by William Upton, The National Pulse:
Former President Donald J. Trump is proposing the creation of a U.S. Bitcoin strategic reserve should he win reelection to the White House in November. The former Republican President announced the plan at The Bitcoin Conference in Nashville, Tennessee, during his keynote speech before the cryptocurrency enthusiasts.
“If we don’t do it, China and others are going to be doing it,” he said, adding: “This [Bitcoin] is the steel industry of 100 years ago.”
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Institutional investment executive Markus Thielen predicted Trump’s move last week in a note to clients. He noted that Bitcoin’s performance hit astronomical numbers under Trump’s presidency from 2017 until 2021, with the price jumping almost 1,900 percent.
“There is speculation that Trump may announce the establishment of a U.S. Bitcoin strategic reserve during the Bitcoin 2024 conference in Nashville,” he wrote on July 20. Thielen continued: “The U.S. could strategically incorporate bitcoin into its reserves, diversifying its portfolio and reducing reliance on traditional assets like gold and foreign currencies.”
Thielen, the chief executive of 10x Research, added that the U.S. government currently holds roughly $600 billion in gold reserves but just $15 billion in cryptocurrency. Other major players in the crypto market jumped on the news, especially after David Bailey, the organizer of The Bitcoin Conference, teased the announcement on X (formerly Twitter).
Former President Trump emerged as the pro-Bitcoin candidate in the 2024 presidential election, garnering a significant boost in support from the investor community. The National Pulse previously reported that Trump’s campaign became the first U.S. presidential campaign to accept Bitcoins on its donation page, pulling in $4 million in cryptocurrency donations in the second quarter of 2024.
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