Bitcoin (BTC) Price Makes a Bullish Reversal to Near All-Time High as Rumors of a US Bitcoin Strategic Reserve Swirl

Bitcoin (BTC) price recently made a bullish reversal to near all-time high after the reigning US president, Joe Biden, ended his re-election campaign and endorsed Vice

Bitcoin (BTC) price recently made a bullish reversal to near all-time high as the reigning US president, Joe Biden, ended his re-election campaign and endorsed Vice-President Kamala Harris to take over as the Democratic candidate. According to senior editor at The American Conservative Helen Andrews, Donald Trump would win in November regardless of who the Democrats pick.

With this possibility taking shape, rumours have begun swirling that Trump could publicly declare his plan to create a US Bitcoin strategic reserve.

According to reports, the announcement could be made at the much anticipated Bitcoin 2024 conference in Nashville next week. Confirming this rumour, Markus Thielen, the CEO of 10x Research, stated in an email note to clients that the decision would diversify a portfolio and reduce reliance on traditional assets like gold and foreign currencies.

To back his point, Thielen highlighted that the US government currently holds 212,000 BTC ($15 billion) against the $600 billion worth of gold reserves. Similarly, the CEO of Bitcoin Magazine and advisor to the Trump campaign, David Bailey, has confirmed the possibility of this implementation, as we earlier reported.

Our research shows that several crypto influencers and experts have also bought into these rumours, as Bitcoin analyst and author Lark Davis makes a similar disclosure. CEO of Satoshi Action Fund regulatory lobby group Dennis Porter also mentions that the implementation of Bitcoin strategic reserve by the US is inevitable.

Industry Key Players Confirm the US Bitcoin Strategic Reserve Rumors

According to the founder of the BnkToTheFuture investment platform Simon Dixon, there is sufficient confirmation that this rumour may be true. For the Chief Investment Officer at crypto hedge fund BlockTower Capital, the odds for a Bitcoin strategy reserve is 10 to one. Per his analysis, this decision could be very bullish for the asset in the medium term.

Recently, it was reported that the U.S. representative Matt Gaetz, a Republican from Florida has unveiled a groundbreaking bill to enable federal income tax to be paid in Bitcoin. According to Gaetz, the decision underscores the effort to make digital currencies play a vital role in the country’s financial system. This recalls a statement by Trump, declaring emphatically that he would end Joe Biden’s war on crypto and ensure that the future of Bitcoin is made in America.

Commenting on this, the founder of Twitter and CEO of Block Jack Dorsey stated that Bitcoin would eventually replace the US dollar.

It’s going to take some time, but little by little, people see the value of this system, why it’s so powerful, and why it could potentially complement or replace the U.S. dollar, which rules everything and is currently being challenged by the Chinese yuan…The U.S. dollar and China’s yuan] are two entities that control the value of your money, and you don’t elect them, whereas [with]bitcoin, you have a lot more control and you have a lot more free agency around it.

Earlier, Trump was reported to be considering making JP Morgan CEO Jamie Dimon a Treasury Secretary. The interesting aspect is that Dimon has always been known as a crypto critic. However, Trump believes that he has changed “his tune a little bit”.

At press time, Bitcoin was trading at $67k after surging by 6.9% in the last seven days.

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