Xmas rally possible thanks to Trump’s plan for a strategic Bitcoin reserve
Last Updated on 17 December 2024 by CryptoTips.eu
Bitcoin rose to a level of $107,000 on Monday morning after a podcast by conservative commentator Tim Pool provided more details about the Trump administration’s plans to create a “strategic Bitcoin reserve.”
Strike
On Timcast, the show of American commentator and journalist Tim Pool (who also regularly appears on Joe Rogan’s popular podcast), Strike CEO Jack Mallers discussed Trump’s plan to sign an ‘executive order’ to ensure a ‘ to create a strategic Bitcoin reserve in the United States.
Talked all things #Bitcoin with @Timcast as #Bitcoin rips through $100k.
— Jack Mallers (@jackmallers) December 13, 2024
Manifest destiny. Meme reality. If you can dream it, you’re closer than you think.
Much love @Timcast @Benaskren @BenWerkman, was a blast spending time with you boys and talking the future of money! 🫡 pic.twitter.com/J5p4fzgPyz
Mallers and Pool are good friends with many influential people within the Trump family and so their news was also accepted as truth by crypto fans (Mallers probably said a little more than he was allowed to do).
According to the plans, the United States would like to own 1 million Bitcoins by the end of Trump’s second term. The United States government currently owns approximately 200,000 Bitcoins.
Looks to me like Mallers accidentally crosses maybe an NDA or at least spills some proprietary information here.
— The Old Taylor (not actually Taylor Swift) (@The_Old_Taylor) December 15, 2024
DAY ONE EXECUTIVE ORDER #BITCOIN RESERVE pic.twitter.com/gMKzWYGa1H
Gold, oil and Bitcoin
That news came a few days after Trump told CNBC host Jim Cramer that his administration indeed had some “wild plans” for crypto. Trump however provided no further details.
If the United States does indeed create a Bitcoin reserve, it will compete with the budget spent on their strategic oil and gold reserves. According to the US Constitution, Trump must however ensure that purchasing Bitcoin does not damage the value of the dollar.
Optimistic analysts are therefore already talking about a possible ‘Bitcoin Christmas rally’. Of course, the Federal Reserve could throw a spanner in the works tomorrow if they do not lower long-term interest rates as fast as investors expect. It will be a very interesting end of year for Bitcoin Hodlers.
