There is much discussion about the possibility of a strategic Bitcoin reserve for the United States. Senator Cynthia Lummis, who attended the Bitcoin Conference, is a strong proponent of this idea.
Donald Trump also appears to be considering this option and has pledged not to sell US Bitcoin reserves if he were to become president.
But what exactly would a strategic Bitcoin reserve for the US entail? Let’s take a closer look.
Trump Considers Bitcoin Reserve
During the annual Bitcoin Conference in Nashville, Trump announced that the United States would indefinitely retain the remaining 200,000 BTC (worth $14.85 billion) seized by authorities. While he didn’t explicitly mention creating an official strategic reserve, the move does suggest that Bitcoin could play a larger role within the U.S. national reserve system.
The United States currently holds several types of reserve assets, the largest of which is gold. The U.S. Treasury holds a whopping $608.35 billion in gold. In addition, the U.S. government holds $166.21 billion in IMF Special Drawing Rights (SDRs) and $35.2 billion in foreign currencies, such as the euro and the yen. In total, U.S. reserves amount to more than $800 billion.
1 Million Bitcoin
Senator Lummis proposes that the United States hold 5 percent of all Bitcoin ever mined, or 1 million BTC, as a strategic reserve. If implemented, Bitcoin would become the largest reserve asset in the United States after gold and the SDR.
A US Bitcoin reserve would be a historic milestone for Bitcoin. Ten years ago, no one would have thought that we would even be speculating about this idea today. While the chances of this becoming a reality anytime soon seem slim, the US government already owns a significant amount of BTC.
The currently seized Bitcoin represents just over 2 percent of total U.S. reserves, which is no small feat. Only time will tell how seriously we should take the idea of Bitcoin as a reserve asset for governments.
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Source: https://newsbit.nl/wat-als-de-vs-echt-1-miljoen-bitcoin-zou-kopen/
