Social media is abuzz with speculation about a potential US Bitcoin reserve fund, which presidential candidate Donald Trump is allegedly set to announce at the Bitcoin 2024 conference in Nashville.
Simon Dixon, founder of BnkToTheFuture, noted that there is “more and more confirmation that these rumours may be true.”
?? Getting more & more confirmations that these rumours maybe true.
Trump to announce a USA #Bitcoin strategic reserve in Nashville. pic.twitter.com/yUUB5HCbhx
— Simon Dixon (@SimonDixonTwitt) July 18, 2024
The conference, where Trump is expected to announce the creation of a Bitcoin reserve should he win the election, will take place from July 25 to 27. The event will also feature independent presidential candidate Robert Kennedy Jr., ARK Invest CEO Cathie Wood, MicroStrategy founder Michael Saylor, among others.
Dennis Porter, CEO and co-founder of Satoshi Act Fund, remarked that “people don’t believe” in the establishment of a US Bitcoin strategic reserve, but “at this point it is inevitable.”
People don’t believe the USA could implement a #Bitcoin Strategic Reserve but at this point it is inevitable.
— Dennis Porter (@Dennis_Porter_) July 19, 2024
“Everyone should have a strategic Bitcoin reserve. You. Your family. Your business. Your city. Your state. Your country. Everyone,” added Michael Goldstein, president of Satoshi Action Education.
The foundation for American Bitcoin holdings is expected to be confiscated cryptocurrency. According to the Arkham dashboard, the US government leads other countries in the volume of digital assets held—213,297 BTC valued at $14.1 billion.
Ari Paul, founder of BlockTower Capital, believes that the idea of the government creating a Bitcoin reserve might seem “bullish” for the price, but is unlikely to be realized in the near future.
I’d lay 10:1 against the U.S. adding bitcoin as a strategic reserve in next 4 years. (Bet me now if you’re gonna make fun of me for being wrong in 4 years.) With that said, plausible to me that Trump might *say* it, which would be very bullish for BTC medium time frame. https://t.co/aqoZia9kjY
— Ari Paul ⛓️ (@AriDavidPaul) July 18, 2024
“I’d lay 10:1 against the U.S. adding bitcoin as a strategic reserve in the next four years,” he wrote.
Paul suggests that Trump might still say “something optimistic” for Bitcoin in the medium term.
It is quite possible that the next president “does not intend to sell” the current government reserves of digital assets, but this does not imply the creation of a strategic reserve, the BlockTower Capital founder emphasized.
Previously, Bitcoin Magazine CEO David Bailey accused the US of squandering its Bitcoin holdings. He claimed the country’s Bitcoin reserve should have exceeded 400,000 BTC, but instead, Democrats sold a significant portion of the assets at a low price.
Earlier, billionaire investor Mark Cuban suggested that amid geopolitical uncertainty and the dollar’s failure as a reserve currency, Bitcoin could become a global “safe haven.”