Blockchain
‘It’s Inevitable’: Bitcoin Price Sudden Rise on Rumors Donald Trump Will Create Strategic Bitcoin Reserve in US
Bitcoin
Bitcoin
came back to life this month as traders bet that former US President Donald Trump will trigger a bitcoin price boom.
The price of bitcoin has increased by nearly 20% from its early July lows, aided by Shark Tank billionaire Mark Cuban who released a “crazy” bitcoin price prediction.
Now, after Trump reveals JPMorgan bitcoin bombThere are wild rumors circulating that Trump might announce that he would create a strategic bitcoin reserve in the United States during his much-publicized appearance at the Bitcoin 2024 conference in Nashville next week, something that could trigger an “instant moon” in the price of bitcoin.
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Former US President and 2024 Republican presidential candidate Donald Trump has adopted Bitcoin… [+] In recent months, by driving up the price of bitcoin and triggering wild predictions, he has created a strategic reserve of bitcoin in the United States.
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“There is speculation that Trump may announce the establishment of a U.S. strategic bitcoin reserve at the Bitcoin 2024 conference in Nashville,” said Markus Thielen, managing director of institutional analytics firm 10x Research. She said in an emailed note to clients, which noted that the price of bitcoin skyrocketed nearly 1,900% during Trump’s first term.
“The United States could strategically incorporate bitcoin into its reserves, diversifying its portfolio and reducing its reliance on traditional assets like gold and foreign currencies,” Thielen wrote, noting the roughly 212,000 bitcoins currently held by the U.S. government, worth about $15 billion, compared to $600 billion in gold reserves.
“Donald Trump may already be thinking about adding bitcoin to the U.S. balance sheet,” said Lark Davis, a bitcoin analyst and author of the Wealth Mastery newsletter. he wrote to its subscribers.
Previously, Dennis Porter, CEO of regulatory lobbying group Satoshi Action Fund, published to X that Trump “will announce a strategic bitcoin reserve in the US in Nashville,” citing unnamed and anonymous sources.
“People don’t believe the U.S. can implement a strategic bitcoin reserve, but at this point it’s inevitable,” Porter added.
A strategic reserve, such as the U.S. Strategic Petroleum Reserve, is a store of assets kept on hand and designed to be used in an emergency or to secure debt.
“We are getting more and more confirmation that these rumours could be true,” said Simon Dixon, founder of investment platform BnkToTheFuture, published to X.
In response, Ari Paul, chief investment officer at crypto hedge fund BlockTower Capital, questioned the chances that the U.S. creation a strategic reserve of bitcoin over the next four years at 10 to 1, adding that it is “plausible to me that Trump could say that, which would be very bullish for bitcoin in the medium term” and that if Wall Street “truly believes that this is going to happen, then it would be instant moonshot,” referring to a popular bitcoin meme that indicates a rapid increase in the price of bitcoin.
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The price of bitcoin has surged in the months since Donald Trump’s adoption of the cryptocurrency, with some… [+] betting that Trump could significantly boost the price of bitcoin.
Forbes Digital Assets
This week, Trump issued an invitation to Bitcoin 2024 conference attendees for a private fundraiser that includes seating for nearly $845,000 per person at a roundtable event, it was reported by Bloomberg.
The fundraiser will be hosted by conference organizer David Bailey, who was reported from the Washington Post, which has met with Trump several times and said that Trump’s speech at the event will be “the most important political event in the history of Bitcoin and a defining cultural moment for our society.”
Bailey’s conference was also the occasion for El Salvador’s President Nayib Bukele to announce that the country would adopt bitcoin as legal tender in 2021.