]

Thousand dollar Bitcoin price and it happened.

[Sponsor Voice]

The following morning and I remember talking about it all the pod that's when we hit 50,000 like deja vu because it's virtually a year from today. A year and what, two days away.

[JV]

From February 12th when we did that. But well, let's see what Satoshi has in store for JV's birthday this year. But anyways, despite increasingly more bitcoin reserve bills being issued, regulatory challenges remain a hurdle. According to James Wo, the founder of dfg, quoting him here, the idea of the accumulation rate is fascinating, but this bill is merely a proposal and has.

[Sponsor Voice]

Not yet been passed.

[JV]

While other states may follow suit, strict fiscal policies and concerns of a bitcoin's volatility can pose challenges for legislators and the public. However, if enough states successfully pass similar bills, it could lay the groundwork for.

[Co-host 1]

A broader conversation about the federal bitcoin reserve in the future.

[JV]

And as you can see, here's just a glimpse of some of the states proposing bitcoin bills and it's a lot more now I heard it's now 28 and then I saw the the news with another state, North Carolina, so may be close to 30 by now. So yeah, I mean but Kentucky did become the 16th state in the U S to introduce legislation behind Arizona, Alabama, Florida, Massachusetts, Missouri, New Hampshire, North Dakota, South Dakota, Ohio, Oklahoma, Pennsylvania, Texas, Utah, Kansas and why? Oh ming. And if you don't know now you know crypto. Broski's headline Here reads Bitcoin OGC 700,000bitty price and a 6 16,000 Ethereum and his this valhalla cycle. So let's break down this prediction and then we'll get into our breaking news with Florida adopting bitcoin. So yeah Bitcoin is due to hit a giant 700,000 the cycle thanks to a massive liquidity injection. This is according to Bill Barheid, founder and CEO of abra. He says he expects the cyclical Valhalla to start in quarter one. So this is the theory of the extended. I guess theoretically we're still in quarter one, so I take that back. I was going to say maybe next year he's thinking extended cycle, but no, we're in quarter one. So he thinks it's going to happen now. Bitcoin at 350000 is now the base case for Abra's Bill Barheid, the longtime crypto industry executive. In his latest round of price predictions he confirmed not only bitcoin hitting a cycle peak of 700 000.

[Co-host 1]

And what's your thoughts on that?

[Sponsor Voice]

I like that.

[JV]

I think that's right in alignment with Plan B's target between a quarter mil.

[Sponsor Voice]

And a million this year.

[JV]

That's in alignment with my target. You know my bear scenario along with fax is 222, my base case is.

[Sponsor Voice]

420 and my bull scenario is 1.1. So that's right on the money. But equally lofty targets for Ether, Salana and more while a rising tide rises all ships. If bitcoin achieves the bull scenario, I can only imagine, you know, alts will come along for the ride. The reason he argues boils down to the new US Government admin under President Trump. My model is simple. This administration wants interest rates much lower than they'll do whatever they have to achieve that. They also need to refinance over 7 trillion in debt.

[JV]

Tax cuts are coming. All of this equates to a massive liquidity injection, whether via QE or some other means. He also referred to a former liquidity boost called quantitative easing which is QE effectively increasing the money supply with crypto and risk assets as the two key beneficiaries. Cyclical Valhalla is coming, he shared with a post. Giving Q1 is the likely deadline for such liquidity injections to begin. So that gives us until the end of March. The base case calls for eth USD to hit 8000 which is practically double the current all time high while solana to reach 900 high end of the range is 2x. These values he shared Bitcoin and the alts are no strangers to the high sky price predictions this year. While consolidation kicks in around the start of the Trump presidency, various major global firms have issued targets of 200,000 or more with the numbers Only increasing towards the next decade. However, we have Bitmex founder Arthur Hayes.

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Who this week warned that the new.

[JV]

Administration is not a silver budget for the price growth. Quoting him here, Arthur Hayes just blaze as the global community quickly realizes that politics in America didn't change that dramatically.

[Co-host 1]

Just because Trump got elected.

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The price of cryptos will fall to level seen in the fourth quarter of 2024. My call for a retest of 70,000.

