Donald Trump, the US president-elect, has embraced bitcoin and cryptocurrencies over the past year, fueling massive bets on cryptocurrencies that some fear are “illusory. “
Unlock Over $3000 in NFT, Web3 and Crypto Benefits – Apply Now!
Bitcoin surpassed $100,000 against Bitcoin after his election victory in November, helped by Trump’s confirmation of his plans to create a US Bitcoin fund for his oil reserves.
Now, as billionaire Trump’s advisor Elon Musk continues to wreak havoc on cryptocurrency markets, fears have arisen that China may have possibly surpassed Donald Trump and the United States in creating a bitcoin reserve.
Sign up now to receive the CryptoCodex – a five-minute newsletter for traders, investors, and the crypto-curious that will keep you up to date and ahead of the bull market in the Bitcoin and cryptocurrency market.
“China is already in the process of getting [bitcoin],” Anthony Scaramucci, a hedge fund manager and former Trump communications director, said on the Bankless podcast.
“[China] knows that Trump will be pro-and long-term with Bitcoin,” Scaramucci said, pointing to the Bitcoin mining activity that continues in China despite the 2021 ban on Bitcoin and cryptocurrency mining that has triggered an exodus from the country.
In December, Trump showed his goal of creating a strategic Bitcoin reserve in the United States.
“We’re gonna do something great with crypto because we don’t want China, or anybody else … but others are embracing it, and we want to be ahead,” Trump told CNBC.
“Yes, I think so,” Trump said in reaction to a question about whether the U. S. would create a strategic Bitcoin reserve for its oil reserve.
China and the United States own around 200,000 bitcoins as a result of seizures made through criminals; The United States would eventually have to auction off its bitcoins, which Trump has said does not need to happen.
In July, then Republican candidate Donald Trump promised to create a “strategic national bitcoin reserve” and predicted bitcoin could eclipse gold’s $16 trillion market capitalization during an appearance at the Bitcoin 2024 conference.
Republican senator Cynthia Lummis has introduced a bill to congress, entitled the Boosting Innovation, Technology and Competitiveness Through Optimized Investment Nationwide (BITCOIN) Act, which proposes the U.S. buy 1 million bitcoins over five years to reduce the spiraling $35 trillion U.S. national debt.
However, the United States and China are not the only ones seeking to create a bitcoin reserve. Last month he revealed that Russian lawmakers were pressuring the country to create a strategic bitcoin reserve after Russian President Vladimir Putin praised bitcoin as an option for foreign currency reserves after its budget was seized by governments. Westerners in reaction to the invasion of Ukraine.
Sign up now for CryptoCodex – a free newsletter for the crypto-curious
The value of bitcoin hit an all-time high of over $100,000 in line with the election of Donald Trump.
If Trump follows through on his plans for a U.S. bitcoin reserve, Japan and other countries in Asia will follow suit, according to Simon Gerovich, the chief executive of Tokyo-based investment company Metaplanet which has adopted MicroStrategy’s bitcoin-buying strategy.
“Slowly but surely seeing bitcoin becoming a topic of discussion at the highest levels of government, corporations around the world beginning to adopt it as a bitcoin standard,” Gerovich said during an event hosted by MicroStrategy chief executive Michael Saylor.
Meanwhile, an organization of 10 other people in Switzerland has put forward a proposal to force the Swiss National Bank (SNB) to own bitcoins and gold, which now wants to gather 100,000 signatures in the next 18 months before it can be put into action. an agreement. public referendum.
A community. Many voices. Create a free account to share your thoughts.
Our network aims to connect other people through open and thoughtful conversations. We need our readers to share their perspectives and exchange concepts and facts in one space.
To do so, please comply with the posting regulations in our site’s terms of use. Below we summarize some of those key regulations. In short, civilians.
Your message will be rejected if we realize that it seems to contain:
User accounts will be blocked if we notice or believe that users are engaged in:
So how can you be a user?
Thank you for reading our Community Guidelines. Read the full list of publishing regulations discovered in our site’s terms of use.