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- Trump along with many of his advisors has supported the idea of making this kind of reserve, quoting the need to make the United States the crypto capital of the world.
- The approval from Congress for the Reserve could be complicated by the Republicans’ close majority in the Senate as well as the House of Representatives.
- The platform on which the poll was conducted, Polymarket has recently been banned in Singapore quoting that it provides unlawful gambling.
The likelihood that the newly elected president Donald Trump will give approval to a Strategic Bitcoin Reserve in the first 100 days surged to 56% just before his inauguration.
A poll conducted on Polymarket reveals that more than $2.6 million in assets unveiled that this likeness has attained its highest level since November 7, jumping from this month’s low of 23%. The increasing possibility has caused the Strategic Bitcoin Reserve token to hover around $2.25, and take the market capitalization of more than $50 million.
Trump along with many of his advisors has supported the idea of making this kind of reserve, quoting the need to make the United States the crypto capital of the world. As per the strategy, seized coins into the reserve.
Making crypto a key priority in the US
As per the Bitcoin Treasuries, the United States holds about 198,109 Bitcoin, estimated at more than $21 billion. As per the reports of some media outlets, Trump has also advised to make a strategic reserve made up of Bitcoin as well as other American coins such as Solana, Cardano as well as Ripple.
According to the reports, his government shows that making crypto the main priority is part of its wider agenda. At the same time, there is a risk that Congress will not accept the making of such a reserve.
Majorly, setting up and managing strategic reserves needs both executive and legislative action. The approval from Congress could be complicated by the Republicans’ close majority in the Senate as well as the House of Representatives.
The token of Strategic Bitcoin Reserve also surged after Coinbase made the case for such a fund. A note shared by the company mentions that crypto would help release the next chapter of capitalism by intensifying economic freedom.
The chief executive officer of Coinbase, Brian Armstrong also suggested that the United States as well as other countries back special economic zones, pass laws that boost crypto growth, and exploit blockchain technology to make government more efficient.
Polymarket ban
The platform on which the poll was conducted, Polymarket has recently been banned in Singapore quoting that it provides unlawful gambling. Thailand is also planning to propose a similar ban. Before this, nations such as the United States and France had also banned the working of the platform.
Despite the ban, a surge in betting activity during the time of the US presidential election was witnessed which drew the attention of several officials towards the platform.
