This development comes after U.S. Representative Matt Gaetz introduced a bill allowing federal income taxes to be paid in Bitcoin.
The market reacted positively to President Joe Biden's decision not to seek re-election, boosting confidence in Trump's potential return to power. Rumors suggest Trump may make an official announcement at the upcoming Bitcoin 2024 conference in Nashville.
Expert Opinions and Market Dynamics
Markus Thielen, CEO of 10x Research, emphasized the strategic diversification benefits of a Bitcoin reserve, noting the U.S. government’s current holdings of 212,000 BTC compared to its $600 billion gold reserves. David Bailey, CEO of Bitcoin Magazine, and other industry experts support these rumors, suggesting significant bullish potential for Bitcoin.
Simon Dixon, founder of BnkToTheFuture, and BlockTower Capital’s CIO highlight the medium-term bullish implications if the U.S. establishes a Bitcoin reserve. Gaetz's bill underscores the effort to integrate digital currencies into the U.S. financial system, resonating with Trump’s promise to end Biden's "war on crypto."
Industry Perspectives
Jack Dorsey, CEO of Block, predicts Bitcoin will eventually replace the U.S. dollar, citing increased control and autonomy for users. Trump’s consideration of JP Morgan CEO Jamie Dimon, a known crypto critic, for Treasury Secretary indicates a strategic pivot in his approach to cryptocurrency.
