Over a year ago, Michael Saylor said there were 3 things that needed to happen to send bitcoin to $5M a coin:
✅ Spot ETF
(done)
✅ Fair Value Accounting (done, r)
✖️ Bank Custody and Lending (soon...)
Right now: 2 down, 1 to go.
The final
domino may be falling soon.
Last year, both the House and Senate voted to overturn the SEC’s SAB 121 accounting rule that constrained banks from holding and lending bitcoin. But Biden overruled the House and Senates' votes with a veto.
However, Mike Flood, the congressman that led the bipartisan House vote is working to re-repeal SAB 121. Trump wouldn't veto it.
I agree with Saylor. Once banks can provide bitcoin financial services the price will skyrocket because people won't sell. Instead of facing capital gains taxes, people will borrow fiat against their bitcoin holdings.
Simple supply—demand economics tell what will happen to price...