The White House has committed to explore ‘budget-neutral’ methods for expanding the planned US Bitcoin reserve. This implies that they are unable to purchase Bitcoin directly.
Or are they?
We examine the specifics of the BITCOIN Act and highlight three promising altcoins to keep an eye on if $BTC receives support from the US Treasury.
BITCOIN Act Facilitates Gold-Backed Federal BTC Purchases
Senator Lummis, who chairs the Senate Banking Subcommittee on Digital Assets, proposed the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act in early March in the U.S. Senate.
This act is set to serve as the foundation for the Bitcoin Reserve and the wider US strategy regarding digital assets. Notably, it advocates for the US to acquire 1 million Bitcoins, which constitutes about 5% of the global $BTC supply, over the forthcoming five years.
Additionally, it specifies that this acquisition could be financed via the sale of Federal Reserve gold certificates.
Bo Hines, the executive director of the President’s Council of Advisers on Digital Assets, has proposed that the US might utilize the sale of US gold certificates to finance Bitcoin purchases.
This approach would align with the ‘budget-neutral’ stipulation by avoiding the use of taxpayer money, while allowing the US government to directly acquire $BTC. Might this also trigger a frenzy for Bitcoin?
A Rising Tide Elevates All Boats
We are already witnessing signs of heightened Bitcoin demand, bolstered by a regulatory framework that is increasingly supportive of Bitcoin. This includes various US states taking steps to establish their own Bitcoin reserves or clarify regulations that enhance the protection of Bitcoin mining and digital asset security.
In a broader context, the cryptocurrency market has experienced a tumultuous first quarter in 2024, but with rising interest in Bitcoin, many leading altcoins are also seeing increased attention.
Here are three noteworthy altcoins to monitor closely due to their potential for significant gains. Could they reach 100x in a bull market?
1. Catslap ($SLAP) – Competitive Slap-to-Earn Experience Gaining 450% After Launch
Catslap ($SLAP) offers Play-to-Earn enthusiasts a hilariously tempting option.
Choose your favorite meme or public figure – Musk? Trump? Pepe? – and give them a slap.
The choice is tough, but who doesn’t enjoy a good slap? Especially when it rewards you with free crypto in the form of $SLAP tokens.
Catslap launched without a presale, and the game’s unique appeal has resulted in a staggering 450% increase in $SLAP value since its launch.
To participate in Catslap, you must connect an EVM-compatible wallet, like the Best Wallet app, to access your $SLAP rewards, which are distributed according to your position on the Leaderboard.
Leaderboard points are calculated from a combination of Slap points gathered in the Catslap game and Zealy Points earned by completing social media tasks and quests.
You need to hold $SLAP to join the Catslap game. $SLAP tokens are available for purchase via Best Wallet. Leaderboard rewards are distributed through the Slapdrop, which is sent to your connected Best Wallet.
Check out our guide on how to buy $SLAP, or discover why we predict the token could increase fivefold to reach $0.0135 in our Catslap price forecast.
Visit the Catslap page for more details, and find Catslap in the Best Wallet app.
2. Meme Index ($MEMEX) – Advanced Memecoin Investing with 547% Staking APY
Meme Index (MEMEX) equips its investors with a useful tool for navigating the chaotic meme coin landscape.
Stock markets have employed indexes for years to track and invest in the overall performance of various sectors. Famous examples include the Dow Jones Industrial Average, widely recognized even by those not in investing.
Can Meme Index replicate this for the crypto world?
Meme Titan tracks the largest memecoins – $DOGE, $PEPE, and others.
On the flip side, Meme Frenzy follows new and emerging cryptocurrencies, embracing their volatility to capitalize on the highest potential for explosive memecoin returns.
Early investors can stake their $MEMEX tokens during the presale to earn an estimated 547% APY. Token holders are also granted governance rights, allowing them to influence the project’s direction and vote on which tokens are included in the indexes.
Meme coins come and go rapidly, but Meme Index offers investors a means to explore the market without the need to scrutinize and invest in every individual token. With four indexes planned so far, there’s something available for every type of investor, from conservative to risk-takers.
The project has raised around $4.2 million during the presale, and $MEMEX tokens can currently be bought for $0.0166883. The price has the potential to increase significantly; our Meme Index price forecast indicates it could hit $0.074 by the close of 2025.
Visit the Meme Index presale or consult our How to Buy Meme Index guide for further details.
3. XRP ($XRP) – Ripple’s Prominent Altcoin Poised for Growth?
Ripple is continuing to make headlines with $XRP, a leading altcoin.
Rumors of a potential XRP ETF are circulating, and the token is under consideration for inclusion in the US Digital Assets Stockpile.
With Ripple’s CEO, Brad Garlinghouse, suggesting that the SEC might soon resolve its case against the company, $XRP seems primed for a significant upturn.
$XRP currently holds a market capitalization of $2.8 billion and trades at $2.44, making it the fourth-largest cryptocurrency after $BTC, $ETH, and $USDT.
Although the SEC has not yet made an official announcement, if Garlinghouse’s predictions are accurate, the agency may be holding off until its next formal meeting set for Thursday, March 27.
$XRP reached an all-time high of $3.29 back in January when Bitcoin peaked at its all-time high of over $109K.
Should $BTC rise significantly due to US government purchases, expect $XRP to surge correspondingly.
A Gold Rush for the Bitcoin Reserve?
Could the sale of gold certificates trigger a Bitcoin frenzy?
Of all the initiatives undertaken by the Trump administration to advance cryptocurrency, acquiring Bitcoin outright may represent the most substantial step.
There’s ongoing conversation in the crypto community about ‘Bitcoin season’ versus ‘altcoin season’ – each perceived to hold unique profit opportunities – but the overarching reality is that Bitcoin’s value increase typically benefits the vast majority of cryptocurrencies.
As always, conduct thorough research before making any investment decisions, given the notoriously volatile nature of cryptocurrencies.
Nonetheless, a government ready to secure 1 million Bitcoins for its reserves can only yield favorable outcomes for the crypto landscape and Bitcoin prices. Keep a watchful eye on these altcoins to gauge the extent of the overall impact.
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