Updated on 12/23 below. This post was originally published on December 22
US President-elect Donald Trump helped push Bitcoin prices to record highs this year with his plans to establish a US Bitcoin Strategic Reserve.
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Bitcoin price doubles from summer lows, soars above $100,000 per Bitcoin as US Federal Reserve warns ‘biggest nightmare’ is becoming reality I am doing it.
Now that leaks reveal that Russia could beat the US in Bitcoin reserves, President Trump has announced that he is buying Bitcoin from MicroStrategy founder Michael Saylor to “unleash trillions of dollars in wealth.” It is being touted as a “renaissance of capital markets” through coins.
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Donald Trump spoke at a major Bitcoin conference ahead of his November election victory. … (+)
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“A strategic digital asset policy can strengthen the U.S. dollar, neutralize the national debt, and position America as a world leader in the 21st century digital economy,” Saylor wrote on X. It is written in “Framework”. .
The document outlines plans for a U.S. Bitcoin reserve, projected to generate between $16 trillion and $81 trillion, offsetting the U.S. national debt, which has ballooned to just over $36 trillion this year. “We will solidify the US dollar as the foundation of a 21st century digital financial system.” . ”
Updated 12/23: U.S. President-elect Donald Trump has appointed former college football player Beau Hines as executive director of the newly formed President’s Advisory Council on Digital Assets, known as the “Crypto Council.”
In a post on his social media platform, Truth Social, President Trump said, “In his new role, Beau will work with David to foster innovation and growth in the digital asset space and help industry leaders succeed.” “We will ensure that we have the necessary resources to do so.” Tech investor David Sachs, recently appointed White House artificial intelligence and cryptocurrency czar.
In a statement reported by Reuters, Brian Hughes, a spokesman for President Trump’s transition team, said: “There have been efforts to stifle innovation in the bureaucratic morass of Washington…But President Trump “We will deliver on our promise to encourage U.S. leadership in currency.”
President Trump also appointed Stephen Millan, a former Treasury Department official under the first president, now an economist at Hudson Bay Capital Management, and a Bitcoin and crypto advocate, to the Council of Economic Advisers (CEA). Appointed chairman.
Milan has advocated for cryptocurrency regulation in the United States, and in November appeared on the Blockwork podcast to discuss Trump’s potential economic policies.
Last week, President Trump confirmed plans to create a US Bitcoin reserve, telling CNBC that he wants the US to create a Bitcoin Strategic Reserve, similar to the oil reserve.
In July, then-Republican candidate Donald Trump promised to create a “National Strategic Bitcoin Reserve” and spoke at the Bitcoin 2024 conference, raising the possibility that Bitcoin could surpass gold’s $16 trillion market cap. I predicted that there would be.
U.S. Senator Cynthia Lummis introduced the Bitcoin Reserve Bill to Congress, proposing that the U.S. Treasury Department purchase 200,000 Bitcoins each year until the reserve reaches 1 million Bitcoins.
Among other eye-catching numbers, Thaler’s pitch is that “the global digital capital market will expand from $2 trillion to $280 trillion, and U.S. investors will capture the majority of this wealth” and that “(bit The idea is to accelerate the growth of digital assets (beyond coins) from $1 trillion to $590. The US dominates this industry. ”
Thaler said that as the Bitcoin and crypto markets boom, there will be “massive demand for U.S. Treasuries,” with stablecoin issuer Tether’s massive U.S. Treasury stockpile set to reach $10 billion in 2024. He mentioned that it helped record profits.
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The price of Bitcoin soared this year to an all-time high of more than $100,000 per Bitcoin. … (+)
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Founded as a software company during the pre-dot-com bubble Internet boom, MicroStrategy has morphed into what Saylor calls a “Bitcoin vault” company, financing its Bitcoin purchases by selling convertible bonds. It has outperformed companies such as stock market favorite Nvidia. and providing market share.
MicroStrategy has ridden the Bitcoin price boom to an all-time high valuation, far outpacing Bitcoin itself, and was included in the prestigious Nasdaq 100 index this month as traders use its stock as a proxy for Bitcoin. , is expected to drive further growth in MicroStrategy stock.
“There are valuable lessons in Michael Saylor’s Bitcoin revolution, but they may not be what you expect,” Markus Thielen, CEO of 10x Research, said in an email to clients. “No,” he said, noting that Saylor was fired from Bitcoin in 2013.
“In June 2021, former US President Donald Trump expressed skepticism towards Bitcoin, calling it a ‘scam’. However, by the summer of 2024, Trump was a strong supporter of Bitcoin. However, everyone seems to be at a tipping point when it comes to accepting Bitcoin.
