Meanwhile, Russia is implementing its own bitcoin strategy after sanctions froze its foreign reserves.
Since Trump's re-election, the price of #bitcoin has surpassed $100,000 and analysts predict it will reach $800,000 to equal gold, which has a market value of $16 trillion. LINE
the BITCOIN Act proposes the U. S. government buy 1 million bitcoins over five years to reduce the $35 trillion national debt, raising concerns about inflation and risks to taxpayers.
President-elect Donald Trump announced that the U. S. has a strategic This came just as the price of bitcoin soared to $100,000 on a wave of #optimism following Trump's re-election.
Meanwhile, Russia, led by President Putin, an enemy of President Trump, was Meanwhile, Russia, led by Trump's opponent Vladimir Putin, is seeking its own strategy to hold bitcoin, raising fears of a looming crypto cold war.
Interests. The future of global economic hegemony and the future of money itself.
Speaking at the New York Stock Exchange last week, Trump said: We're going to do great things with #cryptocurrencies . We don't want China or anybody else to do it, but other countries are embracing cryptocurrencies.
When asked directly if that meant creating reserves similar to the U. S. oil reserve, Trump replied, Yes. We're still thinking about it.
Russia is wasting no time in announcing its willingness to join the bitcoin reserve race. After Russia faced Western sanctions and froze its foreign reserves, Putin publicly praised bitcoin as a powerful alternative to the traditional financial system. The reasons for this are obvious. Bitcoin offers a way to bypass the global financial order dominated by the U. S. dollar. If Russia succeeds, it could upset the current economic balance and create new problems for the United States and its allies.
The U. S. currently holds about 200,000 confiscated bitcoins worth $20 billion.
Not everyone supports the idea.
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