Rumor: Trump could declare a Bitcoin strategic reserve

[legiteum]

The real question is, is he sitting on a pile of Bitcoin right now? Knowing that could tell us what he might do next. Everyone loves money, but come on, rich folks are kinda obsessed with it, right?

It does not appear that Trump has Bitcoin, although we cannot know for sure, the one he does have and has declared it is the VP pick.

https://investorplace.com/2024/07/j-d-vance-is-the-first-bitcoin-holder-on-a-presidential-ticket-heres-everything-we-know-about-his-position/

I'm not going to give this much more thought until the rumor is confirmed or disproved. If it is confirmed it will be huge, that's for sure.

Trump already has his own token, as I understand it.

Trump could make himself the world's first trillionaire by simply pumping his coin and declaring Bitcoin to be illegal in the USA and any country that wants protection by the USA and any country who wants to trade with the USA.

[slaman29]

Don't care Trump or Biden or whatever president, but watershed reserve sounds like too much of a huge step forward.

Federal Reserve would never allow it, so I think they will ensure all the politicians never pass such a proposal.

USD will crash and burn even earlier than we expected if this really happens!

Can the Fed intervene in this? I don't think the Fed will have the right to intervene and it is US Congress who makes the decision because this is the country's strategic reserve fund.

But I also don't think this will happen anytime soon even if Mr. Trump actually proposes this to Congress. After all, we need to admit that bitcoin is still too young and still has potential risks, governments will not rush to use bitcoin as a national reserve strategic asset. I think he's just exaggerating.

Also, I don't think if that comes true it will affect the USD, bitcoin is just considered an asset similar to gold, it won't damage or crash the USD. Trump's mission is to protect the USD, so I think he will not make proposals that will affect the future of the USD.

Fed can't overturn any decision on its own but that's what I meant in my post. If somehow Trump allows this thing, he has to make it a rule. He can do it no problem for Bitcoin if that's what he wants.

BUT Fed will then go and force all the politicians and even judges in Supreme Court to overturn it.

Trump doesn't need to propose it, he can do it if he wants but if he wants it to remain in force, like permanent then he has go to Congress. This is how I understand US politics.

[masyari]

That sounds too good to be true. I guess that this is nothing more than his populism

[fuguebtc]

It does not appear that Trump has Bitcoin, although we cannot know for sure, the one he does have and has declared it is the VP pick.

https://investorplace.com/2024/07/j-d-vance-is-the-first-bitcoin-holder-on-a-presidential-ticket-heres-everything-we-know-about-his-position/

I'm not going to give this much more thought until the rumor is confirmed or disproved. If it is confirmed it will be huge, that's for sure.

Trump already has his own token, as I understand it.

Trump could make himself the world's first trillionaire by simply pumping his coin and declaring Bitcoin to be illegal in the USA and any country that wants protection by the USA and any country who wants to trade with the USA.

There are hundreds of tokens based on his name, campaign slogans , or events related to him, but none belong to him or represent him . All those tokens were created and hyped by the crypto community . So far he only has one website accepting cryptocurrency donations and that's the only thing we know of, you can't blame him when you don't have real proof of it.

Although he is not the richest billionaire in the world, he is still in the top billionaires and I think what he wants now is power in the white house, politics , not becoming the richest billionaire in the world.

[FatFork]

I'm not going to give this much more thought until the rumor is confirmed or disproved. If it is confirmed it will be huge, that's for sure.

I agree. Can't trust none of these big money players not to be playin dirty pool behind the scenes.  Just is what it is.

[NotFuzzyWarm]

BTC as a 'strategic reserve' is a horrible idea in that its value is tied to fiat. If the USD crashes what will the BTC be converted to? Pesos, Yuan, Euros, YEN, etc which are then converted to USD? BTC by itself has no intrinsic value unlike precious metals.

[legiteum]

There are hundreds of tokens based on his name, campaign slogans , or events related to him, but none belong to him or represent him . All those tokens were created and hyped by the crypto community .

