Trump Considers $280 Trillion Bitcoin Reserve to Save Dollar, Boost Crypto Clout

Dec 23, 2024, 09:01 AM

President-elect Donald Trump is considering the establishment of a strategic bitcoin reserve for the United States, a move that could significantly impact the cryptocurrency's role in global finance. Trump's administration has been vocal about its support for cryptocurrencies, with discussions around creating a national stockpile of bitcoin gaining traction. This proposal has sparked debate, with some seeing it as a way to bolster America's position in the crypto market, while critics argue it could destabilize the dollar. The idea of a U.S. bitcoin reserve has been likened to the country's gold reserves, with suggestions that it could involve acquiring up to 5% of the total bitcoin supply. Amid these developments, bitcoin's price has been volatile, recently dipping below $94,000 after reaching a high of $100,000 following Trump's election victory. The U.S. currently holds $20 billion in bitcoin from seizures, and Trump has expressed a desire to HODL these assets, viewing them as a 'national asset' to boost America's crypto clout. A Forbes report suggested Trump pitched a 'massive' $280 trillion price bitcoin reserve to save the dollar.