- Social media is going crazy following rumours that Trump is adding Bitcoin as a strategic reserve asset.
- Two renowned crypto founders and Bitcoin advocates have stated the rumours are true and have credible sources to back these claims.
- Despite being rumours, it makes sense given Trump’s recent 180 on crypto.
Rumours on social media that Donald Trump would register Bitcoin (BTC) as a strategic reserve asset in the US have sparked.
The rumours intensified on platforms like X after Dennis Porter, Satoshi Action Fund co-founder, and BnkToTheFuture founder Simon Dixon published several posts stating that Trump would announce Bitcoin as a strategic reserve during the Bitcoin 2024 Conference in Nashville.
Porter reassured that the post wasn’t a joke and that his sources are credible. However, Trump, his team, or any external source have not confirmed these claims.
Related: As Crypto Leaders Back Trump, Vitalik Buterin Urges Caution in Choosing Candidates for Their Crypto Views
Bitcoin as a Strategic Reserve by the ESF
Porter went on to talk about how Bitcoin could become a strategic reserve, and that would be done through an Exchange Stabilization Fund (ESF).
In short, the ESF is a US government agency whose main objective is to stabilise the value of the US dollar by engaging in multiple financial activities, such as intervening in the foreign exchange markets by buying and selling currencies or providing loans/credits to foreign governments.
Porter explained that an ESF could hold Bitcoin as one of its reserve assets, along with gold and foreign currencies. The ESF could also use BTC in its interventions to stabilise the US Dollar or other currencies.
During periods of financial stress, the ESF could provide liquidity in Bitcoin to markets or institutions in need, helping to stabilize financial conditions and support market confidence.
Dennis Porter on XA Small Loan of US$844,600
Going back to Trump, the former US president is requesting that participants of the upcoming Bitcoin conference pay US$844,600 (AU$1,260,350.13) for a seat at a roundtable. This is according to a report by Bloomberg, citing an anonymous attendee’s emailed invitation.
The invitation is part of a private fundraising strategy for the conference in Nashville. The event will take place from July 25 to 27, and only 150 donors can participate.
Those who can’t afford the nearly US$1M (AU$1.49M) for the roundtable can pay US$60K (AU$89.5K) for a photo shoot. Include a partner and that comes to US$100K (AU$149K).
The Bitcoin Conference of 2024
Trump reassured his attendance at the Bitcoin conference even after getting shot, and he’s one of the main speakers next to Michael Saylor, Edward Snowden, and Robert F. Kennedy Jr.
Further, several Republican senators, including JD Vance and former Republican presidential candidate Vivek Ramaswamy, will attend the fundraising. Interestingly, Ramaswamy has advised Trump to create a basket of commodities that include Bitcoin which can back the US dollar against inflation.
Related: Trump Considers JP Morgan’s Jamie Dimon as Treasury Secretary, Says He “Changed Tune” on Crypto
Trump is also considering Jamie Dimon, CEO of JP Morgan, as his potential Treasury Secretary in the Trump administration. This is interesting —and ironic— given that Dimon is one of Bitcoin’s biggest haters, yet the investment bank holds hundreds of thousands worth of spot Bitcoin ETFs.
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