Source: Mint
Before the presidential election in the USA (in September 2024), Donald Trump promised to let the United States to be the next Crypto Capital of the planet. He also planned to make crypto reserves like gold and oil in the USA. This has been seen as the master stroke of Trump and many economists and crypto researchers believe that this will also create dollar dominance in the world.
Making America As The Crypto Capital Was Donald’s Final Election Strategy….?
On 27th July, while addressing the Nashville Bitcoin Conference, he decided and proposed his plan in front of the audience to make the USA the “crypto capital of the planet”. Furthermore, this initiated the debate around the digital currency world.
At that time, Trump also said that America was in the debt of $35 Trillion. In addition, if the USA makes a 100% Bitcoin reserve it will surpass the gold reserve, i.e., $16 trillion and it will also help in managing the debt of America. However, the jury and the researchers are still thinking about this step and proposing or researching whether the step is feasible or not.
What Do All Crypto Cynics Have To Say About Donald Trump’s Proposal?
The crypto cynics seem not to be interested in the idea of Donald about making the USA the “Crypto Capital of the planet”. Before the elections, the crypto cynics proposed that it could be the step of Donald Trump’s final campaign strategy to win the elections.
The co-founder & CEO of A2Z Crypto, Krishnendu Chatterjee said that the central banks will lose control of many of their respective country’s monetary policies.
Edul Patel, the CEO & Co-founder of Mudrex, said that having a reserve like gold and oil for Bitcoin will help to stabilize the valuation of the dollar in the world.
Source: The Economic Times
Who Owns The Huge Amount Of Bitcoin?
The USA already holds the highest amount of Bitcoin worth $11.1 billion and is handled by the black market seizures by the FBI. Next, it is followed by China, having a Bitcoin reserve of 1,94,775 BTC.
Lastly, on 15th December 2024, Donald Trump confirmed that there will be a reserve of Bitcoin in the USA. In addition, when the elections were held in 2024, Bitcoin and its value headed at $100,000.
The “Crypto Cold War” Between Russia and the USA
Vladimir Putin, the president and frenemy of Donald Trump has also proposed his strategies of making Bitcoin reserve. There are assumptions that this could create the “crypto cold war” between Russia and the USA.
Donald Trump’s supporters believe that his idea of making Bitcoin reserve and America the “Crypto Capital of the planet” is perfect at its best. Already, the dollar and its valuation are facing fluctuation against national debt and global scepticism and the reserved or the fix supply of Bitcoin will be a good step against dollar inflation.
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