Persistent speculation about President-elect Donald Trump establishing a national Bitcoin (CRYPTO: BTC) reserve has increased on the possible appointment of a perceived pro-crypto Treasury Secretary.
What Happened: Polymarket odds show a roughly 30% probability of Trump “creating a national Bitcoin reserve.”
Barbara Goodstein, Managing Partner at R360, commented on Monday on the speculation about Bitcoin being recognized as a strategic reserve asset, suggesting that U.S. reserves may rise from the current 232,000 BTC to over a million.
Billionaire hedge fund manager and crypto advocate Scott Bessent has emerged as the frontrunner for Treasury Secretary with an 81% probability, according to Polymarket.
In an interview in July, Bessent stated, “I think that everything is on the table with Bitcoin,” when asked about his support for Trump’s potential Bitcoin reserve plan.
Also Read: Bitcoin To ‘Augment’ Gold As The ‘Next Strategic Reserve Asset,’ Says Expert
Why It Matters: While industry leaders like Anthony Scaramucci and Barbara Goodstein support Bitcoin as a strategic asset, some, including Vitaliy Katsenelson, CEO of Investment Management Associates, warn it could harm the U.S. economy by undermining the dollar’s global status.
Trump’s plan could legitimize Bitcoin as a reserve currency, potentially weakening confidence in the dollar.
Following the speculation, Strategic Bitcoin Reserve (SBR), a community-driven meme coin, saw an 89% spike in the past day, per DEXScreener data.
This surge coincided with Senator Cynthia Lummis (R-Wyo.) reacting to a social media post including the meme coin’s ticker.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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