With President-elect Donald Trump’s recent commitment to using Bitcoin as a strategic reserve asset for the United States, speculation has intensified regarding the timing and feasibility of this initiative within the cryptocurrency industry.
This suggestion first Articulated During the 2024 National Bitcoin Conference in Nashville earlier this year by Trump and pro-crypto Senator Cynthia Lummis, it received significant attention as major financial players pondered its potential implications.
Race to implement Bitcoin Strategic Reserve
It is worth noting that BlackRock, the world’s largest asset manager and a major issuer of exchange-traded funds (ETFs), has expressed its support for creating a strategic reserve of Bitcoin.
As revealed by Trump and the Senator’s previous statements Loomis billThis initiative aims to address the country’s staggering national debt, currently estimated at $36 trillion, by leveraging Bitcoin’s unique attributes as a digital asset.
Dennis Porter, co-founder and CEO of the non-profit Satoshi Action Fund (SAF), certain BlackRock approved the Bitcoin Strategic Reserve, emphasizing that the Trump administration is actively seeking to establish this reserve through an executive order.
Porter indicated that his discussions with the US Senate offices reveal great support for this plan. It helps“Game continues, President Trump. The race is on.” He highlighted the urgency of the situation, noting that Trump’s team is motivated to act quickly to implement the reserve before any states can adopt similar legislation.
New BTC Legislation Before Trump’s Inauguration?
Porter also indicated that he is racing to pass Bitcoin Strategic Reserve legislation at the state level, perhaps before any federal executive order, underscoring his confidence that such laws can be enacted within days of Trump taking office.
Interestingly, Trump’s proposal resonated outside the United States, with Porter Revealing He was invited to speak to members of Congress and Parliament in two different countries, one in Europe and the other in Latin America, about… Similar creation Bitcoin Strategic Reserve.
In parallel with these developments, BlackRock chest a a report Which indicates renewal Optimism surrounding regulatory clarity for Bitcoin and digital assets, especially after the recent US elections.
The report notes that the Trump campaign’s commitment to a strategic reserve of Bitcoin, coupled with its electoral success Pro-crypto politicians In both the House and Senate, it could create a macroeconomic environment conducive to Bitcoin adoption.
Robbie Mitchnick, head of digital assets at BlackRock, highlighted that while Bitcoin’s long-term adoption will be largely driven by its primary use case as a global cash alternative, other factors, such as lower real interest rates, may also be a factor. Catalysts To increase its acceptance.
At the time of writing, BTC is trading at $92,330, approaching the all-time high of $93,300 that was reached during last week’s bull run.
Featured image of DALL-E, chart from TradingView.com