Bitcoin Is Flying High—These Countries Are Considering a National Reserve
The post Bitcoin Is Flying High—These Countries Are Considering a National Reserve appeared on BitcoinEthereumNews.com.
Some countries are mulling a national Bitcoin reserve amid a historic market run-up that has pushed the world’s largest cryptocurrency to new heights in recent weeks. United States President-elect Donald Trump and his allies have repeatedly thrown their support behind a bill to stock the Federal Reserve with the asset, and will soon be in position to potentially make that a reality. Government officials in Brazil have also put forth legislation to realize that possibility, while politicians in Poland and Russia have endorsed the idea of adding the digital currency to their nations’ balance sheets. El Salvador led the charge on this front, making Bitcoin legal tender while gradually amassing BTC for its own reserve starting in 2021—and now President Bukele is taking a victory lap as the asset surges towards $100,000. While it’s unclear whether other countries will actually stockpile Bitcoin anytime soon, one thing is obvious: Interest in holding the token as a reserve asset has reached a fever pitch. Here’s who is considering a national Bitcoin reserve. United States Several U.S. lawmakers have made pushes to establish a strategic Bitcoin reserve. Senator Cynthia Lummis of Wyoming last spring unveiled a bill called the “Bitcoin Act” that calls for the U.S. to acquire as much as 200,000 Bitcoin annually over a five-year period, or up 5% of the token’s total supply. The Bitcoin would be kept in a “decentralized network of secure Bitcoin vaults operated by the United States Department of Treasury,” with token acquisitions being accomplished through a diversification of existing Federal Reserve funds such as bonds, loans and gold. President-elect Donald Trump similarly endorsed a “strategic Bitcoin stockpile” last July at BTC 2024 in Nashville—one of many such crypto-related promises that he’ll be expected to honor once in office. “It will be the policy of my…
Filed under: News - @ November 30, 2024 8:20 pm