Trump Confirms Bitcoin Reserve Plans—$15 Trillion Price Boom Predicted

 

This year, Donald Trump has wholeheartedly embraced bitcoin and crypto. A leak has indicated that Russia might be on the verge of initiating a bitcoin cold war.Following Trump’s victory in the November election, the price of bitcoin has soared above $100,000 per bitcoin. The CEO of a major Wall Street behemoth has even admitted to experiencing bitcoin “FOMO.”Now, as an influential billionaire cautions about an impending “debt crisis” that could potentially cause the U.S. dollar to collapse, Trump has declared his intention to establish a U.S. bitcoin strategic reserve.

“We’re going to achieve something remarkable with crypto because we don’t want China or any other nation… but others are adopting it, and we aim to stay ahead,” Trump informed CNBC.”Yes, I believe so,” Trump replied when asked if the U.S. would create a bitcoin strategic reserve similar to its oil reserve.Back in July, when he was a Republican candidate, Donald Trump pledged to form a “strategic national bitcoin reserve” and forecasted that bitcoin could surpass the $16 trillion market capitalization of gold during his appearance at the Bitcoin 2024 conference.Republican senator Cynthia Lummis has presented a bill to Congress, named the Boosting Innovation, Technology and Competitiveness Through Optimized Investment Nationwide (BITCOIN) Act. This bill proposes that the U.S. purchase 1 million bitcoins over a five-year period to mitigate the ever-increasing $35 trillion U.S. national debt.

It was revealed this week that Russian lawmakers are urging the country to establish a bitcoin strategic reserve after Russia’s president Vladimir Putin commended bitcoin as an alternative to foreign currency reserves, especially after Western governments seized its funds in response to Russia’s invasion of Ukraine.The prospect of Trump implementing his bitcoin reserve plans has led to extravagant bitcoin price predictions from bitcoin traders and investors, which has been further enhanced by an unexpected move from Elon Musk.”If Donald Trump manages to introduce many of the proposals he has put forward to the community, the potential is limitless as bitcoin has a fixed supply,” Perianne Boring, the founder of the crypto trade association The Digital Chamber, stated to Fox Business this week.”The stock-to-flow model predicts it will reach over $800,000 by the end of next year,” Boring added. This would result in bitcoin having a market capitalization of approximately $15 trillion, up from the current $2 trillion.