I vaguely recall Trump issuing NFTs in his name. Regardless, creating his own currency would be a trivial matter. Heck, with Haypenny, you can do it in five minutes or less (although some person has already claimed Trump as a currency there already).

Although he is not the richest billionaire in the world, he is still in the top billionaires and I think what he wants now is power in the white house, politics , not becoming the richest billionaire in the world.

He's not even in the top 1000 richest in the world, and the fact that he spent most of his time in his first term stealing relatively small amounts of money from the US Federal government shows that his primary focus is enriching himself, even if its only a few million dollars.

Trump knows that, had he only put the money his father gave him in the bank, he would be worth many times what he is worth today. That surely makes him feel very ashamed: all he ever was is a spoiled rich kid who spend some of his father's money. Success for somebody like Trump is being richer than Elon Musk or Bill Gates, not being #1242 on the world's richest list.

And Trump creating his own coin and pumping it using the power of the US federal government is a fairly clear path to him becoming the world's first trillionaire, which would be rather tantalizing for somebody like him.

[Franctoshi]

I personally believe it may be just another PR stunt from Trump just to win some votes.
He further said that he would be using bitcoin to back the USD which sounds insane and too good to be true.
Even if he wins the elections, there is not guarantee that he would be promoting the use of bitcoin or use it to back USD.

Yes, you can't take this fact away that his trying to gain some from the crypto community, yeah it also an election strategy but still, I think that's not just the only thing, but he understood what people need at the moment (Bitcoin) and taking the advantage as well as Trump being a businessman and from an investor point, I believe he's got to understand the amazing potential that Bitcoin has as asset class quite better and seeing it as a digital Gold, Therefore the need to become Bitcoin advocate this period and in view to also help him win election which I believe if he gets into the office possibly he will sign bills that will help Bitcoin and its community thrive and not gonna abandon his promises.

Looking at the events surrounding Bitcoin lately, it looks like a worldwide Bitcoin adoption is about to take off and enter a different phase where we would begin to see various governments of the world start to add Bitcoin into their reserve portfolios, should this becomes the case.

[mindrust]

When Elon tweets doge/bitcoin, accept bitcoin for his teslas; nobody said he is using crypto to gain popularity.  Michael Saylor is doing the same thing every day. He talks like he belongs to a crypto cult. Companies add "blockchain" to their names and they get pumped in the stock market immediately.

When Trump does the same thing, suddenly it is the end of the world.

Why don't Biden do the same thing if it is such a shortcut to victory? He can join some other Bitcoin conference and talk there.

Wait a minute... He has nothing to say.

[darkangel11]

We should go all in now. Bitcoin bull run is now confirmed if the news comes true.

We should never go all in. No investment, even one that you really believe in, is worth risking all you have.
Ask yourselves if investing 30% of your money wouldn't make you rich if bitcoin reaches $120k per coin. Then think about the position you'll find yourself in if you invest everything and it does go up a bit, but you miss the top and end up holding at a loss and there will be a moment when you are at a loss if you hold until the next bear market. I bet that when bitcoin goes to $100k, everybody will say now it's $150 time and then it goes to $120, they'll keep holding and it crashes back to 50k and they'll all give up and sell at a loss. IMO he will not make bitcoin a strategic reserve. He's using crypto enthusiasts to gain support he needs, but won't go against the dollar that he used and supported for over 60 years.

[Iranus]

BTC as a 'strategic reserve' is a horrible idea in that its value is tied to fiat. If the USD crashes what will the BTC be converted to? Pesos, Yuan, Euros, YEN, etc which are then converted to USD? BTC by itself has no intrinsic value unlike precious metals.

And I don't think that's possible either, Trump is just hyping things up about bitcoin to attract more attention from crypto investors as well as for his political purposes. Even if he really wants to do this, he will face huge challenges from Congress, the Fed...In short, this will not be easy to do.
I also support Trump because if he is elected, it will have a positive impact on the cryptocurrency market and investors like us will benefit. But I like reality, not fantasy, so not only is this a bad idea, it won't happen.

[ultrloa]

At the moment it seems to be just a rumor but it has already been echoed in several media, so I think it is worth bringing it here.

