Eight policymakers who are ‘laser focused’ on $100K Bitcoin price

Since Donald Trump took office, crypto markets have surged to new heights, where a $100,000 Bitcoin price (BTC) is nearly within reach. 

Holders who embraced the “laser eyes” trend, signaling their belief in a six-figure BTC, could soon have their “I told you so” moment after what many once saw as an unrealistic or even delusional stance.

The Bitcoin laser eyes is an online trend where enthusiasts add glowing laser eyes to their profile pictures, symbolizing a bullish belief in Bitcoin reaching $100,000. It’s a bold, playful show of confidence in crypto’s future.

The laser eyes trend gained traction during the last bull cycle, with a few daring politicians adopting it to signal their conviction in Bitcoin’s path to $100,000. However, Bitcoin failed to reach the six-digit milestone, instead hovering around the $70,000 mark. Many were ridiculed, but patience could soon pay off.

President Nayib Bukele: King of “I told you so”

President of El Salvador Nayib Bukele made global headlines on Sept. 7, 2021, when his country made Bitcoin legal tender, a world-first initiative. Bukele has skin on the game, so it’s no surprise he would turn his eyes into laser beams.

Bukele’s government passed the Bitcoin Law, which required businesses to accept Bitcoin as payment alongside the US dollar. The move was intended to increase financial inclusion, reduce remittance fees, and provide an alternative to traditional banking for the 70% of Salvadorans without access to banking services.

El Salvador created an infrastructure where BTC could be used throughout the country. The government launched the Chivo Wallet for citizens to store their Bitcoin and installed Bitcoin ATMs nationwide. Despite these efforts, technical difficulties emerged, and BTC’s current use for daily payments has fallen short of expectations. 

Despite this, Bukele has piled up several told-you-so moments. On Jan. 25, 2023, El Salvador was able to pay off $800 million of sovereign debt, avoiding an expected default. Bukele felt he’d proven every finance pundit wrong who doubted whether the country could pay its debts in time after the adoption of Bitcoin.

The ability to pay off its debt raised investor confidence in the country. During 2023, its national bond got the attention of several institutional giants, including JP Morgan, Eaton Vance and PGIM Fixed, prompting Bukele to say, “I told you so.”

As Bitcoin surges to $100,000, El Salvador’s national holdings increase along with it. On Nov. 11, the president posted:

Joe Biden: Unintended Bitcoin ambassador

On Feb. 12, 2024, US President Joe Biden unintentionally made himself a Bitcoin ambassador when he posted a laser-eye profile picture on his X and Instagram profiles.

Many crypto enthusiasts initially interpreted Biden’s new laser-eye profile picture as a nod to Bitcoin.

However, it actually references the “Dark Brandon” meme — a playful response to the conspiracy theory suggesting that the Super Bowl would be rigged for Travis Kelce’s team to win, paving the way for his girlfriend, pop star Taylor Swift, to endorse Biden for president.

Biden’s campaign even released a special mug that changed color, showing the president with laser eyes when you filled your cup with your preferred hot beverage. 

I’ll ask you nicely to buy this new, color-changing campaign mug.

But I know someone who won’t: https://t.co/iRL1DMxYAb pic.twitter.com/gTaeXNERbS

— Joe Biden (@JoeBiden) September 15, 2023

Jokes aside, Biden is not a Bitcoin maximalist. His administration proposed stricter regulations for crypto exchanges, expanded tax reporting requirements for crypto transactions, and empowered agencies like the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) to oversee the sector more closely.

An executive order in 2022 directed federal agencies to study the risks and benefits of digital assets, including the potential for a US central bank digital currency (CBDC). This regulatory push has sparked debate within the industry over potential impacts on innovation and market growth.

Cynthia Lummis: Senator pursuing a Bitcoin reserve

US Republican Senator Cynthia Lummis first posted laser eyes back in 2021 and did so again the day after the 2024 US presidential election.

Lummis has emerged as one of Bitcoin’s most vocal advocates in the US Congress, receiving the nickname “Crypto Queen” in Washington. She has actively sponsored legislation to create a unique regulatory framework for Bitcoin and other digital assets.

She and Senator Kirsten Gillibrand launched the Responsible Financial Innovation Act, aimed at providing regulatory clarity for crypto assets and defining the roles of the SEC and CFTC in crypto oversight. 

Lummis also introduced a BITCOIN Reserve Act, which she announced at the Bitcoin Conference 2024 in Nashville at the end of July 2024.

The bill aims to establish a Bitcoin strategic reserve, which, if approved, would create a Bitcoin fund to hedge against the national debt. The goal is to acquire 1 million BTC over five years to hold for at least 20 years.

However, she will still face an uphill battle despite Republicans’ control of Congress; the public and most lawmakers are still not convinced about crypto, and the fund would represent a very small amount of the US’ sovereign debt.

Francis Suarez: Bitcoin, welcome to Miami

Bitcoin-friendly Miami mayor Francis Suarez has held office since 2017. Suarez has been a strong advocate for Bitcoin and cryptocurrencies, trying to position Miami as a leading hub for the digital asset industry.

Under his leadership, the city has embraced blockchain technology and is exploring ways to integrate Bitcoin into its financial infrastructure. Suarez has proposed allowing Miami residents to pay for city services using crypto, and he has pushed for the city’s treasury to hold Bitcoin as part of its investments.

His vision is to make Miami a global cryptocurrency capital, attracting entrepreneurs and investors to the region with its favorable regulatory environment and tech-forward approach.

