Prospects for Trump's Bitcoin strategic reserve are limited due to regulatory and fiscal hurdles.

From Investing.com

November 27, 2024 8:07:53 pm:

Compass Point Research believes the prospects for a proposed Bitcoin strategic reserve under the Trump administration are limited due to regulatory and fiscal hurdles. The recently introduced BITCOIN Act, which aims to accumulate cryptocurrency, is unlikely to become law. Trump could issue an executive order for a Bitcoin reserve, but future administrations could easily reverse it.

Unlike other government reserves formed by legislation, the Treasury lacks Congressional authorization and funding to acquire Bitcoin. With a focus on reducing fiscal spending, a Republican-controlled Congress is unlikely to approve funds for this purpose. The government’s elevated deficit leaves little room for discretionary spending on Bitcoin, limiting the potential for the proposed Bitcoin Act to pass before 2026.

Despite expectations of Trump implementing crypto-friendly regulations, Bitcoin rallied to near $100,000 before facing some market easing. Traders are now awaiting clearer policy signals from Trump to guide the future direction of the cryptocurrency market.

Read more at Investing.com: Prospects for Trump’s Bitcoin strategic reserve are limited- Compass Point By Investing.com