Bitcoin
Industry Sources Believe Trump May Announce Bitcoin as a Strategic Reserve Asset
Former US President Donald Trump rumored to make a groundbreaking announcement at the upcoming Bitcoin 2024 Conference in Nashville.
According to industry sources, the former president may have plans to reveal Bitcoin (BTC) as a strategic reserve asset for the US.
Co-Founder of the Satoshi Action Fund Dennis Porter It is BnkParaOFuturo founder Simon Dixon both shared the rumors on social media, citing reliable sources.
However, these allegations remain unconfirmed by Trump, his team, or any outside public sources. Until official confirmation is provided, these claims should be considered speculative.
Bitcoin as a reserve
The idea of making Bitcoin a reserve asset is growing among cryptocurrency proponents, with many arguing that such a move would ensure the dollar’s dominance in the global financial landscape. The notion has gained more traction in recent weeks after Trump reportedly discussed the topic during a meeting.
Porter emphasized that Bitcoin as a strategic reserve asset for the US Treasury is a “no-brainer,” suggesting that such a move could shift the global financial paradigm and prompt other nations to adopt a stance on Bitcoin.
The idea has spread even beyond the cryptocurrency industry, with Black stone CEO Larry Fink recently making similar statements and calling the leading cryptocurrency “digital gold.“
David Bailey, CEO of Bitcoin Magazine and Trump campaign advisor, also explored the theoretical impacts of the US adopting BTC as a strategic reserve asset. His vision involves securing a significant reserve of BTC for the US Treasury by locking up 210,000 BTC held by the US for 100 years.
Growing political relevance
The rumor has generated considerable excitement among investors and cryptocurrency advocates. Bitcoin-friendly political leaders have long advocated for BTC to be considered a strategic reserve asset.
Vivek Ramaswamya former presidential candidate, has been advising Trump on Bitcoin and digital assets since January. Ramaswamy has previously proposed backing the U.S. dollar with a basket of commodities, including Bitcoin, to combat inflation and maintain the currency’s value over time.
In recent weeks, Trump has expressed a strong support for the sector despite historical reservesand the Republican party followed suit by including issues related to Bitcoin and cryptocurrencies in its latest platform.
Adding to the speculation about increasing pro-Bitcoin and cryptocurrency measures, Trump recently announced that Senator JD Vance, a notable Bitcoin advocate, will join his ticket as his vice presidential candidate for the 2024 election.