The president-elect was courted by crypto investors to become the father of the American Bitcoin Reserve, which is designed to take prices for Bitcoin to the next level.
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President-elect Donald Trump has become a cryptocurrency enthusiast, egged on by crypto investors who are seeking to insure their investments in this dodgy asset keep gaining in value. Trump has promoted the idea of a US Federal Bitcoin Reserve. According to a Hill report, “Speaking at the Nashville Bitcoin 2024 Conference, Sen. Cynthia Lummis (R-WY.) floated a ‘revolutionary proposal’ to make the federal government a Bitcoin investor. It is hard to imagine how this might benefit US taxpayers or support the dollar’s value, but it certainly would raise the dollar price of Bitcoin.” Lummis describes “a strategic Bitcoin reserve” of 1 million Bitcoins that the government “would be required to hold … for 20 years.” At the current value of near $100,000 per Bitcoin, the reserve would be a Bitcoin buyer/holder to the tune of roughly $100 billion, a substantial market share with obvious market impact for crypto investors.
Here is a summary of Trump’s relationship with crypto-currencies.
While you’re here enjoying DonkeyHotey’s latest cartoon, please take a moment to read these articles on related topics:
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- Other DonkeyHotey cartoons
The cartoon above was created by DonkeyHotey for WhoWhatWhy from these images: Donald Trump caricature (DonkeyHotey / Flickr – CC BY 2.0 DEED), body (Airborne1901 / Wikimedia – CC0 1.0 DEED), truck (Sergio Calleja / Wikimedia – CC BY-SA 2.0 DEED), warehouse (US Army / Wikimedia – PD), and bitcoin (Johannes Blümel / Pixabay).
