In a recent development, former President of the United States, Donald Trump, has shown significant support for Bitcoin (BTC), suggesting that cryptocurrency could be classified as a strategic reserve asset. Trump took to social media to express his views, emphasizing the geopolitical importance of Bitcoin and criticizing policies that hinder its progress. According to him, such actions would only benefit countries like China and Russia.
This endorsement from Trump not only highlights his interest in cryptocurrencies but also establishes him as the first prominent candidate from a major political party to publicly support Bitcoin. This further emphasizes the relevance of BTC as a strategic reserve asset.
In addition, political figures and influencers who advocate for Bitcoin have put forward proposals for integrating cryptocurrency into the United States’ financial strategies. Vivek Ramaswamy, a former presidential candidate, has been advising Trump on Bitcoin and other digital assets since the beginning of the year. Ramaswamy suggests that the US dollar could be backed by a diverse range of commodities, including Bitcoin, to combat inflation and preserve the long-term value of the currency.
Senator Cynthia Lummis, known as the “Queen of Cryptocurrencies” in Congress, has also proposed that the Federal Reserve diversify its foreign monetary reserves by incorporating Bitcoin. Lummis argues that Bitcoin is an excellent store of value and that there are clear benefits for the country in diversifying its investments in this direction.
It is important to note that the opinions expressed in this article, including those of the author and individuals mentioned, are for informational purposes only and should not be considered as financial or investment advice. Investing or trading in cryptocurrencies carries a risk of financial loss.
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As an additional note, it is worth mentioning that there is a forecast for Bitcoin in July 2024, suggesting a potential price recovery.