With President-elect Donald Trump's recent commitment to using bitcoin as a strategic reserve asset for the United States, speculation about the timing and viability of this initiative has intensified within the crypto industry.
This proposal, first of all articulate during the 2024 National bitcoin Conference in Nashville earlier this year by Trump and pro-cryptocurrency Senator Cynthia Lummis, has attracted significant attention as major financial players assess its potential implications.
Race to implement bitcoin strategic reserve
Notably, BlackRock, the world's largest asset manager and a leading issuer of cryptocurrency exchange-traded funds (ETFs), has expressed support for establishing a strategic bitcoin reserve.
As revealed by previous statements by Trump and Senator The Lummis billThis initiative aims to address the country's staggering national debt, currently estimated at $36 trillion, by leveraging btc's unique attributes as a digital asset.
Dennis Porter, co-founder and CEO of the nonprofit Satoshi Action Fund (SAF), <a target="_blank" href="https://x.com/Dennis_Porter_/status/1858900144789615039″ target=”_blank” rel=”noopener nofollow”>confirmed BlackRock's endorsement of the bitcoin Strategic Reserve, while emphasizing that the Trump administration is actively seeking the creation of this reserve through an executive order.
Porter has indicated that his conversations with US Senate offices reveal significant support for this plan. <a target="_blank" href="https://x.com/Dennis_Porter_/status/1858610869799973200″ target=”_blank” rel=”noopener nofollow”>indicating“Get the game on, President Trump. “The race has begun.” He highlighted the urgency of the situation and suggested that Trump's team is motivated to move quickly to implement the setback before any state can adopt similar legislation.
New btc legislation before Trump's inauguration?
Porter further noted that he is racing to pass strategic bitcoin reserve legislation at the state level, potentially ahead of any federal executive orders, underlined by his confidence that such laws could be enacted within days of Trump taking office.
Interestingly, Trump's proposal has found resonance outside the US, and Porter <a target="_blank" href="https://x.com/Dennis_Porter_/status/1858906677413658839″ target=”_blank” rel=”noopener nofollow”>developer who has been invited to speak before members of Congress and parliament in two different countries, one in Europe and one in Latin America, about establishing a similar bitcoin Strategic Reserve.
In parallel with these developments, BlackRock threw a report indicating a renewed optimism around regulatory clarity for bitcoin and digital assets, particularly after the recent US election.
The report suggests that Trump's campaign commitment to a strategic bitcoin reserve, coupled with the electoral success of pro-crypto politicians in both the House and Senate, could create a favorable macroeconomic environment for bitcoin adoption.
Robbie Mitchnick, Head of Digital Assets at BlackRock, highlighted that while bitcoin's long-term adoption will be largely driven by its fundamental use case as a global monetary alternative, other factors, such as falling real interest rates, They can also be influenced. catalysts for its greater acceptance.
As of this writing, btc was trading at $92,330, approaching its all-time high of $93,300 reached during last week's uptrend.
Featured image of DALL-E, chart from TradingView.com
