Bitcoin Evaluated as Potential Asset for U.S. Government Reserves

Donald Trump, the former U.S. president, indicated his plan to incorporate Bitcoin into the nation’s strategic reserves should he be re-elected. His rival, Robert F. Kennedy, shared a similar viewpoint. Authorities in Hong Kong are also evaluating Bitcoin as a potential asset for state reserves.

During his address at the Bitcoin 2024 conference in Nashville, Donald Trump, the former U.S. President and current Republican Party candidate, stated that cryptocurrencies, especially Bitcoin, could significantly influence the future financial landscape. Thus, if he secures victory in the presidential election this November, he will regard BTC as a means to enhance the economic stability and autonomy of the United States.

On stage at the conference, Trump made several notable remarks concerning the cryptocurrency market and Bitcoin specifically. Here are a few highlights:

• “Bitcoin will one day surpass gold.”
• “If crypto is going to define the future, I want it to be mined, minted, and made in the USA.”
• “If I am elected, it will be the policy of my administration, United States of America, to keep 100% of all the bitcoin the U.S. government currently holds or acquires into the future.”

Trump also pledged that his initial action in office, if re-elected, would be to dismiss SEC Chair Gary Gensler to halt the prosecution of cryptocurrencies.

His electoral opponent mirrored the former president’s sentiments. Robert Francis Kennedy Jr. (RFK), the nephew of the 35th U.S. President, spoke on the same platform as Trump. He asserted that Bitcoin ought to be utilized as a government asset. Kennedy Jr. believes that integrating cryptocurrency into the U.S. economic framework will aid in shielding the nation from inflation and external economic pressures.

Despite the robust advocacy for Bitcoin by politicians, the most compelling address at the conference came from Edward Snowden, former NSA employee and whistleblower. He criticized Trump’s and other politicians’ comments regarding the inclusion of Bitcoin in U.S. strategic reserves, arguing that such measures could result in greater government oversight of cryptocurrencies, which contradicts their decentralized essence. Snowden also highlighted that politicians’ enthusiastic support for crypto is primarily motivated by a desire to win over voters. He emphasized the importance of recognizing that the authorities are not genuinely concerned with the financial freedom and independence that cryptocurrencies offer to citizens.

In light of Trump’s remarks about promoting Bitcoin in the United States, Justin Sun, the founder of TRON, urged the Chinese government to revise its public stance on cryptocurrencies. He believes that competition between the U.S. and China concerning Bitcoin and other cryptocurrencies will be advantageous for the entire sector. However, he suggested that the PRC authorities should modify their regulatory framework.

While U.S. officials are merely contemplating the potential of Bitcoin at the state level, the Hong Kong administration is already making significant strides to incorporate BTC into its economy. According to Johnny Ng, a member of the Legislative Council of Hong Kong, the authorities in this special administrative region of China are considering adding Bitcoin to their financial reserves. This initiative aims to bolster the region’s financial stability and attract investment.

A new licensing framework for stablecoins will soon be implemented in Hong Kong. Additionally, the region’s authorities are actively working on developing industry standards for tokenization.

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