Donald Trump has officially endorsed Bitcoin, setting the stage for a groundbreaking U.S. Bitcoin strategic reserve. The announcement comes amid rising global tensions, including reports that Russia is eyeing Bitcoin to counter Western sanctions, potentially sparking a “Bitcoin cold war.”
The Bitcoin price has surged past $100,000 following Trump’s re-election, fueled by market excitement and a wave of “fear of missing out” (FOMO) from major Wall Street players. Trump told CNBC, “We’re going to do something great with crypto because we don’t want to be left behind while others, like China, embrace it. We want to lead the charge.”
When asked about a U.S. Bitcoin reserve akin to the strategic oil reserve, Trump confirmed, “Yes, I think so,” as per Forbes. This aligns with his earlier promise during the Bitcoin 2024 Conference to create a “national Bitcoin reserve,” predicting Bitcoin’s market cap could soon rival gold’s $16 trillion.
Adding momentum to this initiative, Republican Senator Cynthia Lummis has introduced the BITCOIN Act, a proposal for the U.S. to accumulate 1 million Bitcoins over five years to address the $35 trillion national debt.
Meanwhile, Russia’s President Vladimir Putin is also praising Bitcoin as a tool for economic resilience, with lawmakers pushing for their own Bitcoin reserve following asset freezes by the West.
Market experts are now forecasting a dramatic rise in Bitcoin’s value. Perianne Boring, founder of the Digital Chamber, told Fox Business, “If Trump’s plans materialize, Bitcoin’s fixed supply could send its price to $800,000 by next year, creating a $15 trillion market cap.”
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