Official announcements from the U.S. government or relevant financial authorities

Trump Confirms U.S. Bitcoin Reserve Plans, Predicting $15 Trillion Market Boom Amid Debt Crisis Warning

Dec 14, 2024, 11:04 PM

Former President Donald Trump has confirmed plans to establish a U.S. strategic bitcoin reserve, a move that could potentially lead to a significant increase in bitcoin's market capitalization, with predictions reaching up to $15 trillion. This announcement comes amidst discussions of a looming 'debt crisis' that could impact the U.S. dollar, and follows Trump's earlier promises during his campaign to embrace cryptocurrency. The proposed reserve would mirror the U.S. oil reserve, aiming to position the U.S. ahead in the global cryptocurrency race. This initiative has sparked optimism among bitcoin traders and investors, with some predicting that bitcoin could surpass gold's $18 trillion market capitalization. Trump's confirmation follows his November election victory, which has already spurred a bitcoin price surge. Republican senator Cynthia Lummis has introduced the Boosting Innovation, Technology and Competitiveness Through Optimized Investment Nationwide (BITCOIN) Act, proposing the U.S. buy 1 million bitcoins over five years to reduce the national debt. Russia is also reportedly considering creating its own bitcoin strategic reserve.