Last weekend, rumors spread widely that Trump would announce at the Bitcoin 2024 conference that BTC would be used as a strategic reserve asset for the United States, accompanied by Bitcoin quickly returning to $68,000, which boosted market sentiment. Everyone is looking forward to the "crypto president" going wild again at this weekend's Bitcoin conference.

What is a national strategic reserve asset

A national strategic reserve asset refers to assets held by a country to deal with economic uncertainty, external shocks, or other emergencies. These assets typically include traditional safe-haven assets such as gold, foreign exchange reserves represented by the US dollar, euro, and yen, reserve assets special drawing rights (SDR) allocated by the International Monetary Fund (IMF), as well as government bonds, foreign currency-denominated deposits, and other liquid assets.

The composition and management of reserve assets play a crucial role in a country's economic stability and its relationship with international financial institutions such as the IMF.

Dennis Porter, co-founder of the Satoshi Action Fund, who is also attending the Bitcoin conference, posted on social media stating that the most likely direction for Bitcoin to become a US strategic reserve asset is to become the Exchange Stabilization Fund (ESF) of the US Department of the Treasury.

The ESF is a special fund operated by the US Department of the Treasury established under the Gold Reserve Act of 1934, with the primary goal of stabilizing the value of the US dollar. The ESF provides the Treasury with tools to conduct currency and gold operations to influence exchange rates and promote stability in the foreign exchange market. Today, Bitcoin is widely regarded in the US as a foreign currency.

Markus, a researcher at 10x Research, analyzed that the US government currently holds about 212,847 bitcoins, worth about $15 billion, compared to its total gold reserves of about 261.5 million troy ounces, worth about $600 billion. If the amount of Bitcoin held doubles ($15 billion), it would almost be equivalent to the net inflow of funds into Bitcoin spot ETFs since the beginning of the year ($16 billion). From a signaling perspective, this would undoubtedly have a greater impact.

On July 25th, Cynthia Lummis, a Republican senator from Wyoming who supports cryptocurrencies, is planning to announce legislation for Bitcoin strategic reserve at the Bitcoin conference. Although the specific content of the bill is not yet clear, according to a person who has seen the draft, the purpose of the bill is to direct the Federal Reserve to purchase Bitcoin and hold it as a reserve asset, just as the US central bank holds gold and foreign currency, to help manage the US monetary system and maintain the stability of the US dollar.

Lummis hinted at her X account that a major announcement is coming this week, so stay tuned.

Asset manager Bryan Courchesne recently discussed the potential for Bitcoin to become a strategic reserve asset for the US government under the future Trump administration on CNBC. According to this asset manager, adopting Bitcoin as a reserve asset would be very difficult but not impossible. Courchesne pointed out that the Department of Justice holds 200,000 bitcoins, making the US government the second-largest holder of Bitcoin after the anonymous creator, Satoshi Nakamoto. The Department of Justice could simply transfer the bitcoins to the US Department of the Treasury, paving the way for the Treasury to begin accumulating and holding this scarce asset for the long term.

If Trump does announce at the conference that Bitcoin will be used as a national strategic reserve asset, what kind of impact will it have on Bitcoin and the crypto industry?

If it comes true, it will be on par with real gold

First and foremost, there will be a price impact. As the US is one of the world's largest economies, its policy changes have a huge impact on the global financial markets. The news of Bitcoin becoming a strategic reserve asset will trigger a strong market reaction, sharply increasing demand for Bitcoin from investors, thereby driving up its price.

This will also greatly enhance its mainstream acceptance. Other countries and institutions may follow in the footsteps of the US and include Bitcoin in their reserve assets, further solidifying Bitcoin's position in the global financial system. As more countries and institutions include Bitcoin as a reserve asset, its nature as a long-term holding asset may lead to a reduction in Bitcoin market volatility.

However, before this happens, we need to be aware that for an asset to become a country's strategic reserve asset, it is not determined by one person. Even if Trump is elected as the next president, he alone cannot make Bitcoin a strategic reserve asset. This process will involve extensive deliberation by policymakers, economists, and financial experts, as well as approval from Congress and coordination with the Federal Reserve and the Treasury.

When all is said and done, to protect and manage its strategic reserve assets, the US may develop and implement clearer and stricter cryptocurrency regulatory policies. These policies may have a profound impact on the entire cryptocurrency market, prompting other countries to strengthen their regulation of cryptocurrencies.

As the importance of Bitcoin increases, related infrastructure and technology will also be further developed. This includes more secure storage solutions, more efficient trading systems, and more comprehensive legal and regulatory frameworks.

The role of Bitcoin as a strategic reserve asset may change the structure of the existing financial markets. The title of "digital gold" will challenge the status of traditional assets (such as gold and government bonds) in reserve assets, and portfolio diversity and risk management strategies will also change.

Regardless of the final outcome, the crypto industry has undoubtedly entered a more mainstream social perspective through politics.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。