In addition to local initiatives, Suarez has worked at the state and national levels to promote cryptocurrency adoption. He has actively supported efforts to create clearer regulations for the crypto space, aiming to balance innovation with consumer protection.

As a pro-Bitcoin advocate, Suarez has also been vocal about the potential of Bitcoin to serve as a hedge against inflation and an alternative to traditional banking. His stance has led to Miami’s growing reputation as a crypto-friendly city, drawing the attention of major crypto companies and investors looking for a supportive environment to foster growth and innovation.

Indira Kempis: Hope for Mexican crypto adoption

Mexican Senator Indira Kempis has advocated for the potential national adoption of cryptocurrencies and CBDCs. On Feb. 23, 2022, she proposed a law to make Bitcoin a legal tender in Mexico, and on April 14, 2022, she introduced a bill to amend Article 22 of the Monetary Law in her country to promote a digital peso CBDC.

However, her primary focus has been on educating the public and policymakers about the broader implications of blockchain technology and digital assets.

Her work includes collaboration with think tanks, advocacy groups, and public forums to explore how cryptocurrencies could fit into Mexico’s economic landscape, mainly regarding financial inclusion and remittances, a significant part of Mexico’s economy.

Carlos Rejala: Potential for LATAM BTC mining

Former Paraguayan Deputy Carlos Rejala is prominent in Paraguay’s cryptocurrency and blockchain space. He is best known for his efforts to promote Bitcoin and its adoption in Paraguay, particularly through the use of the country’s abundant hydroelectric power to mine Bitcoin sustainably.

The Latin American country’s natural resources have brought hefty investments from Bitcoin miners looking to set up shop.

Tether announced a plan in 2023 to invest $500 million as part of their plan to reach 1% of BTC mining computing power. On Nov. 12, Hive Digital, the Nasdaq-listed Canadian miner, began to install its mining rigs after buying 6,500 mining rigs.

Paraguay has an energy surplus, creating more electricity than the small nation requires. As a result, Paraguay sells its surplus energy for low prices to neighboring countries. Politicians such as Rejada are trying to push for a crypto-friendly regulation where crypto miners could use this excess of energy for crypto mining to benefit the country.

Despite the possible honey pot, the government of Paraguay has hinted at banning Bitcoin mining, risking a loss of more than $200 million annually, as per calculation from Jaran Mellerud, co-founder of Hashlabs Mining, as told Cointelegraph.

The regulation struggle continues in Paraguay, but Rejada has gained other allies, such as Senator Salyn Buzarquis, who has urged the Paraguayan Ministry of Industry to study the economic advantages of selling excess energy to Bitcoin miners.

Lord Fusitu’a: Bitcoin as legal tender in Tonga

Lord Fusitu’a, formally known as Lord Mata’i’ulua ‘i Fonuamotu, is a Tongan noble and former Member of Parliament in the Kingdom of Tonga. He is well-known within the global cryptocurrency community for his efforts to promote Bitcoin adoption in Tonga, drawing inspiration from El Salvador’s Bitcoin initiative.

He has been vocal on social media and in various forums, discussing and sharing insights on how Bitcoin adoption could help Tonga and other Pacific Island nations gain financial independence and its use for remittances.

Lord Fusitu’a has worked toward drafting legislation to help Tonga adopt Bitcoin as a legal tender. This legislative effort would require approval within Tonga’s government. Although he garnered strong public interest and support from the crypto community, the proposal ultimately did not pass.

The Tongan government expressed concerns about the volatility of Bitcoin, its potential risks for financial stability, and its practical challenges, particularly in a country with a small, underdeveloped financial infrastructure. 

Elon Musk: Make America efficient again with D.O.G.E.

Multi-millionaire and CEO of relevant tech companies such as Tesla or SpaceX, Elon Musk, may not be considered striclty a politician but has been highly involved in the Presidential candidacy for Trump. 

On Nov. 13, Trump appointed Musk and former presidential hopeful and entrepreneur Vivek Ramaswamy to the newly created Department of Government Efficiency (D.O.G.E.). D.O.G.E.’s main objective will be to work to cut “waste and fraud” from $6.5 trillion in US government spending.

In August, Trump said he would consider putting Musk in a Cabinet or advisory role in his administration. Musk won’t be a cabinet member as D.O.G.E. is an independent advisory agency.

Musk has been a controversial figure in the crypto community. However, he was a crucial factor in the last crypto bull market when, under his direction, Tesla bought Bitcoin. He also has a contentious influence over the price of memecoin Dogecoin (DOGE) and hasn’t been shy about hiding this bizarre relationship.

Musk ability to influence policy is unclear, he is already busy managing several top-tier tech companies. However, his continuous presence in Trump’s resort, Mar-a-Lago, may indicate that he can influence the government without being part of it, as inner sources from CNN reported.

Elon Musk “has been seen at Mar-a-Lago nearly every single day since Donald Trump won, dining with him on the patio at times” and “weighing in on staffing decisions, making clear his preference for certain roles,” @kaitlancollins reports pic.twitter.com/iIueEaP7mi

— Brian Stelter (@brianstelter) November 11, 2024

Still, tech journalist Kara Swisher told CNN, “They’re both narcissists, and there can be only one narcissist as head of the country, and that’s Donald Trump,” and continued saying, “Trump goes through people like tissues, essentially. And even if it’s Musk, they’re going to clash at some point.”