Riot Executive Details Benefits of Bitcoin Strategic Reserve for US Economy
In a recent post on the X platform, the VP of Research of the Bitcoin miner Riot Platform Pierre Rochard revealed how the Bitcoin Reserve plan could aid in debt repayment of the United States. Specifically, he advised how strategic Bitcoin reserves could aid in national debt repayment. This revelation has fueled discussions in the crypto market, gaining attention from market enthusiasts.
Riot VP Research Optimistic On Bitcoin Strategic Reserve
In a recent X post, Pierre Rochard has revealed a three-step plan for the United States to manage its debt. Precisely, he urged the users to buy a strategic Bitcoin Reserve, hold it for 20 years, and pay off the national debt with that.
This post by the Riot exec. has fueled discussions in the broader cryptocurrency market, especially amid the growing concerns over the US economy heading toward a recession. Meanwhile, he emphasized that this approach would bring a better resolution to the economic woes.
However, one user has unveiled concerns over how much the US national debt will hit in 20 years. Commenting on that, the Riot exec. Pierre Rochard said that Bitcoin will surpass that level in the long run, reflecting his increasing trust in the flagship crypto.
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Bitcoin Reserve Bill Gains Traction In US
In a recent interview, former US president Donald Trump said that Bitcoin and crypto cheque would aid in offsetting the US national debt that has touched an all-time high. This has sparked significant attention among investors.
In addition, the recent US Bitcoin Strategic bill has been referred to the Senate Banking Committee for further deliberation. This move, as reported by Senate Cynthia Lummis, marks a major milestone for the crypto community.
As of writing, Bitcoin price dropped below the $60,000 mark in the last 24 hours, before noting some recovery to the $60,500 level. Despite the recent selloff, the market pundits appear to be bullish on the long-term value of the crypto.
A flurry of analysts anticipates Bitcoin to be a favorite asset of the investors, as the US recession fear grows. Amid this, the comments from Pierre Rochard have gained notable traction from the cryptocurrency community.
However, the investors should exercise due diligence while putting their bets on the digital assets.
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Rupam Roy
Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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