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Cryptocurrency News Articles

Donald Trump Plans To Establish A U.S. Bitcoin Strategic Reserve To "Unlock Trillions In Wealth"

Dec 23, 2024 at 10:32 pm

Donald Trump, the U.S. president-elect, has helped the bitcoin price surge to record highs this year with plans to establish a U.S. bitcoin strategic reserve.

Donald Trump Plans To Establish A U.S. Bitcoin Strategic Reserve To "Unlock Trillions In Wealth"

Donald Trump, the U.S. president-elect, has helped the bitcoin price surge to record highs this year with plans to establish a U.S. bitcoin strategic reserve.

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The bitcoin price has doubled since its summer lows, soaring past $100,000 per bitcoin as the Federal Reserve is warned its "biggest nightmare" is coming true.

Now, as a leak reveals Russia could beat the U.S. to a bitcoin reserve, Trump has been pitched a "capital markets renaissance fueled" by bitcoin to "unlock trillions in wealth" by MicroStrategy founder Michael Saylor.

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Donald Trump spoke at a major bitcoin conference ahead of his November election victory, where he ... [+] promised to create a bitcoin strategic reserve to help support the U.S. dollar.

"A strategic digital asset policy can strengthen the U.S. dollar, neutralize the national debt, and position America as the global leader in the 21st-century digital economy," Saylor wrote in a so-called "digital asset framework" that he posted to X.

The document outlines plans for a U.S. bitcoin reserve—predicted to generate $16 trillion to $81 trillion, offset the U.S. national debt that's spiraled to just over $36 trillion this year and "solidify the U.S. dollar as the foundation of the 21st-century digital financial system."

12/23 update: U.S. president-elect Donald Trump has appointed former college football player Bo Hines as the executive director of the newly created presidential council of advisers for digital assets, known as the "crypto council."

"In his new role, Bo will work with David to foster innovation and growth in the digital assets space, while ensuring industry leaders have the resources they need to succeed," Trump wrote in a post on his social media platform Truth Social, referring to tech investor David Sacks, the recently appointed White House artificial intelligence and crypto czar.

"There has been an effort in the Washington bureaucratic swamp to stifle innovation... but president Trump will deliver on his promise to encourage American leadership in crypto," Trump transition team spokesperson Brian Hughes said in a statement reported by Reuters.

Trump has also appointed the pro-bitcoin and crypto Stephan Miran, a former Treasury official from the first Trump White House, and current economist with Hudson Bay Capital Management, to chair the Council of Economic Advisers (CEA).

Miran has argued for crypto regulation in the U.S. and in November appeared on a Blockwork's podcast discussing Trump's potential economic policies.

Last week, Trump confirmed he plans to establish a U.S. bitcoin reserve, telling CNBC he'd like the U.S. to create a bitcoin strategic reserve similar to its oil reserve.

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.

U.S. senator Cynthia Lummis has introduced a bitcoin reserve bill to Congress, suggesting the U.S. Treasury purchases 200,000 bitcoin every year until the reserve reaches one million bitcoin.

Among other eye-catching numbers, Saylor's pitch envisions expanding "global digital capital markets from $2 trillion to $280 trillion, with U.S. investors capturing the majority of this wealth," and driving "growth in digital assets (beyond bitcoin) from $1 trillion to $590 trillion, with the United States dominating this industry."

As the bitcoin and crypto market booms, it will create "massive demand for U.S. Treasuries," according to Saylor, referring to stablecoin issuer Tether's huge U.S. Treasuries stockpile that's helped it record profits of $10 billion in 2024.

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The bitcoin price has rocketed to an all-time high over $100,000 per bticoin this year, helped by ... [+] Donald Trump's embrace of bitcoin and crypto.

MicroStrategy, founded as a software company in pre-dot com bubble internet boom, has been transformed into what Saylor calls a "bitcoin treasury" company, outperforming the likes of

News source:www.forbes.com

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