It’s no secret that Donald Trump was dead against bitcoin and cryptocurrencies a few years ago.
During his first term as US president, Trump said cryptocurrencies are “not money”, and that its value was “highly volatile and based on thin air”.
Fast forward to 2024, the Republican politician changed his tune.
During his re-election campaign, Mr Trump was the headline speaker at a bitcoin convention. He launched his own crypto venture (World Liberty Financial) and received millions of dollars in donations (in the form of bitcoin, ether and XRP) from supporters, including a handful of pro-crypto billionaires.
Since pledging to make America the “crypto capital of the planet”, Trump’s promises to enact pro-cryptocurrency policies have helped push the value of bitcoin to new records (as high as $US108,000 ($173,000) in mid-December).
Trump has also appointed cryptocurrency advocates to key roles in his administration.
However, one of Trump’s more controversial policies is the creation of a “strategic bitcoin reserve” — which would essentially require the US to stockpile bitcoin and hold onto it for a substantial period of time.
At this stage, there isn’t much detail on what a strategic reserve would look like.
Some analysts expect the value of the highly volatile cryptocurrency to keep rising, particularly if the US government is using taxpayer money to purchase large amounts.
Loading…
What is a strategic reserve?
When people talk about “strategic reserves”, they’re most likely…
