Has Donald Trump’s China Nightmare Already Become Reality?
Donald Trump, the U.S. president-elect, has shown support for bitcoin and crypto in the past year, sparking significant interest in the cryptocurrency that some consider to be unwarranted.
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Following his election victory in November, Bitcoin soared to over $100,000 per bitcoin, partly due to Trump’s plans to establish a U.S. bitcoin fund similar to its oil reserves.
With billionaire Trump advisor Elon Musk causing fluctuations in the crypto market, concerns have arisen over whether China has moved ahead of the U.S. in creating a bitcoin reserve.
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Donald Trump, the incoming U.S. president, has expressed interest in creating a bitcoin reserve to outpace China.
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“I think China is already obtaining [bitcoin],” hedge fund manager and former Trump communications director Anthony Scaramucci said on the Bankless Podcast.
“[China] knows Trump is supportive of bitcoin,” Scaramucci remarked, highlighting ongoing bitcoin mining activities in China despite the ban imposed in 2021 that led to miners leaving the country.
In December, Trump confirmed his intention to establish a U.S. bitcoin strategic reserve.
“We are planning something significant with crypto to stay ahead of China and others embracing it,” Trump told CNBC.
“Yes, I believe so,” Trump responded when asked whether the U.S. would establish a bitcoin strategic reserve similar to its oil reserves.
Both China and the U.S. have seized around 200,000 bitcoins from criminals, with the U.S. expected to auction them off in the future—something Trump opposes.
In July, then Republican candidate Donald Trump pledged to create a “strategic national bitcoin reserve” and predicted bitcoin could surpass gold’s $16 trillion market capitalization during the Bitcoin 2024 conference.
Republican senator Cynthia Lummis has introduced the Boosting Innovation, Technology, and Competitiveness Through Optimized Investment Nationwide (BITCOIN) Act to Congress, proposing the purchase of 1 million bitcoins over five years to reduce the $35 trillion U.S. national debt.
Other countries, not just the U.S. and China, are considering creating a bitcoin reserve. Russian lawmakers were recently reported to be pushing for a bitcoin strategic reserve after President Vladimir Putin Source link
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