Donald Trump Confirms Bitcoin Reserve in the US and Intensifies Crypto Cold War with Russia
- US Reserve Plan Targets Crypto Dominance
- Russia may challenge dollar hegemony
- Bitcoin reserve seen as risky bet
In the current scenario where the value of Bitcoin has surpassed the US$ 102.000 mark, the United States, led by the recently re-elected President Donald Trump, confirms plans to establish a substantial reserve of the cryptocurrency, in a clear attempt at global economic leadership. This move comes at a time when Russia, under the administration of Vladimir Putin, also expresses similar intentions, fueling fears of a new “cold war” in the crypto sector.
Trump, speaking recently at the New York Stock Exchange, said:
“We’re going to do something big with crypto because we don’t want China, or anybody else… but others are embracing it, and we want to be ahead of the curve.” Asked about the possibility of a reserve analogous to strategic oil reserves, he replied: “Yes, I think so. That’s still in my mind.”
On the other hand, Russia appears to be ready for a similar game. Faced with Western economic sanctions and the freezing of its foreign currency reserves, Putin has praised Bitcoin as a robust alternative to traditional financial systems. Adopting Bitcoin could, he says, challenge the hegemony of the US dollar and alter the global economic balance.
Republican Senator Cynthia Lummis was not far behind, introducing the BITCOIN Act to Congress, which proposes that the US acquire 1 million Bitcoins over the next five years as a strategy to manage the growing national debt, currently estimated at US$35 trillion. The US government currently has around 200.000 Bitcoins, obtained through seizures in anti-financial crimes operations.
Proponents of this policy believe that Bitcoin, with its limited supply and decentralized nature, offers a hedge against inflation and government mismanagement, qualities that are increasingly needed in the face of current economic pressures.
However, there is no shortage of criticism. Some economists classify the measure as a risky bet on an asset that, despite its potential, does not offer a guaranteed return or industrial value. “The government would be playing the biggest idiot,” criticized one economist about the risk of investing in a purely speculative asset.
The debate extends to the practical implications of a national reserve of Bitcoin, which could increase the asset’s attractiveness as a bank collateral. Should the cryptocurrency’s value fall dramatically, the consequences for the financial system could be disastrous, potentially requiring new government bailouts, this time targeting the crypto sector.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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