Trump Confirms Bitcoin Reserve Plans—$15 Trillion Price Boom Predicted

Forbes ^ | 12/14/24 | Billy Bambrough

[EnderWiggin1970]

Donald Trump has firmly embraced bitcoin and crypto this year as a leak reveals Russia could be about to start a bitcoin cold war.

The bitcoin price has rocketed past $100,000 per bitcoin on the back of Trump's November election, with the chief executive of a major Wall Street giant admitting bitcoin "FOMO."

Now, as an influential billionaire warns of a looming "debt crisis" that could collapse the U.S. dollar, Trump has confirmed he plans to establish a U.S. bitcoin strategic reserve.

"We're gonna do something great with crypto because we don’t want China, or anybody else … but others are embracing it, and we want to be ahead," Trump told CNBC.

"Yes, I think so," Trump said in response to a question about whether the U.S. will create a bitcoin strategic reserve similar to its oil reserve.

[EnderWiggin1970]

I dislike the cheesy "FOMO" tone of the article, but this is part of increasing chatter about various countries creating Bitcoin strategic reserves. So far only El Salvador has done this as a matter of policy, but the US and China (and UK) already hold significant bitcoin reserves as a side effect of criminal seizures. (I seem to recall that way back, Bulgaria was one of the biggest Bitcoin holders from crime seizures; I imagine someone there is calculating what it would have been worth if they hadn't sold and is gnashing their teeth about now.)

[Rural_Michigan]

Same for Germany, they probably regret selling at 50k. Everyone who sells regrets it eventually.

[Larry Lucido]

Never mind the bitcoin strategic reserve. How about refilling the strategic oil reserve?

[Brilliant]

A lot of big investors are going to lose their shirts.

[aMorePerfectUnion]

If YOU would like to be on a CRYPTO PING LIST, please pm me.

The Crypto Ping List covers the following:

Bitcoin
Ethereum
Other coins built on the Ethereum blockchain mining
etc.

Thanks! For it - or ag'in it, it'll be a wild ride.

[montag813]

Imagine if Biden had actually done this in 2017. Wow.

[montag813]

A lot of big investors are going to lose their shirts.

Not a chance. BTC $650,000 next year.

[vmpolesov]

Bitcoin will go up forever! Until it reverts to its intrinsic value, which is $0.

Good luck.

[HereInTheHeartland]

I don’t get it.
Why is this needed ?

[EnderWiggin1970]

Because if the DOGE can't get $2T in annual cuts the budget deficit is going to become a runaway snowball of debt until the amount of money that needs to be printed to monetize the debt creates hyperinflation. That will result in the dollar becoming worthless. And all other government fiat currencies are in about the same boat, so there is no point in buying other fiat up for insurance. The solution is to hold significant reserves like gold or bitcoin. But while gold's upside is fundamentally limited (it basically retains the same real-world value when compared to, say, a loaf of bread), bitcoin is still in the (relatively) early adoption phase, with significant appreciation ahead.

Let's say the US government does go ahead and buy up 1 million BTC as some have reported. The destruction of the dollar would almost certainly happen in a calamity that would destroy the Euro, Yen, etc. as well. As that point the US government (not even counting private holdings and local/state government reserves) would hold 5% of the world supply of bitcoin, which would emerge as the flagship global currency of the world. That would enable the US to survive relatively unscathed compared to governments that lose everything when their fiat becomes worthless.

[roadcat]

Not a chance. BTC $650,000 next year.

That would be nice. Rather than buy bitcoin, I invested in GBTC, a bitcoin trading company. In January 2023 it was $8/share. Now it's over $80/share. Not bad, 10x jump in two years. It also split off BTC Mini shares, 1 for 1 of GBTC, and that has also jumped greatly in value. Free money for me.

[Aria]

I had 100 BTC @ 40 ea. Sold it because I didn’t want to lose $. :-(

[EnderWiggin1970]

GBTC was the first "institutional" onramp to holding BTC. I swapped a Roth IRA out of gold (my worst investment ever, but chosen in the abyss of the 2008 crisis) into GBTC in 2015, and cashed out in mid-2017 for a ~13X gain. But that was only so I could triple down with a self-directed IRA, which allowed me to invest in crypto directly and under my own control.

I retired in January 2018...

[roadcat]

I retired in January 2018...

You did great! I'm retired, and enjoying the free money also.

[armourenthusiast]

We could take out a loan using our future Mars revenue in the godzillions as collateral.

[Strict9]

bitcoin would be great if you could actually buy something with it, like a hamburger- which you cannot.

[Blue Highway]

So that $4k investment would be worth over $10 Million today?

[bakeneko]

I seriously doubt that the Chinese are going to dump their gold and silver to buy digits on a screen that they know can be hacked, wacked and shellacked by London and NY bankers.

[Karl Spooner]

I had 100 BTC @ 40 ea. Sold it because I didn’t want to lose $. :-(

[Drago]

Sure you can, there are several Bitcoin VISA/Mastercards available and then there is “BitPay” among serveal others:

https://bitpay.com/directory/restaurants-food-beverages/

https://www.mastercard.com/global/en/business/issuers/crypto/card-program.html

https://www.bitcoin.com/cards/visa-cards/

https://www.coinbase.com/card