Trump stops short of establishing
a bitcoin strategic reserve
NASHVILLE — In a star-studded gathering that saw the likes of the Winklevoss twins and Kid Rock, former President Donald Trump
took center stage at the year’s most anticipated Bitcoin conference. During his keynote, Trump surprised many attendees by not committing
to officially establishing a U.S. bitcoin strategic reserve even as the crypto lobby grows significantly within Washington. Contrarily, Trump declared his commitment to maintaining the present level of bitcoin holdings acquired by the U.S. from
confiscated assets of financial criminals. Known for his well worded speeches, Trump stated, “If I am elected, my government will not sell a single bitcoin that we currently possess or will acquire in the future.
This is our commitment to our people and the crypto industry.” Advocates of holding bitcoin through all market conditions welcomed Trump’s
strategy.On the other hand, the current trend by the U.S. Marshals Service to auction off bitcoin and other cryptocurrencies has occasionally
destabilized crypto prices. Trump, during a private round table discussion prior to his speech, shared his belief that the U.S. government should hold bitcoin holdings. Interestingly, Trump’s proposal, though met with support, did not radically wow attendees as much as third-party presidential candidate Robert F. Kennedy Jr.’s daring pledge: A 4-million bitcoin strategic reserve paralleling the U.S. gold stake. Trump’s hesitation to match this commitment attracted attention, considering
how the question of a Bitcoin reserve impacts the gold standard discourse. Days after Trump’s headline speech, Senator Lummis of Wyoming revealed plans to champion laws supporting a strategic bitcoin reserve to
bolster the dollar against inflation. According to Lummis, “In five years, the U.S. will amass 1 million bitcoin. holding 5% of the world’s supply for a minimum of 20 years to cut down our debt.” However, questions around funding such a reserve still loom. Current bitcoin assets owned by the U.S. government, largely seized from financial
criminals, offer a potential solution. Nevertheless, American taxpayers could bear the brunt of additional bitcoin purchases needed to establish the
reserve. As the crypto narrative grows within the political arena, the establishment of a national bitcoin reserve, if it happens, is expected to
massively boost bitcoin’s legitimacy and price. Although Bitcoin’s future remains uncertain, with Trump’s commitment to hold the virtual currency
and Senator Lummis’s plans, it looks brighter than ever within the U.S. political sphere. Excitement around the prospect of a bitcoin reserve
ripples through the crypto community. However
NASHVILLE — In a star-studded gathering that saw the likes of the Winklevoss twins and Kid Rock, former President Donald Trump took center stage at the year’s most
anticipated Bitcoin conference. During his keynote, Trump surprised many attendees by not committing to officially establishing a U.S. bitcoin
strategic reserve even as the crypto lobby grows significantly within Washington. Contrarily, Trump declared his commitment to maintaining the present level of bitcoin holdings acquired by the U.S. from confiscated assets of
financial criminals. Known for his well-worded speeches, Trump stated, “If I am elected, my government will not sell a single bitcoin that we currently possess or will acquire in the future.
This is our commitment to our people and the crypto industry.” Advocates of holding bitcoin through all market conditions welcomed Trump’s
strategy.On the other hand, the current trend by the U.S. Marshals Service to auction off bitcoin and other cryptocurrencies has occasionally
destabilized crypto prices. Trump, during a private round table discussion prior to his speech, shared his belief that the U.S. government should hold bitcoin holdings. Interestingly, Trump’s proposal, though met with support, did not radically wow attendees as much as third-party presidential candidate Robert F. Kennedy Jr.’s daring pledge: A 4-million bitcoin strategic reserve paralleling the U.S. gold stake. Trump’s hesitation to match this commitment attracted attention, considering how
the question of a Bitcoin reserve impacts the gold standard discourse. Days after Trump’s headline speech, Senator Lummis of Wyoming revealed plans to champion laws supporting a strategic bitcoin reserve to
bolster the dollar against inflation. According to Lummis, “In five years, the U.S. will amass 1 million bitcoin – holding 5% of the world’s supply for a minimum of 20 years to cut down our debt.” However, questions around funding such a reserve still loom. Current bitcoin assets owned by the U.S. government, largely seized from financial
criminals, offer a potential solution. Nevertheless, American taxpayers could bear the brunt of additional bitcoin purchases needed to establish
the reserve. As the crypto narrative grows within the political arena, the establishment of a national bitcoin reserve, if it happens, is expected to
massively boost bitcoin’s legitimacy and price. Although Bitcoin’s future remains uncertain, with Trump’s commitment to hold the virtual currency
and Senator Lummis’s plans, it looks brighter than ever within the U.S. political sphere. Excitement around the prospect of a bitcoin reserve
ripples through the crypto community. However
SOURCE : CNBC INDONESIA