Former US president and current Republican presidential candidate Donald Trump could announce Bitcoin as a “strategic reserve asset” during a crypto conference in Nashville later this month, according to rumors on social media.

Trump is widely expected to speak at the upcoming Bitcoin conference in Nashville, which will take place later this month.

Dennis Porter, co-founder and CEO of the Satoshi Action Fund, said he got this information from “credible” sources.

“Adding #Bitcoin as a ‘strategic reserve’ to the US Treasury is a no brainer and once the USA does it, the paradigm will shift and the world will understand they must also have a #Bitcoin position,” he wrote on X.

Read more on:

Trump potentially declaring Bitcoin a strategic reserve asset seen as a ‘watershed moment’

I think if it came true this would be huge. But that's a big if. What do you think about it?

It will remained rumor until there's no actual implementation nor created regulation for this to happen. Since maybe their are parties that want to create exaggerated things so that they will expect a lot for Trump but if the guy fails to deliver what people think that might happen under his term then lots of people will get discourage with them.

That's why we need to be more careful picking unverified information so that we will not catch the unnecessary attention that those people want. I guess much better for people to wait for official announcement or if this information will came out on Trumps mouth so that we can look forward on something he promise while asking for peoples vote.

[Lucius]

BTC as a 'strategic reserve' is a horrible idea in that its value is tied to fiat. If the USD crashes what will the BTC be converted to? Pesos, Yuan, Euros, YEN, etc which are then converted to USD? BTC by itself has no intrinsic value unlike precious metals.

I don't know where people get all these ideas from, but I wrote somewhere before (perhaps on another forum) that after all the promises he has already made, Trump may declare Bitcoin to be legal tender in the US. Of course, that doesn't make any sense, because no matter who the president of the US is, some policies will never change - and during his last term, Trump stood behind the policy of defending the USD by all possible means.

It is tragic that people think that Trump will help them get rich by doing something with BTC, without even thinking about the consequences of his policies for the whole world.

[ABCbits]

Don't care Trump or Biden or whatever president, but watershed reserve sounds like too much of a huge step forward.

Federal Reserve would never allow it, so I think they will ensure all the politicians never pass such a proposal.

USD will crash and burn even earlier than we expected if this really happens!

The rumor doesn't state how much Bitcoin used for reserve though. I recall another politician suggest similar thing, while stating only up to 1% to reduce risks. If the rumor is true, i expect trump have similar idea.

[shield132]

It doesn't make sense to me that a country like the US, which is a global superpower and wants to keep the USD number one currency, will save strategic reserves in Bitcoin. Besides being an asset, Bitcoin is a currency and a competitor of the USD. Also, how can a country like the US can risk saving strategic reserves in a currency that they don't control and have no idea who created it? If Satoshi awakes tomorrow and transfers his coin, what is the US going to do? Their strategic reserves can be in a huge trouble if Satoshi wakes up or something similar happens.

The real question is, is he sitting on a pile of Bitcoin right now? Knowing that could tell us what he might do next. Everyone loves money, but come on, rich folks are kinda obsessed with it, right?

Riches have psychological problems with money. They have all the money, the amount that they and their generation will never be able to spend but still crave it like beggars.

First red flag for me is the flag that Blackrock is purchasing so many bitcoins, Germany sold everything and now there are speculations about UK doing the same.

Yeah, that's a red flag but I don't understand why Germany sold everything in such a market. BlackRock is buying and Germany sells? That doesn't make Germany smart, only the opposite.
Btw the USA fighting Binance while working on Bitcoin ETF approval, which says everything about their dirty games.

[Marykeller]

With all this saga, I keep wondering why Trump finally had a sudden change of mind towards Bitcoin. Why all the sudden praise for Bitcoin, or was it that he never realized it when he first ran for president in 2017? There was a BBC report in 2021 in which he clearly stated that he doesn't like Bitcoin because it's competing with the dollar. If Bitcoin is declare as a strategic reserve, what are the chances that it will not still compete with the dollar, which was Trump's fear in 2021?

