- Trump states the creation of a Bitcoin reserve in the US in order to increase crypto supremacy.
- Bitcoin has reached $100K, with expectations of reaching $800K by next year.
The price of Bitcoin has surged past $100,000 after former President Donald Trump declared the creation of a U.S. Bitcoin strategic reserve. The news comes as Trump intensified his efforts to make the United States a world leader in cryptocurrencies. This follows his decisive November elections.
According to the plan, which Trump revealed during an interview on CNBC, he called the reserve something like the US oil reserve. We’re going to do something great with crypto because we don’t want China or anybody else getting ahead, he said. The news comes on the heels of a promise that Trump made in July during the Bitcoin 2024 Conference. He promised to establish a national reserve as Bitcoin could surpass the $16 trillion market capitalization for gold. This announcement further emphasizes the potential of Bitcoin in the global market.
Market Reacts to U.S. Ideas on Bitcoin Reserve
The proposal has created bullish sentiment in the crypto market. The leaders of the industry expect growth to be unprecedented. Perianne Boring, the founder of the Digital Chamber of Commerce, said that Bitcoin’s fixed supply is a catalyst for future gains. She predicted that the cryptocurrency could hit $800,000 and have a $15 trillion market cap by the end of 2025.
The plan by Trump also resonates with bipartisan legislation proposed by Republican Senator Cynthia Lummis. In the BITCOIN Act, she outlined a law that plans for America to purchase 1 million bitcoins over five years. This effort aims to pay off the nation’s $35 trillion debt and solidify its position at the forefront of crypto.
Meanwhile, geopolitical factors are also giving a boost to Bitcoin. Russia and places like Texas are establishing their own Bitcoin reserves, and Russia’s President Vladimir Putin now speaks positively about Bitcoin in the context of economic sanctions. Here is a possible crypto cold war, where a nation is trying to dominate another by integrating Bitcoin into their financial systems.Further to this, the response from Wall Street seals the growing influence of Bitcoin as firms are racing with each other to adopt crypto-driven strategies. Musk’s latest hints for Tesla regarding Bitcoin’s renewed interest have added fuel to the market along with FOMO among investors.
As of writing, Bitcoin has touched a new high of $103,920, which has increased by 1.02% over the last 24 hours. Trump’s Bitcoin reserve may become the new world order. It has a probable high point at approximately $800,000 for a coin of Bitcoin; the currency would serve to set a basis for power that is fundamentally economic as well as political. It can therefore act as an important strategic asset from the standpoint of countries regarding which forms the full ground to establish an entirely changed world financial order.
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