US President-elect Donald Trump is pushing forward with plans to create a US bitcoin strategic reserve, which could generate an estimated $16 trillion to $81 trillion in value. The proposed policy aims to strengthen the US dollar, neutralize national debt, and position America at the forefront of the 21st-century digital economy.
According to leaked documents and pitches by MicroStrategy founder Michael Saylor, the US bitcoin reserve would be a key component of a “capital markets renaissance” fueled by cryptocurrencies. Saylor’s plan outlines expanding global digital capital markets from $2 trillion to $280 trillion, with the US dominating this industry.
The bitcoin price has more than doubled since summer lows, soaring past $100,000 per coin. This boom is expected to drive massive demand for US Treasuries and solidify the US dollar as a foundation of the 21st-century digital financial system.
Trump confirmed his intention to establish a US bitcoin reserve last week, stating he wants the US to create a reserve similar to its oil reserve. A US senator has introduced a bill to Congress proposing the purchase of 200,000 bitcoins annually until the reserve reaches one million coins.
Industry experts are taking note of the shift in Trump’s stance on bitcoin, with some highlighting his transformation from skepticism to advocacy over the past few years. As the cryptocurrency market continues to boom, it remains to be seen how this plan will unfold and its potential impact on the global economy.
Source: https://www.forbes.com/sites/digital-assets/2024/12/22/trump-pitched-massive-280-trillion-price-bitcoin-reserve-to-save-the-dollar