Two prominent crypto personalities—Michael Saylor of MicroStrategy and Sen. Cynthia Lummis of Wyoming—support the call to create a Bitcoin reserve.

In a CNBC interview, Saylor reiterated his bullish take on Bitcoin and suggested that creating a reserve of 1 million Bitcoins could help cut US debt by $16 trillion, or by 45%.

Before Saylor’s comments on the CNBC interview, Rep. Lummis filed a bill increasing the country’s digital asset reserves. The US government will buy up to 1 million Bitcoins over five years as laid out in the Lummis Bill.

Michael Saylor and Lummis believe integrating the top digital asset as part of the reserve can help solve the country’s growing debt woes.

Michael Saylor Says BTC Can Cut Debt By 45%

In an interview, Michael Saylor supported the proposal to accumulate 1 million Bitcoin. He explained that a Bitcoin reserve can help reduce the country’s debt by $16 trillion, or by 45%. Saylor also shared MicroStrategy’s plans, including its target of raising $42 billion to invest in more Bitcoins.

Bitcoin is Manifest Destiny for the United States. My discussion of The Red Wave, MicroStrategy’s $42 Billion Plan, the compelling logic of the Strategic #Bitcoin Reserve, and getting ready for the 100K party, with @MorganLBrennan. pic.twitter.com/fvkwRnCzlU

— Michael Saylor⚡️ (@saylor) November 14, 2024

Saylor is looking forward to the country’s strategic Bitcoin reserve, which a comprehensive plan will soon back. The MicroStrategy CEO’s bullish take on a Bitcoin reserve is partly based on President Donald Trump’s support for the crypto industry.

In a 2024 Bitcoin conference held at Nashville, then-candidate Trump promised to establish a Treasury reserve with 200k Bitcoins. In a Twitter/X post, Saylor mentioned that Bitcoin is US’ “manifest destiny.” He also teased his followers about his company’s $42 billion plan and the road to 100k.

Lummis And The Bitcoin Bill

Lummis is one of the Senate’s vocal crypto supporters. Earlier this year, the Wyoming senator filed a bill authorizing the US government to increase its digital asset reserve. The Lummis bill authorizes the government to acquire up to 1 million Bitcoins in five years. Last Thursday, the lawmaker suggested selling the US central bank’s gold reserves to acquire additional Bitcoins for the government.

If the Lummis bill passes, Saylor estimates that the US government can generate $16 trillion in savings. For Saylor, the best approach to protecting the USD is to end debt. The next best option is to own another capital asset —Bitcoin.

Saylor Highlights The ‘Trump Max’ Scenario

Michael Saylor argues that the acquisition of strategic assets is familiar. He shared that the US government has acquired oil, gold, helium, and grain, which offered trillion-dollar returns.

Saylor also shared his thoughts on the “Trump Max” scenario, where the government will acquire up to 4 million BTC. He estimated that this could bring $81 trillion in returns. Saylor added that the Trump scenario is the most logical approach to addressing the US debt.

Featured image from CNBC, chart from TradingView

A small Asian country sitting in the Himalayas is now among the largest holders of Bitcoin in the world.

Bhutan might be occupying a small land area but it achieved a huge milestone in its cryptocurrency investments hitting $1 billion worth of Bitcoin.

Strategic Move

The landlocked Himalayan country has been increasing its presence in the crypto space by building its Bitcoin reserves. This move which analysts see as a strategic investment approach now bore positive results.

Arkham Intelligence reported that Bhutan became a major player in the cryptocurrency industry, owning $1 billion worth of BTC, an outstanding feat for such a small country.

The Royal Government of Bhutan now owns $1 Billion in Bitcoin. pic.twitter.com/y8MQdCqMDy

— Arkham (@ArkhamIntel) November 11, 2024

Analysts said that this key milestone highlighted the calculated steps taken by Bhutan’s government to diversify its economy to mitigate the impact of the COVID pandemic on its tourism sector.

According to Arkham Intelligence, Druk Holdings, the firm managing the BTC investments of Bhutan, holds 12,568 Bitcoins, firmly placing the Himalayan country as one of the premier BTC investors in the world.

Tapping Hydropower Resources For Bitcoin

Bhutan utilizes its abundant hydropower to fund its BTC investments as the country now ranked fourth among nations with crypto holdings, joining countries like El Salvador, a South American nation that declared BTC as its national currency.