[Co-host 1]

To 75, 000 still stands.

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I disagree. I think the bottom is in.

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But you guys let me know your.

[JV]

Thoughts now for our feature story of the day. Breaking news Florida bill proposes investing up to 10% of the state funds into the pre low bitty going up. That's right and as shared here North Carolina. This just came in before I went live. House speaker Destin hall introduces legislation to create a strategic bitcoin reserve. So it's like every single day there's more states, states announcing bills and proposals to adopt bitcoin some way somehow. But for now let's dive deeper into what's going on in Florida. Florida state Senator JOE I don't know if it's gruders or gretters, but whatever I'm going to say. Gretters filed a bill on Friday that would allow the state chief financial officer to invest public funds into bitcoin. The legislation, known as SB550 seeks to incorporate the crypto into Florida's financial strategy.

[Sponsor Voice]

As a hedge against inflation.

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Quoting the bill, the chief financial officer.

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May include bitcoin and other digital assets.

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The service stores of value and provide.

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A hedge against inflation, thereby protecting the purchasing power of the state funds.

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So by introducing bitcoin into the state investment portfolio, supporters argue that Florida could.

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Better safeguard its financial reserves from the economic volatility. That's right because they must obviously get it. Bitcoin's volatility should be embraced. Volatility equals life force. And bitcoin's volatility is great because the overall trajectory is it's going up forever. Laura Bitcoins theoretically been in a 16 year bull run since the inception of the genesis block. We do have cycles where there's dips and there's winters but the overall trajectory is bullish. The bill outlines three ways the state can hold bitcoin. They could do so directly through a secure custody solution such as like coinbase.

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With a qualified custodian. I think it's coinbase prime that does the custody or as an ETF approved by the U. S securities Exchange Commission. And additionally it allows the CFO to loan Bitcoin holdings under certain conditions to generate additional returns, provided the loans do.

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Not expose the state to increase financial risks.

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SB550 establishes clear guidelines for these investments. Place in a cap on how much.

[Sponsor Voice]

Of the state funds can be allocated into Bitcoin.

[JV]

Here's what the bill specifies the amount of public funds that the chief financial.

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Officer may invest in Bitcoin may not exceed 10% of the total funds in any account. So my understanding with the current funds available there, 10 would mean up to.

[JV]

One and a half billion dollars worth of Bitcoin for the state of Florida. If enacted, the legislation would allow Florida.

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To accept taxes and fees in Bitcoin, which all states should be doing. It's stupid not to, with payments converted.

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To US Dollars and deposited into the general revenue fund, which the government uses for ongoing expenses.

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SB550amends multiple sections of the Florida law.

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Law to align with this policy, including.

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Investment rules for public and pension funds.

[JV]

So there you have it. Crypto Fam what are your thoughts on Florida and the rest of the states? And I saw something earlier, there's now.

[Sponsor Voice]

Like 28 or 29 states somehow some way trying to adopt Bitcoin, whether it's.

[JV]

Through a strategic reserve bill or for.

[Sponsor Voice]

The treasury or it's for the pension.

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Funds or the sovereign wealth funds.

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So sign of the times adoption is.

[JV]

Coming and the million dollar question becomes when will Trump be introduced to the strategic Bitcoin reserve bill and have the ability to sign it into action? My understanding it first has to get approved by like the Senate and some other forces and then it would be presented for him to put his John Hancock on. But long story short, do you think this year Trump will sign a strategic reserve bill for the United States of America? Do you think it happens this year in 2025 or do you think it won't happen happen? And I personally am feeling that the states are going to be adopting it first before on a federal level. But I want to know your thoughts on I just think they move slower on a national level and there's less politics involved at a state level. And the way things are moving with the game theory, the global hash wars leads me to believe this, but I.

[Co-host 1]

Want to know your thoughts family.

[JV]

Welcome everyone to the Q&As segment of the live stream and don't forget to check out cryptonewsalerts.net for the full premium experience with video and to participate in our live Q and A. And I look forward to seeing you on tomorrow's episode Hoddle.