Bitcoin
Trump Announcing a Strategic Bitcoin Reserve Is Unlikely
Polymarket punters do not seem confident that Trump will announce a strategic Bitcoin reserve in the US.
With Bitcoin 2024 As of this week, all eyes are on former President Donald Trump to see what comments he will make about Bitcoin (BTC) and the cryptocurrency industry in general.
Among the speculations, Polymarket punters are betting on whether Trump will announce plans for a US strategic Bitcoin reserve at the conference.
The specific bet will become affirmative if Donald Trump announces the “creation of a U.S. strategic Bitcoin reserve upon becoming president” by the end of July 28. The primary source for this bet will be official recordings or transcripts of any such speech at the conference.
If Trump doesn’t mention a backup plan at the conference, the bet won’t pay off. There’s currently only a 22% chance that Trump will announce a backup by July 28.
When the bet was created, bettors believed there was a 76% chance Trump would make such an announcement.
Trump Creates Strategic Bitcoin Reserve
Rumors began circulating on social media last week suggesting that Trump could announce Bitcoin as a strategic cryptocurrency. reserve active for the United States during the conversation.
These speculations began with Dennis Porterco-founder of Satoshi Act, which claims reliable sources confirm Trump’s intentions. Porter’s tweet ignited a firestorm of speculation that lasted through the weekend but has faded since Biden announced slow down of the US presidential race.
If the United States adopted Bitcoin as a strategic reserve assetcould leverage its position as the largest holder of Bitcoin among nation-states and echo Trump’s sentiment that all remaining Bitcoin must be mined in the United States.
A Bitcoin strategic reserve asset would involve the US Treasury holding significant amounts of Bitcoin as part of its reserve portfolio, similar to what they already do with gold or foreign currencies.