The US is considering establishing a strategic bitcoin reserve under President-elect Donald Trump’s plan. Strike’s founder Jack Mallers revealed that Trump intends to sign an executive order on day one, aiming to purchase significant amounts of bitcoin.
Senator Cynthia Lummis has proposed the Bitcoin Act of 2024, which recommends the US Treasury and Federal Reserve buy 200,000 bitcoins per year for five years, totaling one million bitcoins. This would make up about 5% of the world’s bitcoin hoard.
Trump expressed interest in creating a strategic reserve during a recent appearance at the New York Stock Exchange. When asked if the US would set up a bitcoin strategic reserve similar to its oil stash, he replied, “Yes, I think so.”
The proposed move could significantly impact how governments perceive and utilize cryptocurrencies. If implemented, it may encourage global adoption of bitcoin as a fundamental component of economic strategy, potentially reshaping the financial system’s approach to currency reserves.
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Source: https://news.bitcoin.com/strike-ceo-drops-bombshell-trump-eyeing-us-bitcoin-reserve-on-day-one-via-executive-order