Trump may announce a historic plan: adopting Bitcoin as a reserve asset

According to reports, the Republican presidential nominee and former president, Donald Trump, may announce at the Bitcoin 2024 conference in Nashville this week that Bitcoin will be used as a strategic reserve asset by the U.S. government.

Ran Neuner, the founder and host of Crypto Banter, has expressed his views on these reports and their significance for the United States and Bitcoin.

Dennis Porter, co-founder of the non-profit organization Satoshi Act, is one of the sources of information on this matter on social media.

Porter cited internal sources stating that at the Bitcoin 2024 conference scheduled for July 25th to 27th, listing Bitcoin as a strategic reserve asset is on Trump's agenda.

Neuner also told Michelle Makori, the chief anchor and editor-in-chief of Kitco News: "We have heard very similar things from various sources. What we have heard is that Trump may acquire Bitcoin and make it part of the U.S. strategic reserves." He explained that strategic reserves typically refer to reserves in times of crisis.

He said: "As far as Bitcoin is concerned, there is no real reason to hold it other than as a store of value. If there is a reason, it is that Bitcoin and gold are in the same asset class." He said: "(Holding Bitcoin) is like keeping gold on the U.S. balance sheet for diversification or as a hard asset. I think this is the most logical approach."

Another important aspect is that the amount of Bitcoin held by the United States in sovereign nations is far ahead, as the U.S. has seized a large amount of Bitcoin from illegal traders.

According to data from BitcoinTreasuries, the U.S. government holds over 200,000 Bitcoins, valued at approximately $13.44 billion at current prices.

Neuner pointed out: "This is a big number. We believe that Trump may announce that Bitcoin will be part of the strategic reserves, which means the looming cloud of potential selling pressure may truly dissipate."

In fact, he believes that there will be a "radical" Bitcoin bull market in the second half of this year and early 2025.

Former Republican presidential candidate Vivek Ramaswamy has been advising Trump on Bitcoin and cryptocurrency issues, suggesting previously to support the dollar with a basket of commodities including Bitcoin to combat inflation and maintain the long-term value of the dollar.

Similarly, independent non-partisan candidate Robert F. Kennedy Jr. has proposed supporting part of U.S. Treasury securities with hard currencies including Bitcoin In July 2023, Kennedy said at a Political Action Committee (PAC) reconciliation event: "My plan is to start with a very small portion, perhaps 1% of the issued Treasury bonds will be backed by hard currency, gold, silver, platinum, or Bitcoin. Supporting the dollar and U.S. debt with hard assets can help the dollar regain strength, curb inflation, and usher in a new era of financial stability, peace, and prosperity in the United States."

Trump, Ramaswamy, and Kennedy will all speak at the Bitcoin 2024 conference held in Nashville this week