Trump Confirms U.S. Bitcoin Strategic Reserve Plans, Predicting $15 Trillion Market Surge
The post Trump Confirms U.S. Bitcoin Strategic Reserve Plans, Predicting $15 Trillion Market Surge appeared on BitcoinEthereumNews.com.
Bitcoin’s price sits above $100,000 as Trump begins positioning the U.S. to lead in the global crypto race Donald Trump, fresh off his November election victory, has doubled down on his pro-crypto stance by confirming plans to establish a U.S. Bitcoin strategic reserve. The announcement has fueled a bitcoin price rally, with the cryptocurrency surpassing $100,000 per coin. The news also comes as geopolitical tensions and economic uncertainties push countries like Russia to consider similar bitcoin strategies. Source: BNC Bitcoin Liquid Index Key Developments Strategic Bitcoin Reserve:In a CNBC interview, Trump affirmed his administration’s intent to create a Bitcoin strategic reserve, likening it to the U.S. oil reserve. “We’re gonna do something great with crypto because we don’t want China or anyone else getting ahead,” Trump said. Bitcoin 2024 Conference Pledge:Back in July, Trump, as the Republican candidate, pledged to establish a “strategic national bitcoin reserve,” predicting that bitcoin could surpass gold’s $16 trillion market capitalization. Legislative Support:Republican Senator Cynthia Lummis has introduced the BITCOIN Act (Boosting Innovation, Technology and Competitiveness Through Optimized Investment Nationwide). The bill proposes the U.S. purchase 1 million bitcoins over five years to help reduce the ballooning $35 trillion national debt. Market Reactions and Predictions The confirmation of Trump’s bitcoin reserve plans has ignited bullish sentiment among investors and traders. Crypto industry leaders have projected unprecedented growth for Bitcoin: Perianne Boring, founder of the Digital Chamber of Commerce, stated on Fox Business: “If Trump delivers on his proposals, bitcoin’s fixed supply ensures the sky is the limit. The stock-to-flow model predicts bitcoin could hit $800,000 by the end of next year, bringing its market cap to $15 trillion.” Geopolitical Impacts:Texas and now Russia have reportedly been exploring their own Bitcoin strategic reserves. Lawmakers are pushing for this move after President Vladimir Putin lauded bitcoin as…
Filed under: News - @ December 15, 2024 1:26 pm