Bitcoin, Trump, and Polymarket Predictions
Polymarket bettors are uncertain about Trump announcing a U.S. Bitcoin strategic reserve at Bitcoin 2024. There is speculation and betting on whether Trump will reveal plans for a strategic reserve of Bitcoin during the conference. Currently, there is a 22% chance that this announcement will happen by July 28, down from the initial 76% belief when the bet was first created.
Rumors of Trump’s Bitcoin Strategic Reserve
Last week, rumors circulated on social media suggesting that Trump might declare Bitcoin as a strategic reserve asset for the United States at the upcoming event. These speculations were fueled by Dennis Porter, co-founder of the Satoshi Act, who claimed credible sources confirmed Trump’s intentions. While the speculation trended over the weekend, it has since lost traction following Biden’s decision to step down from the U.S. presidential race.
Potential Implications of a U.S. Bitcoin Strategic Reserve
If the U.S. were to adopt Bitcoin as a strategic reserve asset, it could become the largest nation-state holder of Bitcoin. This move could align with Trump’s idea that all remaining Bitcoin should be mined in the United States. A Bitcoin strategic reserve would involve the U.S. Treasury holding substantial amounts of Bitcoin in its reserve portfolio, similar to its holdings of gold or foreign currencies.
