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Van Eck added that under a "Super Bowl" scenario where central banks adopt Bitcoin as a reserve asset, the flagship crypto could skyrocket to $2.9 million
Assad Jafri 3 min read 
Recent data indicates a decline in inflation closer to the Fed's 2% target, while unemployment has risen slightly above 4%.
The network also recorded $5.5 million in transaction fee revenue on July 28, the highest in three months.
The unexpected move has triggered concerns among investors about a potential sell-off.
Calling the current Biden-Harris administration “fascist,” Trump said that Bitcoin is the only way to avoid government coercion and control.
The initiative would begin by moving the 210,000 Bitcoin the US government currently holds into a Treasury-managed reserve.
The move follows a similar decision by the Wisconsin Pension Fund, which allocated 2% of its $156 billion in assets to Bitcoin ETFs in the second quarter.
The ETFs are scheduled to begin trading as US markets open at 09:30 Eastern Time on July 23.
The firm believes Trump's rumored endorsement of Bitcoin as a strategic reserve asset could ignite a "parabolic" surge in the flagship crypto's price.
