Since the election of U.S. president Donald Trump, Bitcoin and cryptocurrency values have surged, although recent trends suggest a slowdown that might indicate an upcoming stock market downturn. Currently, the price of Bitcoin hovers just below $100,000, a significant increase from under $50,000 at the start of 2024. This rally comes amid serious warnings from financial institutions like JPMorgan.
In a move that could escalate global Bitcoin adoption, a sovereign wealth fund has initiated efforts to embrace cryptocurrency. U.S. Senator Cynthia Lummis, a prominent advocate for Bitcoin, has hinted at forthcoming significant legislative developments. Meanwhile, Michael Saylor is promoting an ambitious $80 trillion initiative aimed at securing digital economic dominance.
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Recently, President Trump has formed a working group to investigate the establishment of a U.S. Bitcoin reserve—an initiative that some believe could potentially yield an $80 trillion benefit for American taxpayers. Senator Lummis shared her excitement on social media, referencing a Senate banking committee hearing focused on Bitcoin and cryptocurrency legislation scheduled for February 26.
Lummis has long advocated for the U.S. to create a Bitcoin reserve akin to its gold reserves and has introduced legislation proposing the purchase of one million Bitcoins over five years. Additionally, Trump’s crypto advisor, David Sacks, announced plans for a bicameral working group dedicated to developing regulations for cryptocurrencies and stablecoins, heralding a potential new era for crypto.
During a recent appearance at the Conservative Political Action Conference (CPAC), Saylor asserted that the U.S. government should acquire 20% of the total Bitcoin supply to ensure its dominance in the digital economy. He presented a vision wherein if the U.S. were to secure between 4 million and 6 million Bitcoins in the next year, it could result in colossal financial benefits for taxpayers and help mitigate the growing national debt.
Saylor’s enthusiasm aligns with Trump’s previous confirmations of plans to establish a strategic Bitcoin reserve. Trump expressed a desire for the U.S. to lead in cryptocurrency adoption, stating, “We don’t want China or anybody else… we want to be ahead.” This commitment was reiterated at the Bitcoin 2024 conference, where Trump predicted that Bitcoin might soon surpass gold’s market capitalization, currently around $20 trillion.
