Will Trump’s Victory Lead to U.S. Bitcoin Reserve?
The post Will Trump’s Victory Lead to U.S. Bitcoin Reserve? appeared on BitcoinEthereumNews.com.
Crypto advocates are pushing the US government to keep a Bitcoin reserve. With Donald Trump back in the White House, the projection for sustained Bitcoin growth is high. Following Donald Trump’s election victory, the crypto community hopes to create a Bitcoin (BTC) reserve in the United States. This projection comes from President Trump’s active support of Bitcoin during his election campaign. He even proposed holding the coin as a reserve and writing Bitcoin cheques to reduce the US national debt of $35 trillion. Proponents Supporting Bitcoin Reserve Some crypto industry experts and lawmakers have gathered to promote the establishment of a Bitcoin strategic reserve. Shortly after Trump’s victory declaration on Wednesday, Wyoming Senator Cynthia Lummis posted, “WE ARE GOING TO BUILD A STRATEGIC BITCOIN RESERVE.” It is worth noting that Senator Lummis has aggressively promoted Bitcoin in recent years. CNF reported that the Senator had pushed for a bill requiring the Federal Reserve to hold Bitcoin as a strategic reserve asset. The proposal resembles how the Central Bank holds gold and foreign currencies. Her team anticipates that Donald Trump would sanction the bill and the concept behind it after getting into office. Lummis outlined a plan to convert the excess reserves at the 12 Federal banks of the US into Bitcoin gradually over five years. She also advocated that the US government keep at least 5% of the total BTC supply, or 1 million BTC, as part of its reserves. According to data from Arkham Intelligence, this is approximately four times the US government’s BTC holdings, currently at 218,000 BTC. Lummis argues that building the Bitcoin reserve would strengthen the US dollar and address national debt concerns. Intriguingly, Senator Lummis’ argument aligns with Trump’s campaign pledge to support cryptocurrencies. MicroStrategy’s Chairman, Michael Saylor, has also pledged support for building a…
Filed under: News - @ November 8, 2024 1:18 am