The crypto market has taken by storm with rumors that Donald Trump might declare Bitcoin a strategic reserve. Dennis Porter, CEO of Satoshi Action Fund, sparked this speculation in a recent X post, claiming his sources are credible. Notably, if the former U.S. President follows through, it could shift global economic strategies, reinforcing Bitcoin’s status as digital gold.

Donald Trump Reportedly Eyeing Bitcoin Strategic Reserve

Donald Trump, former US president and current Republican presidential candidate, is rumored to announce Bitcoin as a “strategic reserve asset” at a crypto conference in Nashville later this month. Dennis Porter, co-founder and CEO of the Satoshi Action Fund, shared this information, emphasizing the credibility of his sources.

Meanwhile, Porter stated that adding Bitcoin as a strategic reserve is a logical move for the U.S. Treasury. Besides, he believes this could shift the global economic paradigm, urging other nations to secure their own Bitcoin positions.

A flurry of market experts also agree that such a designation would represent a significant shift in the U.S. financial strategy. They have cited that Bitcoin’s decentralized nature would further bolster global acceptance to enhance economic resilience and stability.

Additionally, Trump has previously voiced strong support for Bitcoin, emphasizing its geopolitical importance. He warned that policies against Bitcoin would benefit adversaries like China and Russia.

This stance not only positions him as a pro-Bitcoin candidate but also fuels discussions about classifying Bitcoin as a strategic reserve asset. This potential move could boost Bitcoin price, attract new investors, and increase its legitimacy.

Also Read: Google, Microsoft, Nvidia, OpenAI Launches CoSAI For AI Safety

How Can It Impact the Crypto Market?

Designating Bitcoin as a strategic reserve asset could be a significant advancement in the crypto world. It would validate its highly discussed digital gold narrative. Besides, this initiative could potentially boost Bitcoin prices, attract new investors, and increase its legitimacy.

Using seized assets to fund this reserve could help effectively utilize these holdings, reducing the need for additional Bitcoin purchases on the open market. On the other hand, this approach would maximize the impact of existing assets while minimizing market disruption.

Moreover, this initiative aligns with Trump’s previous statements on Bitcoin. He has highlighted its importance in maintaining economic competitiveness against other nations. By advocating for Bitcoin as a strategic reserve, Donald Trump underscores the asset’s geopolitical significance.

Notably, the former U.S. President also gained notable support from the crypto as well as the technology community for his recent pro-crypto stance.

Also Read: Biden Faces 80% Odds on Polymarket to Exit Presidential Race

The post Donald Trump To Reportedly Announce Bitcoin Strategic Reserve appeared first on CoinGape.

---

Filed under: News - @ July 18, 2024 6:23 pm