📢 Trump congratulates the Bitcoin community for hitting an all-time high and plans to establish a Bitcoin reserve
The price of Bitcoin has been rising this year with some recent corrections, partly due to elected President Donald Trump's information about establishing a cryptocurrency-friendly government, including plans to store this volatile digital currency.
In a meeting in July, Trump stated that holding the nation's Bitcoin reserves would create "a permanent national asset that benefits all Americans" and help make the U.S. a leader in the global cryptocurrency space.
According to data from cryptocurrency tracking company Arkham Intelligence, the U.S. has acquired nearly $20 billion worth of Bitcoin through legal seizures. Trump has expressed interest in halting future sales to create a "core" reserve of Bitcoin.
The price of Bitcoin has risen over 100% this year. By avoiding future sell-offs, the U.S. can help keep Bitcoin prices high, benefiting existing investors.
Some experts believe that the government needs to do more than just hold existing cryptocurrencies; it should also establish a strategic Bitcoin reserve.
Senator Cynthia Lummis has proposed a bill suggesting that the U.S. gradually acquire 1 million Bitcoins and hold them for at least 20 years to help pay down the national debt and strengthen the dollar.