Reserve

Donald Trump

President Donald Trump

According to a Forbes report, former President Donald Trump has recently expressed strong support for Bitcoin (BTC), igniting discussions about classifying the cryptocurrency as a strategic reserve asset.&nbsp; 
In a social media <a href="https://x.com/SamLyman33/status/1800863431161172256" target="_blank" rel="noopener nofollow">post</a>, Trump acknowledged BTC’s geopolitical significance and warned against policies that hinder its growth, stating that such actions would only benefit China and Russia.&nbsp; 
This endorsement positions Trump as the first major political party nominee to embrace Bitcoin and has brought attention to BTC as a strategic reserve asset. 
<h2 id="political-leaders-propose-backing-us-dollar-with-bitcoin">Political Leaders Propose Backing US Dollar With Bitcoin</h2> 
Bitcoin-friendly political leaders and influencers have advocated for considering BTC as a strategic reserve asset. Since January, Vivek Ramaswamy, a former presidential candidate, has been advising Trump on Bitcoin and digital assets.&nbsp; 
Per the <a href="https://www.forbes.com/sites/digital-assets/2024/07/03/trump-sparks-talks-of-bitcoin-as-a-strategic-reserve-asset/" target="_blank" rel="noopener nofollow">report</a>, Ramaswamy proposed backing the US dollar with a basket of commodities, including BTC, to curb inflation and maintain the currency’s value over time.&nbsp; 
Senator Cynthia Lummis, known as the “Crypto Queen” of Congress, suggested that the Federal Reserve diversify its foreign currency holdings by adding BTC to its balance sheet.&nbsp; 
Lummis believes that Bitcoin is an excellent store of value and sees the benefits of the country diversifying its investments. 
<h2 id="btc-s-impact-on-the-nation-s-economy">BTC’s Impact On The Nation’s Economy</h2> 
The discussion around Bitcoin as a strategic reserve asset raises questions about how the United States could leverage the digital commodity to strengthen its fiscal health and geopolitical position.&nbsp; 
Alex Thorn, head of firmwide research at Galaxy Digital, told Forbes that BTC’s decentralized nature and sound properties make it well-suited to play a growing role in geopolitics and international trade.&nbsp; 
Thorn emphasizes that BTC’s network layer could expand to include nation-states, transforming it into a valuable tool for economic statecraft. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/MIa0XZ3t/" alt="Bitcoin" width="1814" height="858"> 
At the time of writing, BTC is trading at $59,760, down over 3% in the last 24 hours. 
Featured image from DALL-E, chart from TradingView.com&nbsp;

BREAKING: Donald Trump Touts Bitcoin As Strategic Reserve Asset For The US

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Bitcoinist

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