Key Points
- Trump confirmed the creation of a Bitcoin reserve, predicting BTC’s potential to surpass gold’s market cap.
- BTC surpassed $102,000, amidst global plans for establishing similar national reserves.
The US President-elect, Donald Trump, confirmed the upcoming creation of a Strategic Bitcoin Reserve in the US. Also, Japanese and Russian lawmakers have proposed similar moves for their countries, amidst a rising global wave of adoption and surging interest in crypto.
Trump Confirms US BTC Reserve – $15 Trillion Market Cap Boom
During a recent interview with CNBC , Trump confirmed crypto and Bitcoin plans in the US, after making important moves in support of the industry.
When he was asked whether the US would create a BTC reserve similar to the oil reserve, he said “Yes, I think so,” as quoted by a recent Forbes article.
He also said that the country will do something great with crypto because they don’t want other countries including China to be ahead, considering that they are already embracing the industry.
Forbes also mentioned Trump’s promise in July to create a national BTC reserve, predicting the potential of the digital asset to surpass gold’s market cap during his appearance at the Bitcoin 2024 Conference.
Bitcoin recently surpassed $2 trillion in market cap while gold has a market cap of over $17 trillion – for BTC to surpass gold, it would mean over $15 trillion pouring into the market.
Billionaire investor Ray Dalio recently warned of a looming “debt crisis” in the US which is expected to trigger a sharp decline in the value of the US dollar; this would mean more money printing and more amounts incoming into the crypto industry.
As we reported yesterday, MicroStrategy has just been added to the Nasdaq 100 Index, which means even more exposure for investors to BTC – so the scene looks perfectly set for an upcoming wave of inflows into the industry.
Regarding some fears that MicroStrategy’s addition to Nasdaq 100 could influence BTC’s price if the company decides to sell in case of high volatility, this hasn’t been the case so far. The company has been buying BTC since 2020, despite the market volatility.
More countries are preparing to establish Bitcoin reserves, amidst a global race for adoption.
CZ Highlights Plans for BTC Reserves in Japan and Russia
Binance’s CZ shared a post early this morning, mentioning that Japanese lawmakers are also pushing for a BTC reserve in the country, along with Russia.
CZ via X
MSN recently revealed that House of Councilors member Satoshi Hamada has called for Japan to start considering a national BTC reserve, discussing a proposition with lawmakers to investigate how other countries start their own reserves.
Also, Russian lawmakers are planning for the same move in order to counter geopolitical challenges, as CZ highlighted via his X account.
CZ via X
Forbes confirmed the news on December 10, revealing that State Duma deputy Anton Tkachev proposed creating a BTC reserve in the country, quoting a leak from Russian news agency RIA Novosti.
Last month, Russian President, Vladimir Putin, signed BTC and crypto tax regulation into law.
Bitcoin is currently trading above $101,000, after surpassing $102,000 yesterday, amidst huge optimism flooding the crypto industry, and supported by billions in BTC ETF inflows.
The crypto products recorded a continued streak of inflows since November 27, amassing over $35 billion in cumulative flows since their January launch.
The crypto industry has all reasons to remain optimistic at the end of 2024, and hope for a golden era set to debut in 2025 that will take BTC to new heights .
