Former U.S. President Donald Trump is rumored to make a groundbreaking announcement at the upcoming Bitcoin 2024 Conference in Nashville.
According to industry sources, the former President might declare Bitcoin a strategic reserve asset for the United States.
Dennis Porter, co-founder of Satoshi Action Fund, and Simon Dixon, founder of BnkToTheFuture, both shared this rumor on social media, citing reliable sources.
However, these claims have not been confirmed by Trump, his staff, or any public sources. Until there is an official confirmation, these claims should be considered speculative.
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Bitcoin as a Reserve Asset
The idea of making Bitcoin a reserve asset is gaining traction in the cryptocurrency community, with many arguing that this move would secure the dominance of the U.S. dollar in the global financial landscape. This idea has garnered more attention in recent weeks after Trump was reportedly discussing it in a meeting.
Porter emphasized that Bitcoin as a strategic reserve asset for the U.S. Treasury is a “no-brainer,” suggesting that this move could reshape the global financial landscape and prompt other nations to adopt Bitcoin.
This idea has even spread beyond the cryptocurrency industry, with BlackRock CEO Larry Fink recently making similar statements, calling the leading cryptocurrency “digital gold.”
David Bailey, CEO of Bitcoin Magazine and an advisor to Trump’s campaign, has also explored the theoretical impacts of the U.S. adopting BTC as a strategic reserve asset. His vision includes securing a significant amount of BTC for the U.S. Treasury by locking up 210,000 BTC held by the U.S. for 100 years.
Rising Political Significance
This rumor has generated significant excitement within the investor community and among cryptocurrency advocates. Bitcoin-friendly political leaders have long recommended considering BTC as a strategic reserve asset.
Vivek Ramaswamy, a former presidential candidate, has been advising Trump on Bitcoin and digital assets since January. Ramaswamy previously proposed supporting the U.S. dollar with a basket of commodities, including Bitcoin, to combat inflation and maintain the currency’s value over time.
In recent weeks, Trump has expressed strong support for the industry despite past reservations, and the Republican Party has also included Bitcoin and cryptocurrency-related issues in its latest platform.
Adding to the speculation about more Bitcoin and crypto-friendly measures, Trump recently announced that Senator JD Vance, a prominent Bitcoin advocate, would join his ticket as the vice-presidential candidate for the 2024 election.
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