How Will It Affect Coin Market?
The newly elected US President Donald Trump has commented on the topic of cryptocurrencies, thus contributing to a new wave of discussions among coin lovers. Even before his victory in the elections in November, the politician promised to create a national crypto reserve, within the framework of which it is proposed to save all confiscated bitcoins, as well as to buy one million BTC. In his latest interview with CNBC, Trump once again confirmed his intentions. He said that a national crypto reserve would help the US achieve primacy in the digital asset industry, and that the strategy of accumulating BTC may soon become not an adventure, but a necessity.
It is worth noting that crypto has become a popular topic for the Trump family. Earlier this week, the son of the newly elected US president, Eric Trump, spoke at a crypto conference.
He stated that there is no doubt that Bitcoin will grow to a million dollars in the future. Here is the corresponding video.
When Will the US Buy Bitcoins?
During an interview, CNBC host Jim Cramer compared Bitcoin’s reserve to a strategic oil reserve. Trump agreed with the analogy and shared the following comment.
I think so. We will do something great with cryptocurrencies. Because we don’t want China or anyone else to get ahead in this regard.
The politician specifically noted that the US should be the leader in this new promising area. This approach is in line with the newly elected president’s desire to establish adequate regulation of the coin industry in order to promote its development in America and at the same time help the local economy.
Throughout his campaign, Trump has leaned toward cryptocurrency, though he was skeptical of digital assets during his first term. In July, Trump won the support of many industry supporters when he said that if elected, he would fire SEC Chairman Gary Gensler and create a “strategic Bitcoin reserve.”
The Trump family then launched a decentralized finance crypto project called World Liberty Financial, taking its interaction with the digital asset space to a new level.
US President Donald Trump
According to sources at The Block , the community’s optimistic reaction to what’s happening in American politics is directly reflected in the digital asset market.
However, the price of Bitcoin and other coins has been growing rapidly since Trump won the election. Since that day, the BTC rate has risen from about $68,000 to $104,000. According to analysts, the success of Trump and the Republicans in general should have a long-term positive impact on the industry.
Initiatives similar to Trump’s ideas are also starting to appear in the US at the local level. After all, on Thursday, a bill was introduced in the Texas House of Representatives to create a strategic crypto reserve – its creation could become a kind of “test” for the Treasury Department.
The proposed legislation would allow the state to begin building a strategic reserve by accepting taxes, fees, and donations in bitcoin that would be held for at least five years, Republican state Rep. Giovanni Capriglione said, according to CNBC .
According to the Satoshi Action Fund, the bill is intended to strengthen the state’s financial stability and establish it as a leader in innovation. Here’s Capriglione’s take on the matter.
Probably the biggest enemy of our investments is inflation. Strategic crypto reserve and investments in BTC are a win-win option for the state.
Bitcoin Price Change Over the Last Three Months
Let’s remember that Texas is not only the second largest economic region in the United States, but also the most concentrated state in terms of the number of miners. It is believed that some of them will start paying taxes in cryptocurrency.
While the initial proposal in the bill does not include a direct strategy for buying bitcoin, Capriglione noted. He continues.
My goal is to make this bill as important and as far-reaching as possible. We want to provide some leeway and flexibility at the outset, but if I can get support from other legislators, we will make it even stronger.
There are some doubts, however, that the US will actually create a crypto reserve — or, if it does, that it will be the first to do so. However, the idea of creating Bitcoin savings will certainly be a positive catalyst for the market next year, which will push other countries to similar initiatives.
Bitwise analysts previously spoke about the importance of implementing the initiative. They believe that the peak for Bitcoin during the current bull run in 2025 will be the line of 200 thousand dollars. However, if the US really announces the creation of a national cryptocurrency reserve, then this level will rise to the mark of 500 thousand or even more, the experts noted.
Bitcoin BTC Rate Growth
They also expect the number of countries that will own Bitcoin to double next year, which could very well come true given what is happening with the coins today.
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