Donald Trump’s nightmare in China could have already come true

Donald Trump, the US President-elect, has embraced Bitcoin and cryptocurrencies over the past year. Fueling huge bets on cryptocurrency Which Some fear is “imaginary.”

Earn over $3,000 in NFT, web3, and crypto perks – apply now!

Bitcoin surpassed $100,000 per bitcoin in the wake of its November election victory, helped by Trump’s confirmation He wants to create a US Bitcoin fund similar to his oil reserves.

now, Billionaire Trump’s advisor, Elon Musk, continues to cause chaos in the cryptocurrency marketsConcerns have emerged that China may overtake Donald Trump and the United States in Bitcoin reserve creation.

Register now for free Cryptocodex—A daily five-minute newsletter for traders, investors and cryptocurrency enthusiasts that will update you on the latest developments and keep you ahead of the Bitcoin and cryptocurrency bull market.

Forbes“The virus is spreading” – Bitcoin is suddenly poised for a “big” price move in 2025by Billy Bambrough

“I think China is really gaining [bitcoin]”, hedge fund manager and former Trump communications director Anthony Scaramucci He said on Without a Bank Podcast.

“[China] “He knows Trump is going to be pro-bitcoin and long-term,” Scaramucci said, pointing to the bitcoin mining activity that continues to occur in China despite a 2021 ban on bitcoin and cryptocurrency mining that led to a mass exodus from the country.

In December, Trump confirmed that he plans to create a strategic reserve of Bitcoin in the United States.

“We’re going to do something great in crypto because we don’t want China or anyone else…but others embracing it, and we want to be ahead of the curve,” Trump said. He said CNBC.

“Yes, I think so,” Trump said in response to a question about whether the United States would create a strategic reserve of Bitcoin similar to its oil reserve.

China and the US each hold about 200,000 bitcoins as a result of criminal seizures, although the US is expected to eventually sell its bitcoin at auction, something Trump has said he does not want to happen.

In July, Republican candidate Donald Trump promised to create a “Strategic National Bitcoin Reserve” and predicted that Bitcoin would do just that. Gold’s $16 trillion market cap trumps during an appearance at the Bitcoin 2024 conference.

Republican Senator Cynthia Lummis has introduced a bill to Congress, titled the Promoting Innovation, Technology, and Competitiveness Through Optimal Investment Nationwide (BITCOIN) Act, which proposes that the United States purchase 1 million bitcoins over five years to reduce the spiraling US national debt of $35 trillion. .

However, it is not only the United States and China that are looking to create a Bitcoin reserve. It was revealed last month that Russian lawmakers were pressuring the country to create a strategic bitcoin reserve After Russian President Vladimir Putin He praised Bitcoin as an alternative to foreign currency reserves after its funds were seized by Western governments in response to their invasion of Ukraine.

Register now for Cryptocodex– Free daily newsletter for cryptocurrency fans

ForbesTesla CEO Elon Musk issues US bankruptcy warning amid calls for Bitcoin-inspired ‘reform’by Billy Bambrough

If Trump carries out his plans for a US bitcoin reserve, Japan and other countries in Asia will follow suit, according to Simon Jerovich, CEO of Tokyo-based investment firm Metaplanet, which has adopted MicroStrategy’s strategy for buying bitcoin.

“Slowly but surely, Bitcoin is becoming a topic of discussion at the highest levels of government, and companies around the world are beginning to adopt it as the standard for Bitcoin,” Girovich said. He said During an event hosted by MicroStrategy CEO Michael Saylor.

Meanwhile, A an offer A proposal to have the Swiss National Bank (SNB) hold bitcoin and gold has been put forward by a group of 10 people in Switzerland, which now needs to collect 100,000 signatures over the next 18 months before it can be put to a public referendum.