The likelihood of President-elect Donald Trump creating a Strategic Bitcoin Reserve within his initial 100 days has risen to 56%, as we approach his inauguration.
A recent Polymarket survey, boasting over $2.6 million in funds, has shown that the likelihood of this event has escalated to its peak since November 7th. The odds, which had dipped as low as 23% this month, have now risen significantly.
Due to increasing probabilities, the Strategic Bitcoin Reserve (SBR) token has soared to approximately $2.25, resulting in a market value exceeding $50 million.
Trump and some of his advisors are advocating for establishing a cryptocurrency reserve, with the aim of making the United States a leading player in the crypto market. A key aspect of this plan is to convert confiscated digital coins into the reserve. As per BitcoinTreasuries, the U.S. already owns approximately 198,109 Bitcoins, which are worth more than $21 billion.
According to news outlets, Trump has proposed establishing a strategic reserve containing Bitcoin (BTC) alongside other domestic cryptocurrencies such as Solana, Cardano, and Ripple. It is said that his administration plans to make digital currencies a significant focus in their overall strategy.
On the other hand, it’s possible that the establishment of this strategic reserve may not receive approval from Congress due to historical precedents. Such initiatives typically necessitate cooperation between the executive branch and Congress. The current slim Republican majority in both the Senate and the House of Representatives might complicate the process of obtaining Congressional approval.
Following Coinbase’s argument for establishing a Strategic Bitcoin Reserve, the token experienced an increase as well. In their statement, the firm suggested that cryptocurrencies could pave the way for capitalism’s future phase by amplifying economic liberty.
Brian Armstrong, head of Coinbase, suggested that countries such as the U.S. establish specialized economic areas, enact legislation promoting cryptocurrency expansion, and harness blockchain technology to enhance government efficiency.
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2025-01-20 18:08