Haider Jamal

Jul 04, 2024

Donald Trump Claims BTC Could Be A Strategic Reserve Asset For The US

According to a report by Forbes, former President Donald Trump recently voiced strong support for Bitcoin (BTC), sparking discussions on categorizing the cryptocurrency as a strategic reserve asset. Trump recognized the geopolitical significance of Bitcoin and cautioned against policies that could hinder its growth, arguing that such measures would only benefit China and Russia.


Crypto And Politics

The endorsement marks Trump as the first major political nominee to embrace Bitcoin, drawing attention to its potential as a strategic reserve asset. Leaders in the political sphere have proposed linking the US dollar with Bitcoin. Since January, Vivek Ramaswamy, a former presidential candidate, has been advising Trump on Bitcoin and digital assets. Ramaswamy suggested bolstering the US dollar with a variety of commodities, including BTC, to combat inflation.

Senator Cynthia Lummis, dubbed the Crypto Queen of Congress, has proposed that the Federal Reserve diversify its foreign currency holdings by incorporating BTC into its balance sheet. Lummis believes Bitcoin serves as a strong store of value and sees advantages in the country diversifying its investments.


A Sensible Choice

The conversation surrounding Bitcoin as a strategic reserve asset raises considerations about how the United States could utilize the digital commodity to enhance its fiscal health and geopolitical standing.

Alex Thorn, head of firmwide research at Galaxy Digital, highlighted to Forbes that the highly decentralized nature of Bitcoin alongside its robust properties make it well-suited for an expanding role in geopolitics and global trade. Thorn underscored that the Bitcoin network layer could potentially include nation-states, transforming it into a valuable tool for economic diplomacy.


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