US Bitcoin sparks frenzy, A US Bitcoin reserve may be adopted in Trump’s term. The dollar has been facing a grave challenge for some time now.
As Donald Trump becomes the US President-elect, Bitcoiners worldwide anticipate a price surge. This optimism stems from his pro-crypto promises, including national Bitcoin adoption.
Central to this plan is the BITCOIN Act of 2024, proposed by Senator Cynthia Lummis. The legislation would require the Treasury to purchase 1 million BTC over five years. This would involve buying 200,000 BTC annually.
US Bitcoin sparks frenzy, [Crypto pundits]
The bill has drawn heated debate among crypto pundits. US Bitcoin sparks frenzy, Others warn that a Bitcoin reserve comes with potentially enormous risks, while others see an Oasis of stability to a failing fiat monetary system Others claim it could tip the dollar into hyperinflation. Others say it could get left behind if the US doesn’t dive in now.
Experts Argue US Should Hold Bitcoin in Reserve to Balance Debt
Now, Suriname: anti-corruption is the focus of presidential independent candidate Maya Parbhoe’s campaign. In her mind, that means her country will have to take a page from El Salvador’s book: adopt the Bitcoin standard.
An “endless money printing and [a] Ponzi-like banking system” led to a “loser game that proceeds to hyperinflation,” Parbhoe told Cointelegraph. She argues that the US has been debasing its currency for decades, “robbing its citizens of their hard-earned wealth.”
Should Suriname and the US adopt Bitcoin, we would “end reckless fiscal policies,” as this will “force governments to live within their means and restore trust in the monetary system,” Parbhoe explained.
“Not taking Bitcoin as a reserve asset is like failing to take the internet seriously in the 90s. It’s financial suicide.”
Samson Mow, the CEO of the Bitcoin accelerator Jan 3, is credited with persuading Parbhoe to run for president. Similar to Parbhoe, he explained US Bitcoin sparks frenzy that the US has an opportunity to free itself from crippling debt holdings via Bitcoin reserves if lawmakers are courageous enough to do it.
If we embrace Bitcoin
If we embrace Bitcoin on a meaningful scale and accumulate $10 trillion or more in reserves, similar to gold, the future appreciation could help pay off debt. It could also offset or even eliminate it. This would involve rebasing the dollar to Bitcoin
The United States, like other nations, should transition its monetary system to Bitcoin. As Bitcoin appreciates, it could become a financial tool. This tool could stabilize or even restructure the US economy