When Will the Bitcoin Strategic Reserve Be Officially Approved?

The Bitcoin world is buzzing with potential changes, especially with former President Donald Trump Donald Trump Donald Trump is an American former president politician, businessman, and media personality, who served as the 45th president of the U.S. between 2017 to 2021. Trump earned a Bachelor of science in economics from the University of Pennsylvania in 1968. Trump won the 2016 presidential election as the Republican Party nominee against Democratic Party nominee Hillary Clinton while losing the popular vote. As president, Trump ordered a travel ban on citizens from several Muslim-majority countries, diverted military funding toward building a wall on the U.S.–Mexico border, and implemented a family separation policy. Trump has remained a prominent figure in the Republican Party and is considered a likely candidate for the 2024 presidential election President plan for Bitcoin reserves. Crypto experts like Anthony Scaramucci are keeping a close eye on this, as Trump could introduce his first executive order soon, possibly including Bitcoin reserves alongside pro-crypto policies. However, Bitcoin is currently facing a rough patch, trading around $92K after dipping below $100K, partly due to skepticism about Trump’s crypto promises and a hawkish FOMC meeting.

When Will The Bitcoin Strategic Reserve Get Passed?

Trump’s plan for Bitcoin reserves suggests that the U.S. government could hold significant amounts of Bitcoin as part of its national reserves. This could have a huge impact on the market, potentially stabilizing Bitcoin’s price by creating a government-backed reserve. However, Trump’s idea also comes with risks, particularly around the idea of government control over a decentralized currency like Bitcoin.

Anthony Scaramucci’s Take

Anthony Scaramucci has weighed in on the idea of a Bitcoin reserve. He sees it as a potential game-changer, but not without its complications. Scaramucci believes that having a Bitcoin reserve could be beneficial for the U.S. in terms of economic strategy and security, especially as the world shifts towards digital currencies. However, he also points out that the concept of a government holding Bitcoin might undermine the core principles of decentralization that make Bitcoin appealing in the first place.

In Scaramucci’s view, the U.S. could use Bitcoin as part of a broader strategy to hedge against inflation and boost its financial system. But, he warns, this move needs careful planning to avoid over-centralizing control and potentially stifling innovation within the crypto space. 

Bitcoin is Here to Stay

Trump’s idea of a Bitcoin reserve is gaining attention, but Scaramucci is advising caution. While Bitcoin’s price has been fluctuating, Scaramucci remains optimistic about its future. He likens Bitcoin’s current phase to the early days of the internet, suggesting that as adoption grows and technology advances, Bitcoin could see exponential growth. He even predicts Bitcoin could hit $200,000 by the end of 2025, though there may be some drops along the way.

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Scaramucci also criticized those who dismiss Bitcoin without understanding its technology, arguing that it’s still in its early stages, with only 5-6% market penetration. On the legislative front, he anticipates major developments under a pro-crypto administration. He envisions a Bitcoin Strategic Reserve being introduced within Trump’s first 100 days, which could provide a strong signal of support for Bitcoin and reassure investors.

Additionally, Scaramucci is hopeful about bipartisan efforts to create clear crypto regulations, which could make the market safer and more predictable for investors, while discouraging bad actors.

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