Donald Trump Supports Bitcoin as a Strategic Reserve Asset for the US

A recent report by Forbes reveals that former President Donald Trump has shown strong approval for Bitcoin (BTC), sparking conversations about classifying the cryptocurrency as a strategic reserve asset.

Trump took to social media to recognize the geopolitical importance of BTC and cautioned against policies that could impede its progress, noting that such measures would favor China and Russia. This stance marks Trump as the first major political nominee to embrace Bitcoin and has directed attention towards BTC as a strategic reserve asset.

Call to Back US Dollar with Bitcoin

Various Bitcoin-friendly political figures and influencers have suggested considering BTC as a strategic reserve asset. Since January, Vivek Ramaswamy, a former presidential candidate, has been advising Trump on Bitcoin and digital assets.

Ramaswamy proposed supporting the US dollar with a range of commodities, including BTC, to combat inflation and uphold the currency’s value over time. Additionally, Senator Cynthia Lummis, also known as the “Crypto Queen” of Congress, proposed diversifying the Federal Reserve’s foreign currency reserves by incorporating BTC into its balance sheet.

Lummis believes that Bitcoin serves as a strong store of value and sees the advantages of diversifying the country’s investments.

Bitcoin’s Impact on the Nation’s Economy

The discourse surrounding Bitcoin as a strategic reserve asset raises queries about how the US could utilize the digital asset to bolster its financial well-being and geopolitical standing.

Alex Thorn, the head of firmwide research at Galaxy Digital, stated to Forbes that BTC’s decentralized nature and solid fundamentals make it suitable for an expanding role in geopolitics and international trade. Thorn accentuates that BTC’s network layer could evolve to encompass nation-states, transforming it into a valuable instrument for economic strategies.

As of the latest update, BTC is valued at $59,760, reflecting a decrease of over 3% in the past 24 hours.

Featured image from DALL-E, chart from TradingView.com