Trump plans national bitcoin stockpile, sparking debate on impact on market and investors.

From Investing.com

August 6, 2024 04:05 AM:

Donald Trump made a campaign promise to keep 100% of the U.S. government’s 203,239 bitcoin tokens if elected, creating a strategic national bitcoin stockpile. U.S. Senator Cynthia Lummis proposed buying one million bitcoin, while Robert F Kennedy Jr suggested a stockpile of four million. The U.S. holds about $11.1 billion worth of crypto.

A government bitcoin stockpile could boost bitcoin’s price, but it might limit tokens available for trading, potentially impacting investors. Other countries, like China, also have significant holdings of bitcoin. There’s speculation on how a national bitcoin reserve would operate, with comparisons to the Strategic Petroleum Reserve or gold reserves by the Federal Reserve.

Despite the uncertainty surrounding a potential national bitcoin reserve, the increased focus on digital assets by political figures from both parties is seen as a positive development in the crypto market. Many believe that cryptocurrencies will remain a significant campaign talking point beyond the upcoming election.

Read more at Investing.com: Trump’s bitcoin stockpile plan stirs debate By Reuters