{"id":19587,"date":"2024-12-16T18:04:15","date_gmt":"2024-12-16T16:04:15","guid":{"rendered":"https:\/\/forklog.com\/en\/trump-considers-200-billion-fund-for-bitcoin-acquisition\/"},"modified":"2024-12-16T18:04:15","modified_gmt":"2024-12-16T16:04:15","slug":"trump-considers-200-billion-fund-for-bitcoin-acquisition","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/trump-considers-200-billion-fund-for-bitcoin-acquisition\/","title":{"rendered":"Trump Considers $200 Billion Fund for Bitcoin Acquisition"},"content":{"rendered":"<p>U.S. President-elect Donald Trump is contemplating an executive order to establish a Strategic Bitcoin Reserve (SBR), according to Dennis Porter, CEO of Satoshi Action Fund.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">I can confirm that Trump is exploring an Executive Order creating a \u2018Strategic Bitcoin Reserve.\u2019 The Treasury, through the Exchange Stabilization Fund, has the authority to stabilize the dollar by buying currencies.<\/p>\n<p>Trump will use this fund to buy Bitcoin.<\/p>\n<p>\u2014 Dennis Porter (@Dennis_Porter_) <a href=\"https:\/\/twitter.com\/Dennis_Porter_\/status\/1868351652258005166?ref_src=twsrc%5Etfw\">December 15, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to Porter, the cryptocurrency purchase is planned to be financed through the Treasury&#8217;s Exchange Stabilization Fund (ESF), which typically uses its resources to support the dollar without affecting the overall money supply.<\/p>\n<p>As per the <a href=\"https:\/\/home.treasury.gov\/system\/files\/206\/ESF_October_2024_FS_Trunc_Notes.pdf\">October report<\/a>, the ESF&#8217;s assets exceeded $211 billion, with $171.3 billion in Special Drawing Rights from the <span data-descr=\"International Monetary Fund\" class=\"old_tooltip\">IMF<\/span> and related interest receivables. The fund&#8217;s net position barely exceeds $40 billion.<\/p>\n<p>Porter added that if Trump delays the initiative, Satoshi Action Fund will launch a \u201cwave of SBR\u201d at the state level. The nonprofit organization he leads promotes mining and cryptocurrency-friendly regulations, working with lawmakers and regulators.<\/p>\n<p>Satoshi Action Fund assisted in drafting a bill submitted to the Texas House of Representatives in December to create a bitcoin reserve. Similar initiatives are being advanced in Pennsylvania, Florida, and several other states.<\/p>\n<p>According to Porter, Trump&#8217;s team began preparing the SBR order in November to preempt states in establishing a bitcoin reserve at the federal level. The plan has garnered support in the Senate.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">I\u2019ve heard that the Trump team is considering an Executive Order for a National \u2018Strategic Bitcoin Reserve\u2019 in order to beat any state from passing it into law first. I can confirm that U.S. Senate offices are backing this plan up.<\/p>\n<p>Game on President Trump. The race is on. ??<\/p>\n<p>\u2014 Dennis Porter (@Dennis_Porter_) <a href=\"https:\/\/twitter.com\/Dennis_Porter_\/status\/1858610869799973200?ref_src=twsrc%5Etfw\">November 18, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>On December 12, Trump confirmed his intention to create the SBR in an <a href=\"https:\/\/www.cnbc.com\/2024\/12\/12\/watch-the-full-video-of-donald-trump-talking-with-jim-cramer-at-nyse.html\">interview<\/a> with Jim Cramer for CNBC.\u00a0<\/p>\n<p>Jack Mallers, founder and CEO of Strike, <a href=\"https:\/\/x.com\/BTC_Archive\/status\/1868314739803406464\">stated<\/a> that the president will sign the corresponding order immediately after the inauguration on January 20.<\/p>\n<p>In November, Senator Cynthia Lummis introduced the \u201cBitcoin Act of 2024\u201d to Congress, proposing the creation of a strategic reserve of the first cryptocurrency in the country. The document suggests purchasing 1 million BTC over five years.<\/p>\n<p>On December 13, during a meeting with Scott Bessent, nominated by Trump for Treasury Secretary, Lummis expressed hope that he would become \u201ca crucial ally\u201d in advancing the bill.\u00a0\u00a0<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">JUST IN: ?? US Senator Cynthia Lummis meets with the future Treasury Secretary and says he&#8217;ll be &#8220;a crucial ally in passing my Strategic Bitcoin Reserve&#8221; bill. <a href=\"https:\/\/t.co\/pWtnzFILXk\">pic.twitter.com\/pWtnzFILXk<\/a><\/p>\n<p>\u2014 Bitcoin Magazine (@BitcoinMagazine) <a href=\"https:\/\/twitter.com\/BitcoinMagazine\/status\/1867627186095534508?ref_src=twsrc%5Etfw\">December 13, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2 class=\"wp-block-heading\">Will Other Countries Follow the U.S. Example?<\/h2>\n<p>In Germany, Bundestag member Joana Cotar stated on Robin Seyr&#8217;s podcast that all governments will eventually have to adopt bitcoin.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">For my YouTube Crowd: <a href=\"https:\/\/t.co\/Z2XerSktyE\">https:\/\/t.co\/Z2XerSktyE<\/a><\/p>\n<p>\u2014 Robin Seyr (@RobinSeyr) <a href=\"https:\/\/twitter.com\/RobinSeyr\/status\/1867918381644689769?ref_src=twsrc%5Etfw\">December 14, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>She believes that approximately 50,000 BTC, which the authorities <a href=\"https:\/\/u1f987.com\/en\/news\/michael-saylor-urges-germany-to-retain-bitcoin-holdings\">sold in the summer<\/a>, could have formed the basis for a strategic cryptocurrency fund in Germany. Cotar criticized this <a href=\"https:\/\/u1f987.com\/en\/news\/german-bundestag-criticizes-governments-bitcoin-sale\">decision<\/a> at the time and now calls it a \u201chuge mistake.\u201d\u00a0<\/p>\n<p>The politician noted that the government lost about \u20ac2 billion in value, considering the recent all-time high of digital gold.<\/p>\n<p>If the U.S. bitcoin reserve succeeds, similar initiatives are likely to develop in Europe. However, Cotar believes the EU political establishment is unlikely to embrace Trump&#8217;s idea due to strained relations with the U.S. president-elect.<\/p>\n<p>In Russia, State Duma deputy from the \u201cNew People\u201d faction Anton Tkachev proposed to Finance Minister Anton Siluanov the creation of a strategic reserve in the first cryptocurrency.<\/p>\n<p>Previously, Anatoly Aksakov, head of the parliamentary committee on financial markets, rejected the idea of storing budget funds in bitcoin, citing the asset&#8217;s high volatility and technical features.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. President-elect Donald Trump is contemplating an executive order to establish a Strategic Bitcoin Reserve (SBR), according to Dennis Porter, CEO of Satoshi Action Fund. I can confirm that Trump is exploring an Executive Order creating a \u2018Strategic Bitcoin Reserve.\u2019 The Treasury, through the Exchange Stabilization Fund, has the authority to stabilize the dollar by [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":19586,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1641,991,1150,26],"class_list":["post-19587","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-reserves","tag-donald-trump","tag-news-plus","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"51","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/19587","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=19587"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/19587\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/19586"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=19587"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=19587"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=19587"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}