Will there be a historic Bitcoin announcement this week, with reports of Republican presidential nominee and former U.S. President Donald Trump potentially declaring Bitcoin a "strategic reserve asset" during the Bitcoin 2024 conference in Nashville this week?
Ran Neuner, Founder and Host of Crypto Banter, weighed in on the reports and what they mean for the U.S. and Bitcoin.
One of the sources reporting this on social media was Dennis Porter, co-founder of the non-profit organization Satoshi Act. Porter cited insider sources telling him that labeling Bitcoin as a reserve asset was on Trump's agenda at the Bitcoin 2024 Conference, scheduled to take place July 25-27.
HUGE BREAKING: Trump to announce a USA #Bitcoin strategic reserve in Nashville ?? - Sources
— Dennis Porter (@Dennis_Porter_) July 18, 2024
"I've heard from various sources, including Dennis, very similar things," Neuner told Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News. "What we've heard is that Trump may get Bitcoin and make it part of the strategic reserves that the United States has."
Neuner explained that strategic reserves are typically things that the U.S. holds to function in dire situations.
"For Bitcoin, there's no real reason to hold it except for value protection. If anything, it would fall under the same class as gold," he said. "It would be like we would keep gold on the U.S. balance sheet as some kind of diversification or hard asset. And I guess that that would make the most logical sense."
Another important aspect of this is that the U.S. leads in Bitcoin holdings as a country, which is due to having seized massive amounts from illicit actors. The government holds more than 200,000 bitcoins, which are worth around $13.44 billion based on today's prices, according to BitcoinTreasuries.
"It's a big number. And we believe that Trump may just announce that he's going to be holding it as part of the strategic reserve, which means that the cloud of the potential selling pressure may actually dissipate [in Bitcoin]," Neuner pointed out.
Neuner sees an "aggressive" Bitcoin bull market in the second half of this year and at the start of 2025. For his technical and fundamental price analysis, watch the video above.
Former presidential candidate Vivek Ramaswamy, who has been advising President Trump on Bitcoin and crypto, has previously proposed backing the dollar with a basket of commodities, including Bitcoin, to combat inflation and maintain the U.S. dollar's value over time.
Similarly, Independent Presidential candidate Robert F. Kennedy Jr. suggested backing a portion of U.S. Treasury bills with hard currencies, including Bitcoin.
"My plan would be to start very, very small, perhaps 1% of issued T-bills would be backed by hard currency, by gold, silver platinum or Bitcoin," Kennedy said during the Heal-the-Divide PAC event in July 2023. "Backing dollars and U.S. debt obligations with hard assets could help restore strength back to the dollar, rein in inflation, and usher in a new era of American financial stability, peace and prosperity."
All three – Trump, Ramaswamy, and Kennedy – are scheduled to speak at this week's Bitcoin 2024 conference in Nashville.
To learn more about the U.S. potentially embracing Bitcoin as a reserve asset, click here.
Neuner also explained why a growing number of influential billionaires and bankers have been rallying behind Trump. On this and on why Trump might be considering JPMorgan Chase CEO Jamie Dimon to be a candidate for Treasury Secretary, watch the video above.
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