Polish Presidential Candidate Mentzen Pledges Bitcoin Reserve

Polish presidential candidate Sławomir Mentzen has dedicated to establishing a Bitcoin reserve if elected in 2025.

The transfer aligns with rising international curiosity in cryptocurrency as a strategic asset, echoing the same promise made by US President-elect Donald Trump throughout his marketing campaign.

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Mentzen Vows To Make Poland A Crypto Hub

In a statement shared on X on 17 November 2024, Mentzen outlined his imaginative and prescient for a crypto-friendly Poland. He additionally responded to a question about implementing a Bitcoin reserve.

“Poland ought to create a Strategic Bitcoin Reserve,” he acknowledged, including that underneath his management, Poland would rework right into a “cryptocurrency haven” characterised by favorable rules, low taxes, and supportive banking insurance policies.

Polish Presidential candidate to create a Strategic #Bitcoin Reserve for Poland

HERE WE GO pic.twitter.com/XYlj1kQtgy

— Vivek (@Vivek4real_) November 17, 2024

The idea of a Bitcoin reserve has been spotlighted in Poland’s crypto circles. Lech Wilczynski, CEO of the cryptocurrency trade Swap.ly, urged Mentzen to undertake a coverage framework developed by the Satoshi Motion Fund, a crypto advocacy group.

Sharing an open-source mannequin, Wilczynski emphasised the urgency, saying, “There is no such thing as a level in ready. As an alternative of passing a nonsense invoice on crypto property, this could go first earlier than it’s too late.” Mentzen affirmed his help, replying with an unequivocal “after all.”

Poland’s presidential election, scheduled for Might 2025, will decide if Mentzen’s pro-crypto insurance policies acquire traction. Identified for his libertarian and right-wing enchantment, the candidate’s daring proposal has sparked discussions about Poland’s potential function within the international cryptocurrency panorama.

Mentzen’s imaginative and prescient mirrors developments within the U.S., the place Senator Cynthia Lummis launched laws in July 2024 to create a Bitcoin strategic reserve. The proposal goals to build up a million Bitcoin over 5 years to hedge towards nationwide debt.

In the meantime, different nations have already embraced Bitcoin as a strategic asset. El Salvador, underneath President Nayib Bukele, made Bitcoin authorized tender in 2021 and now holds 5,748.eight Bitcoin.

Equally, Bhutan has quietly mined Bitcoin for years, with holdings reportedly valued at $780 million as of September.

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Bitcoin Emerges As Key Political Asset

Following the current electoral victories of Donald Trump and the Republican occasion, Bitcoin is set to become a significant political asset, in keeping with insights from the New York Digital Funding Group (NYDIG).  

Final week, the funding administration agency mentioned buyers who’ve but to embrace Bitcoin could discover themselves at an obstacle as crypto costs proceed to surge.

“Whereas some buyers have allotted to Bitcoin, the commonest allocation for buyers remains to be zero,” mentioned Greg Cipolaro, NYDIG’s international head of analysis. “There are not any excuses now.” 

Cipolaro mentioned additional regulatory modifications are anticipated underneath the brand new administration, with possible appointments of pro-crypto advocates to steer the Federal Deposit Insurance coverage Company, the Workplace of the Comptroller of the Forex, and the Treasury.  

These modifications may foster a extra supportive atmosphere for banks to supply custody companies for digital property. This consists of stablecoins which boosts the mixing of crypto into the broader monetary ecosystem.

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Disclaimer: Crypto is a high-risk asset class. This text is offered for informational functions and doesn’t represent funding recommendation. You may lose all your capital.

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