Trump confirms Bitcoin will become a US strategic reserve asset if elected

Source: Crypto Briefing

US presidential candidate Donald Trump said he will make Bitcoin a strategic reserve asset if elected during his keynote speech today at the Bitcoin 2024 Conference.

“I am announcing that if I am elected, it will be the policy of my administration, United States of America, to keep 100% of all the Bitcoin the US government currently holds or acquires into the future. We’ll keep 100%,” said Trump. “This will serve in effect, as the core of the strategic national Bitcoin stockpile.”

The idea of Bitcoin becoming a reserve asset aligns with Trump’s recent shift toward a more pro-crypto stance, a major departure from his previous criticism of digital currencies. The move could bolster Bitcoin’s legitimacy, attract new investors, and potentially drive up its price if it is implemented.

Previously, billionaire entrepreneur Mark Cuban also suggested that Bitcoin could emerge as a global reserve asset. According to him, Bitcoin could serve as a “safe haven” amid geopolitical uncertainties and inflationary pressures.

Trump has rebranded himself as a pro-crypto candidate and actively voiced support for the industry. He has also called for US leadership in the crypto sector and highlighted the need for the country to dominate Bitcoin mining.

Trump’s campaign also accepts donations in various digital currencies, including Bitcoin, Ethereum, and Dogecoin.

Earlier this month, the Republican National Committee, influenced by Trump, declared its platform to support crypto innovations and prevent any crackdowns on crypto, while opposing the development of a central bank digital currency (CBDC).

Trump’s recent remarks came after Robert F. Kennedy Jr. revealed that Trump might announce plans to authorize the US government’s purchase of one million Bitcoins as a strategic reserve asset at the event.

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Author: Vivian Nguyen