Rumor has it that former US President Donald Trump will make a groundbreaking announcement at the upcoming Bitcoin 2024 conference in Nashville.
According to industry sources, the former president may have plans to unveil Bitcoin (BTC) as a strategic reserve for the US.
Dennis Porter, co-founder of Satoshi Action Fund, and Simon Dixon, founder of BnkToTheFuture, both shared the rumors on social media, citing credible sources.
However, these claims are still not confirmed by Trump, his staff or any public outside sources. Until official confirmation is given, these claims should be considered speculative.
Bitcoin as a reserve
The idea of turning Bitcoin into a reserve asset is growing among cryptocurrency advocates, with many arguing that such a move would ensure the dollar’s dominance in the global financial landscape. The idea has gained more attention in recent weeks after Trump reportedly discussed the issue at a rally.
Porter emphasized that Bitcoin as a strategic reserve for the US Treasury Department is a “no-brainer,” suggesting that such a move could change the global financial paradigm and prompt other countries to take a Bitcoin position.
The idea has even spread beyond the crypto industry, with BlackRock CEO Larry Fink recently making similar statements and calling the flagship crypto “digital gold.”
David Bailey, CEO of Bitcoin Magazine and advisor to the Trump campaign, has also explored the theoretical implications of the US adopting BTC as a strategic reserve. His vision includes securing a significant BTC reserve for the US Treasury Department by tying up 210,000 BTC held by the US for 100 years.
Increasing political relevance
The rumor has created a lot of excitement among crypto investors and proponents. Bitcoin-friendly political leaders have long advocated considering BTC as a strategic reserve.
Vivek Ramaswamy, a former presidential candidate, has been advising Trump on Bitcoin and digital assets since January. Ramaswamy previously proposed backing the US dollar with a basket of commodities, including Bitcoin, to combat inflation and preserve the currency’s value over time.
In recent weeks, Trump has expressed strong support for the sector despite historical reservations, and the Republican Party followed suit by including Bitcoin and crypto-related issues in its latest platform.
Adding to speculation about increased pro-Bitcoin and crypto measures, Trump recently announced that Senator JD Vance, a notable Bitcoin supporter, will join his ticket as the vice presidential candidate for the 2024 elections.