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President-elect Donald Trump has expressed support for a U.S. Bitcoin reserve, suggesting that the government should hold onto its existing Bitcoin assets rather than auctioning them off. Trump has pledged to maintain the current level of Bitcoin holdings.
Kalshi, an American prediction market, began offering gambling odds on such a reserve.
US Senator Cynthia Lummis is optimistic that her proposal to create a national Bitcoin reserve will gain traction within the first 100 days of Donald Trump’s second presidential term.
The Bitcoin Act, introduced in July, would allow the US to acquire one million BTC, positioning the country as the largest government holder, similar to its gold reserves. However, the bill still requires approval from both the Senate and House before reaching the President’s desk.
The price of Bitcoin briefly soared on the president's directive to evaluate the potential for a "national digital asset stockpile".
However, his executive order fell short of creating a strategic bitcoin reserve outright, as some crypto advocates had hoped.
Advocates have supported the creation of such a reserve on the grounds that bitcoin is the new "digital gold." Just as the United States holds gold reserves, crypto advocates say, it should own bitcoin, as well.
“I think the world is moving to a bitcoin standard for money,” Brian Armstrong, the CEO of the crypto group Coinbase, said this week at the World Economic Forum in Davos, Switzerland, according to Yahoo News. “Any government who holds gold should also hold bitcoin as a reserve.”
