Trump Confirms Bitcoin Reserve Plans—$15 Trillion Price Boom Predicted
Donald Trump has firmly embraced bitcoin and crypto this year as a leak reveals Russia could be about to start a bitcoin cold war.
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The bitcoin price has rocketed past $100,000 per bitcoin on the back of Trump’s November election, with the chief executive of a major Wall Street giant admitting bitcoin “FOMO.”
Now, as an influential billionaire warns of a looming “debt crisis” that could collapse the U.S. dollar, Trump has confirmed he plans to establish a U.S. bitcoin strategic reserve.
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Donald Trump, U.S. president-elect, has heavily backed bitcoin and crypto this year, spurring huge … [+]
“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 response to a question about whether the U.S. will 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.
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.
Russia lawmakers were this week revealed to be pushing the country to create a bitcoin strategic reserve after Russia’s president Vladimir Putin praised bitcoin as an alternative to foreign currency reserves following the seizure of its funds by Western governments in response to its invasion of Ukraine.
The possibility that Trump follows through on his bitcoin reserve plans has spurred huge bitcoin price predictions from bitcoin traders and investors—boosted by an Elon Musk surprise.
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The bitcoin price has surged this year, rocketing higher after Donald Trump won the White House in … [+]
“If Donald Trump is successful in putting forth a lot of the proposals that he’s proposed to the community, the sky is the limit because bitcoin has a fixed supply,” Perianne Boring, the founder of crypto trade association The Digital Chamber, told Fox Business this week.
“The stock-to-flow model says it’s going to be at over $800,000 by the end of next year,” Boring added, which would give bitcoin a market capitalization of around $15 trillion, up from $2 trillion currently.
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2024-12-14 12:15:09
