Attorney Zack Shapiro of the Bitcoin Policy Institute has argued that if the U.S. announced a plan to purchase one million BTC, the price could reach $1 million per coin. 

The conversation occurred during a weekly show featuring Bitcoin Policy Institute Executive Director Matthew Pines and Growth Associate Zack Cohen.

The Bitcoin Act and Its Effects

According to Shapiro, the Bitcoin Act, which proposes the U.S. government to acquire one million BTC, 5% of the total BTC supply, over five years using proceeds from the revaluation of gold, could cause a global seismic shock with Bitcoin going through the roof. 

Note that Senator Cynthia Lummis first introduced the Bitcoin Act in July 2024 and reintroduced it later in March this year. 

Shapiro went on to explain that this aggressive monetization of Bitcoin would likely result in a series of second-order effects. In particular, he argued that the announcement could lead Bitcoin’s price to soar to $1 million per coin.

Global Reactions: A Shift in Economic Power

Shapiro pointed out that the U.S. government’s large-scale Bitcoin purchases would not go unnoticed by other nations. Central banks and financial institutions across the globe would likely reconsider their strategies in response to Bitcoin’s rapid monetization. 

As Bitcoin gains recognition as a credible store of value, traditional assets like gold may lose some of their appeal. In turn, central banks would begin increasing their Bitcoin holdings, further driving up its price.

Wealth Accumulation and Economic Changes

Beyond the direct impact on Bitcoin’s price, Shapiro also discussed how the U.S. economy would be affected by such a large acquisition. As Bitcoin’s value rises, the U.S. federal government’s balance sheet would benefit significantly. 

In addition, many private sector entities, including Bitcoin miners and companies, would see rapid wealth accumulation. Shapiro noted that this wealth generation could have broader effects on global trade and power dynamics, with the U.S. potentially consolidating even more economic influence.

Rising Consensus on Bitcoin’s Future Price

Shapiro’s comments about Bitcoin reaching $1 million per coin align with predictions from other prominent figures in the space. Eric Trump, speaking at the Bitcoin MENA Conference in December, also expressed his confidence in Bitcoin’s potential to reach $1 million. 

He highlighted Bitcoin’s unique attributes, such as its resistance to censorship, limited supply, and liquidity, as key reasons for its rising value.

Furthermore, analysts like Lyn Alden and asset manager Bernstein have made similar predictions, with Alden suggesting Bitcoin could hit $1 million by 2035.