Bitcoin
‘Absolute game changer’ — Congress introduces radical Bitcoin bill as Trump sets price tag for $100 trillion gold-replacement
Bitcoin has been trading sideways for the past 24 People digest Donald Trump’s well-telegraphed bitcoin bombshell.
Bitcoin’s price has surged nearly 20% since Trump was revealed as the keynote speaker at the Bitcoin 2024 conference in Nashville, Tennessee. with billionaire investor Mark Cuban issuing a “crazy” bitcoin price prediction.
Now, after Trump promised to create a “strategic national bitcoin reserve” and predicted that bitcoin could eclipse gold’s $16 trillion market cap, U.S. Senator Cynthia Lummis (R-WY) has introduced a bill to direct the U.S. Treasury to buy 1 million bitcoins worth nearly $70 billion — while MicroStrategy’s Michael Saylor has increased his massive bitcoin price prediction.
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Former US President and 2024 Republican presidential candidate Donald Trump said bitcoin… [+] the price could surpass gold and promised to build a strategic reserve of bitcoin.
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“If I am elected, it will be the policy of my administration, the United States of America, to hold 100% of all bitcoins that the United States government currently holds or acquires in the future, we will hold 100%,” Trump he said during his Saturday speech at Bitcoin 2024. “This will serve, in effect, as the core of the strategic national stockpile of bitcoin.”
Wild rumors have been circulating all week that Trump might announce he would create a strategic bitcoin reserve in the US during the bitcoin conference, with analysts comparing it to US gold and oil reserves.
The US currently holds around 212,000 seized bitcoins, valued at around $15 billion, compared to its gold reserves valued at $600 billion.
“Soon [bitcoin] “It will surpass the entire market value of silver,” Trump said. “It’s not bad about gold. What about gold? Let’s go to gold. One day it will probably surpass gold, but based on the way it’s going now, it may very well be a possibility.”
Following Trump’s speech, pro-bitcoin and cryptocurrency Republican Senator Cynthia Lummis from Wyoming unveiled a bill that would mandate the U.S. Treasury purchase 1 million bitcoins, worth nearly $70 billion, over a five-year period.
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The price of bitcoin has climbed back to its peak of around $70,000 per bitcoin this year, helped by… [+] Donald Trump’s adoption of bitcoin and cryptocurrencies.
Forbes Digital Assets
“We know from modeling the numbers and past experience with bitcoin that it is capable of being a complete game changer in the mess that the United States has gotten itself into with its debt and deficits,” Lummis said. counted The Block in an interview ahead of the announcement.
“We have a strategic oil reserve. We have gold. So the idea of a strategic reserve used specifically to reduce debt solves so many problems that it almost seems inherently obvious, but it’s still a big step,” Lummis said.
This week, Tesla billionaire Elon Musk warned that the US dollar is headed for “destruction” and that the growing $35 trillion debt could “bankrupt the US”-something some analysts think this could drive up the price of bitcoin.
Before Trump’s speech and Lummis’ introduction of his bill, Michael Saylor, founder of software company-turned-bitcoin buyer MicroStrategy, predicted that the price of bitcoin could rise to $49 million per bitcoin by 2045, which would mean that bitcoin’s total market cap would be nearly $100 trillion.
“It could be a $3 million bear case, or it could be a $49 million bull case,” Saylor said in remarks reported by Cointelegraph. “Bitcoin is immortal, immutable and immaterial […] and is the solution to our economic dilemma.”