- July 18, 2024
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
Former US President Donald Trump is rumored to make a groundbreaking announcement at the upcoming Bitcoin 2024 Conference in Nashville.
According to industry sources, the former President may have plans to unveil Bitcoin (BTC) as a strategic reserve asset for the US.
Satoshi Action Fund co-founder Dennis Porter and BnkToTheFuture founder Simon Dixon both shared the rumors on social media, citing credible sources.
However, these claims remain unconfirmed by Trump, his staff, or any public external sources. Until official confirmation is provided, these assertions should be considered speculative.
Bitcoin as a reserve
The idea of making Bitcoin a reserve asset is growing among crypto proponents, with many arguing that such a move would ensure the dollar’s dominance in the global financial landscape. The notion has gained more traction in recent weeks after Trump reportedly discussed the matter during a meeting.
Porter emphasized that Bitcoin as a strategic reserve asset for the US Treasury is a “no-brainer,” suggesting that such a move could shift the global financial paradigm and prompt other nations to adopt a Bitcoin position.
The idea has even spread beyond the crypto industry, with BlackRock CEO Larry Fink recently making similar statements and calling the flagship crypto “digital gold.”
David Bailey, CEO of Bitcoin Magazine and an advisor to the Trump campaign, has also explored the theoretical impacts of the US adopting BTC as a strategic reserve asset. His vision involves securing a significant BTC reserve for the US Treasury by time-locking 210,000 BTC held by the USA for 100 years.
Rising political relevance
The rumor has generated considerable excitement among crypto investors and advocates. Bitcoin-friendly political leaders have long advocated for considering BTC as a strategic reserve asset.
Vivek Ramaswamy, a former presidential candidate, has been advising Trump on Bitcoin and digital assets since January. Ramaswamy previously proposed backing the US dollar with a basket of commodities, including Bitcoin, to combat inflation and maintain the currency’s value over time.
In recent weeks, Trump has voiced strong support for the sector despite historical reservations, and the Republican party followed suit by including Bitcoin and crypto-related issues in its latest platform.
Adding to the speculation of increased pro-Bitcoin and crypto measures, Trump recently announced that Senator JD Vance, a notable proponent of Bitcoin, will join his ticket as the vice-presidential candidate for the 2024 election.
The post Industry sources think Trump may announce Bitcoin as a strategic reserve asset appeared first on CryptoSlate.
