Donald Trump Presidency Can Trigger ‘Global Hash War’ With BTC Reserves, Says Bitcoin Maxi

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As a seasoned crypto investor with a keen interest in geopolitics and their impact on digital assets, I find the recent discussions surrounding Bitcoin as a reserve asset under former President Trump’s potential presidency an intriguing development.

As a bitcoin analyst, I’ve noticed an intriguing discussion in the crypto community regarding the potential of making Bitcoin a reserve asset during former President Donald Trump’s tenure. Max Keiser, a well-known Bitcoin advocate, expressed his belief that such an event could lead to a “Global Hash Rate” competition among top economies aiming to secure a share of the Bitcoin mining power.

Will Donald Trump Initiate Bitcoin Reserves As Part of Treasury

Former President Trump’s latest endorsement of Bitcoin underscores the asset class’s growing geopolitical importance. With the U.S. holding the largest share of Bitcoin among nation-states, Trump aims to leverage this advantage against potential competitors like China and Russia. By voicing concerns over opposing policies, Trump emphasizes the potential risks of losing this edge in the digital currency realm.

Bitcoin-friendly voices are making significant headway in various discussions. For instance, Vivek Ramaswamy, a former presidential candidate, has been advocating for Bitcoin to Trump since the beginning of the year. He even proposed the idea of supporting the dollar with commodities such as bitcoin. On a parallel note, Independent candidate Robert F. Kennedy Jr. has suggested backing US Treasury bills with assets like gold, silver, platinum, or bitcoin to help control inflation.

Senate Representative Cynthia Lummis, dubbed the “Bitcoin champion” in Congress, has endorsed the use of Bitcoin for the country’s financial system. Following Trump’s statement, Lummis reiterated her stance, describing Bitcoin as an “extraordinary form of value storage,” and promoting the idea of expanding the nation’s investment portfolio with it.

According to Alex Thorn, the chief research officer at Galaxy Digital, Bitcoin’s influence on the world financial system could be profound. Consequently, Thorn advocates for countries to consider holding Bitcoin as a strategic reserve asset. In an interview with Forbes, he expressed:

In the realm of digital currencies, Bitcoin’s global nature as a decentralized commodity money with desirable characteristics makes it an increasingly significant player in geopolitics and international commerce.

Can US Trigger Global Hash Rate War

Over the past 10 years, the United States has significantly expanded its Bitcoin holdings through various sources around the globe. Currently, it leads in Bitcoin hash rate, hosts the largest number of network nodes, and holds a dominant position in global Bitcoin consciousness. Should he win the upcoming US presidential elections, this individual is likely to be an ardent supporter of Bitcoin.

Max Keiser, a well-known Bitcoin supporter, foresaw the emergence of the ‘Global Hash War’ as early as 2019. Instead of attempting to prohibit Bitcoin, nations might soon embrace this digital asset class.

According to Alex Thorn’s analysis, the adoption of a certain strategy or policy by one country implies that other countries must also take it into consideration, regardless of their relationship status.

Back in 2019, I foresaw the trend and labeled it “Global Hash War.” In this context, I used the term to denote the shift from countries attempting to prohibit Bitcoin to amassing significant amounts of it for their national reserves instead.

I was the lone voice at the time, now it’s common knowledge.

Note: Jason Lowery plagiarized the idea some…

— Max Keiser (@maxkeiser) July 3, 2024

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2024-07-04 08:58