Crypto’s Legacy Is Finally Clear
AtlanticDec 07, 2024
Bitcoin Hits $106K as Trump Plans Strategic Reserve
story
Above: A cartoon image of US Pres.-elect Donald Trump holding a Bitcoin token. Image copyright: Paul Yeung/Contributor/Bloomberg via Getty Images
The Facts
Bitcoin on Monday reached an all-time high of more than $106K, marking a 192% increase this year as US Pres.-elect Donald Trump continues to voice positive views of cryptocurrency and future investments in that sector.
Trump on Thursday announced plans to establish a strategic Bitcoin reserve similar to the US Strategic Oil Reserve, aiming to position America as a global crypto leader. He's previously stated that his next administration will retain 100% of all Bitcoins his government owns or acquires.
The US government currently holds approximately 200K Bitcoins, valued at over $20B and representing nearly 1% of the total market capitalization of $20.7B. China holds 190K Bitcoins.
The Spin
Right narrative
Crypto should be booming. While Pres. Joe Biden's heavy-handed regulation pushed crypto developers to Europe and Asia, Trump is working toward making the US the crypto capital of the world. Between his deregulation agenda and the creation of a Bitcoin reserve stockpile, this trillion-dollar industry will support American prosperity.
Left narrative
It's unlikely this boom will help everyday Americans. Crypto enriches right-wing tech executives and influencers who use their newfound wealth to buy politicians. Trump used his proposed interest in crypto to gain votes while promoting a system where wealth and power are concentrated among those who can best manipulate its volatility.