"Bitcoin, it just seems like a scam," Mr Trump said. "I don't like it because it's another currency competing against the dollar."

The world politics have made me to understand that, we don't have to go by what politicians say because they can stand against something today, by tomorrow they have a change of mind, stating their support on the same thing they stood against before.

Trump is always good at saying what people would like to hear. By tomorrow, he can still say something contrary to Bitcoin that he is supporting today. I trust him on that.

The very aim of every politician is to do whatever it takes to win the election, even if it means lying to the masses. It doesn't matter cos they can have every little thing fixed, corrected, and settled on their terms the moment they become president

[Captain Corporate]

Having something like this would definitely help USA, but at the same time I am not sure if they would even consider it, because it could cause some precedent and they would not like to have that. Because if the USA does it, then what stops other nations to do it as well? They may do that and I think that is why they can't. Trump may "want" to, but the good side about USA is that president can't do whatever he wants, he has some powers, but not unlimited powers. This means that if he wants to have crypto reserves, and other powers says no, then he can't have it. We will of course end up seeing what happens, maybe they would all come together and agree that its a good idea. To be fair its a good idea, but could make USD a bit weaker, that's why I am not sure, not like they will have too much USD in reserve, they use it, so bitcoin could be a fine addition to their situation.

[Lucius]

Yeah, that's a red flag but I don't understand why Germany sold everything in such a market. BlackRock is buying and Germany sells? That doesn't make Germany smart, only the opposite.
~snip~

After so many topics and posts, are we still living in delusion? The German government has nothing to do with the sale of BTC...

It's not the country of Germany that's been selling millions of dollars worth of bitcoin, but a small German state called Saxony. The state confiscated almost 50,000 BTC in January and has been selling its holdings as per standard practice for assets seized during criminal investigations, an expert said.

Everyone has their own reasons (or even obligations) to do something, so if each of us believes that we can sell/buy BTC whenever we want, then that right should not be taken away from others.

[uneng]

I don't believe it. It looks a rumour used by speculators to boost Bitcoin price right now. If so, it's a dumb idea, because as soon as the rumour doesn't confirm itself, the tendency is that the discovery of the lie reflects over Bitcoin price negatively.

Trump is endorsing Bitcoin during the campaign because he hopes to fortify US economy by bringing crypto companies and entrepreneurs to north american territory, so the government can raise its income in dollar currency! He always let very clear his focus and concern is to strength dollar currency! Bitcoin is a potential tool he may try using for that purpose. Nothing else.

[Casdinyard]

At the moment it seems to be just a rumor but it has already been echoed in several media, so I think it is worth bringing it here.

Former US president and current Republican presidential candidate Donald Trump could announce Bitcoin as a “strategic reserve asset” during a crypto conference in Nashville later this month, according to rumors on social media.

Trump is widely expected to speak at the upcoming Bitcoin conference in Nashville, which will take place later this month.

Dennis Porter, co-founder and CEO of the Satoshi Action Fund, said he got this information from “credible” sources.

“Adding #Bitcoin as a ‘strategic reserve’ to the US Treasury is a no brainer and once the USA does it, the paradigm will shift and the world will understand they must also have a #Bitcoin position,” he wrote on X.

Read more on:

Trump potentially declaring Bitcoin a strategic reserve asset seen as a ‘watershed moment’

I think if it came true this would be huge. But that's a big if. What do you think about it?

How would it even work though lol, are they going to continuously acquire bitcoin over time? How will they liquidate the funds without fucking up the bitcoin and the crypto economy?

This is something that outside people aren't able to wrap their heads around. They see bitcoin as something like gold with intrinsic value and don't get me wrong, bitcoin does have its intrinsic value but let's be real here, it's not made to be an economic bolster for when a country couldn't support their own economy and they need something else to support them.

I don't understand the necessity as well of having reserve assets in the form of volatile cryptocurrencies when they can stick with the classics like gold and silver, which is arguably more dependable during financial crises, the very thing you prepare your reserves for,

This is just a needless task they are trying to do to bolster his "newfound interest in cryptocurrency" a jackass move if I do say so myself.