Rumors are circulating that Trump could announce a U.S. Bitcoin strategic reserve, already causing significant buzz in the crypto community.
Former US President Donald Trump is set to deliver a keynote speech at next week’s 2024 Bitcoin Conference in Nashville.
Rumors suggest that Trump might announce Bitcoin (BTC) as a strategic reserve asset for the U.S. during the talk. Dennis Porter, co-founder of Satoshi Act, claims credible sources confirm Trump’s intentions.
HUGE BREAKING: Trump to announce a USA #Bitcoin strategic reserve in Nashville 🇺🇸 – Sources
— Dennis Porter (@Dennis_Porter_) July 18, 2024
Bitcoin as a reserve asset is not a new concept. Bitcoin-friendly politicians like former presidential candidate Vivek Ramaswamy have long advocated for it, according to Bitcoin Magazine.
Ramaswamy proposed backing the US dollar with a basket of commodities, including Bitcoin, to combat inflation and maintain the currency’s value over time.
What a U.S. Bitcoin reserve would look like
If the U.S. were to adopt Bitcoin as a strategic reserve asset, it could leverage its position as the largest nation-state holder of Bitcoin.
A Bitcoin strategic reserve asset would involve the U.S. Treasury holding significant amounts of Bitcoin in its reserve portfolio, similar to gold or foreign currencies.
This move would formalize the U.S. government’s acknowledgment of Bitcoin’s legitimacy and future use cases, hinging on Bitcoin’s future success.
However, the strategy would face significant challenges, including energy hurdles, market uncertainty, and local community opposition.
Securing Bitcoin through government agencies, such as the Department of Defense and the Department of Energy, could safeguard it from cyber threats. Establishing a Combined Hash Force Component Command to manage this asset has also been discussed.
Trump’s recent pro-Bitcoin moves
Trump recently announced that Senator JD Vance, a crypto supporter, will join his ticket as the vice-presidential candidate for the 2024 election.
Trump has also strongly supported Bitcoin, emphasizing its geopolitical importance and cautioning against policies that could obstruct its growth.
It’s important to note that the U.S. Bitcoin reserve sentiment is based on limited sources and could still be classified as an internet rumor. But as the Bitcoin 2024 Conference approaches, the crypto community eagerly awaits any confirmation.
It remains to be seen whether Trump will indeed announce Bitcoin as a strategic reserve asset, but the possibility has already galvanized the crypto community.
