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coinpedia 2025-01-02 06:22:07

Bitcoin News: Expert Explains Why Trump Might Be Set to Buy 500,000 BTC

The post Bitcoin News: Expert Explains Why Trump Might Be Set to Buy 500,000 BTC appeared first on Coinpedia Fintech News In a recent discussion Anthony Scaramucci, the founder of SkyBridge Capital, was asked about the possibility of a “strategic Bitcoin Reserve” for the United States. Scaramucci didn’t shy away from the question, expressing confidence that it could become a reality. When asked about the feasibility of such a move, Scaramucci laid out his case on the Bankless podcast. He explained that he’s personally close to key political figures who support this initiative. According to Scaramucci, the Senate already has the votes to make this happen and this support is crucial because it indicates bipartisan backing for the proposal. While many might still be skeptical about such a shift, Scaramucci remains optimistic. He believes that the votes in favor of accumulating Bitcoin could go as far as to acquire 500,000 more Bitcoin on top of the 200,000 already in reserve, making the total a staggering amount. “They will probably buy another four or 500,000 Bitcoin. Let me tell you why I think it will happen. Okay, Trump wants it to happen and he’s got the Senate Banking Committee. Tim Scott wants it to happen, he’s going to be the chair of the Senate Banking Committee,” he said. He also addressed the possibility of gaining wider support among Democrats, pointing to the bipartisan nature of a previous vote, which showed that younger Democratic senators are more likely to support Bitcoin initiatives, while older, more traditional figures like Elizabeth Warren and Sherrod Brown are opposed. Scaramucci’s perspective comes from an understanding that Bitcoin, like gold, could become a digital reserve asset. He posed a provocative question: if the U.S. holds over $600 billion in gold, why not place a fraction of that value into Bitcoin? According to him, such a move wouldn’t be out of the question, and some of the gold reserves might even be liquidated to make room for Bitcoin. The concept of a government-backed Bitcoin reserve is wild yet plausible, especially with the growing recognition of Bitcoin’s potential as “digital gold.”