Trump Announces Plans for Bitcoin Reserves, Anticipates $15 Trillion Value Surge
Trump has wholeheartedly endorsed Bitcoin and cryptocurrencies this year, with whispers suggesting Russia might initiate a Bitcoin "cold war."
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The Bitcoin price soared above $100,000 per coin post-Trump's November election, with the CEO of a significant Wall Street institution confessing to Bitcoin "FOMO."
Now, as a prominent billionaire voices concerns about an impending "debt crisis" that could destabilize the USD, Trump has publicly declared his intention to establish a U.S. Bitcoin strategic reserve.
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"We're going to do something remarkable with Bitcoin because we don't want China, or anyone else ... but others are embracing it, and we want to lead the way," Trump shared withCNBC.
"Yes, I think so," Trump affirmed when asked if the U.S. would establish a Bitcoin strategic reserve, similar to its oil reserve.
In July, during his Bitcoin 2024 conference appearance, Trump pledged to establish a "strategic national Bitcoin reserve" and predicted Bitcoin could outshine gold's $16 trillion market capitalization.
Republican senator Cynthia Lummis has introduced a bill to Congress, titled the Boosting Innovation, Technology and Competitiveness Through Optimized Investment Nationwide (BITCOIN) Act, which proposes the U.S. acquire 1 million Bitcoins over five years to mitigate its soaring $35 trillion national debt.
As of this week, Russian legislators have been revealed to be pushing for the creation of a Bitcoin strategic reserve, following President Vladimir Putin's praises for Bitcoin as an alternative to foreign currency reserves following the confiscation of its assets by Western governments in response to Ukraine's invasion.
The likelihood of Trump implementing his Bitcoin reserve plans has sparked significant Bitcoin price predictions from Bitcoin traders and investors—magnified by an unexpected Elon Musk announcement.
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"If Donald Trump successfully implements many of the proposals he's put forth in the Bitcoin community, the sky's the limit because Bitcoin has a fixed supply," Perianne Boring, founder of crypto trade association The Digital Chamber, revealed toFox Business this week.
"The stock-to-flow model suggests it will reach over $800,000 by the end of next year," Boring added, implying a Bitcoin market capitalization of around $15 trillion, an increase from its current $2 trillion.
Trump's Bitcoin price prediction aligns with Perianne Boring's, who believes the model suggests Bitcoin could reach over $800,000 by the end of next year, potentially surpassing a $15 trillion market capitalization. This prediction has been influenced by Trump's plans to establish a U.S. Bitcoin strategic reserve.
Rumors suggest that Russia might also initiate a Bitcoin "cold war" by establishing its own Bitcoin strategic reserve, following in the footsteps of President Vladimir Putin's praise for Bitcoin as an alternative to foreign currency reserves.