BTCUSD trading at $91,005 on the daily chart: TradingView.com

Analysts said that the Royal Government of Bhutan leveraged its natural resources to steadily increase its cryptocurrency reserves, allowing it to reach this milestone. They said that the country implemented a consistent Bitcoin mining strategy by tapping its rich natural resources to keep its operational costs low.

Its rich hydropower resources help the Himalayan country sustain its crypto mining which is a major contributor to the country’s economy.

A scenic view of Bhutan. Image: Responsible Adventures

According to data, more than 25% of the country’s GDP comes from mining Bitcoin. It shows that Bhutan’s government is committed to turning cryptocurrency into an economic asset.

The country has already mined 13,011 BTC, making it a government with the biggest holding of BTC.

A Global Trend

Analysts said that the achievement of Bhutan shows a worldwide trend of many nations seeing the value of crypto as an asset. Bhutan and El Salvador are among the countries embracing cryptocurrency as a financial tool.

The firstborn cryptocurrency is gaining appeal as more countries are starting to explore the potential of BTC as part of their national reserve. One country, El Salvador, announced in 2021 that it will adopt Bitcoin as a legal tender.

Bhutan is another excellent example of a crypto adopter, but analysts said other countries can learn from Bhutan’s alternative model of hydropower-powered mining strategy.

Featured image from OneSafe, chart from TradingView

The crypto market will witness $3.98 billion in Bitcoin (BTC) and Ethereum (ETH) options contracts expire today. This massive expiration could impact short-term price action, especially as both assets have recently declined.

With Bitcoin options valued at $3.4 billion and Ethereum at $581.57 million, traders are bracing for potential volatility.

High-Stakes Crypto Options Expirations: What Traders Should Watch Today

According to Deribit data, Bitcoin options expiration involves 38,566 contracts, compared to 48,794 contracts last week. Similarly, Ethereum’s expiring options total 189,018 contracts, down from 294,380 contracts the previous week.

For Bitcoin, the expiring options have a maximum pain price of $79,500 and a put-to-call ratio of 0.85. This indicates a generally bullish sentiment despite the asset’s recent pullback. In comparison, their Ethereum counterparts have a maximum pain price of $3,000 and a put-to-call ratio of 0.92, reflecting a similar market outlook.

The maximum pain point is a crucial metric that often guides market behavior. It represents the price level at which most options expire worthless, inflicting maximum financial “pain” on traders.

Meanwhile, the put-to-call ratios below 1 for both Bitcoin and Ethereum suggest optimism in the market, with more traders betting on price increases. While the put options represent bets on price declines, call options point to bets on price increases. Taken together, this metric (put-to-call ratio) gauges market sentiment.

Traders and investors should brace for volatility, as options expirations often cause short-term price fluctuations, which create market uncertainty.

“The market could be very volatile, so trade with caution,” top Asian crypto influencer Wise Advice warned.

However, markets usually stabilize soon after as traders adapt to the new price environment. With today’s high-volume expiration, traders and investors can expect a similar outcome, potentially influencing future crypto market trends. As Bitcoin and Ethereum options near expiration, both assets could approach their respective strike prices.

This is a result of the Max Pain theory, which predicts that options prices will converge around the strike prices where the largest number of contracts — both calls and puts — expire worthless.

More Headwinds With Year-End Crypto Options Expiry

With markets still optimistic, the general sentiment is that Bitcoin’s upside potential remains viable, potentially reaching $100,000 before year-end. Nevertheless, bigger problems lie ahead, with many crypto options due for expiry at the end of the month and, potentially, even more (around $11.8 billion for BTC) on December 27. 

These dates are significant given Bitcoin bull runs tend to end precisely at the end of the year, between November and December. However, considering they only started between October and November, they have often extended into the early months of the new year. 

The expiration of these Bitcoin options at the end of the year may present as a major catalyst. It could influence immediate price action as well as the trajectory into the new year, 2025. With bulls looking at the year’s end expiration as a unique opportunity to foray into unchartered territory beyond $100,000, bears commit to limiting the price discovery to defend their positions.

“Looking at the options market, the market is clearly polarized and trading is very fragmented, with some of the larger traders heading for the sky to go long, while more traders are currently on the short side of the market,” Greeks.live shared.

Should the positioning battle intensify towards the end of the year, the fallout from these options expiring could ripple beyond December, setting new standards for Bitcoin and Ethereum.

The latest data shows that Bitcoin’s trading value has dropped by 2.46% to $87,813. Similarly, Ethereum has fallen by 5.43%, now trading at $3,053.