President Joe Biden announced on July 21 that he will not be running in the November 2024 Presidential Election, instead endorsing Vice President Kamala Harris as the Democratic nominee. This decision came after increasing pressure following a challenging debate performance against former President Donald Trump.
Dennis Porter, co-founder of the nonprofit Satoshi Act, claimed that Trump plans to make this significant announcement, citing credible sources. Porter believes it is a “no brainer” for the US Treasury to adopt Bitcoin as a strategic reserve asset. However, this claim has not been confirmed by Trump or his associates.
Supporters of Bitcoin have long argued for its classification as a strategic reserve asset. Since January, former presidential candidate Vivek Ramaswamy has been advising Trump on Bitcoin and other digital assets. Ramaswamy suggested backing the US dollar with a basket of commodities, including Bitcoin, to combat inflation and maintain its value.
David Bailey, CEO of Bitcoin Magazine and a consultant to Trump’s team, has explored the potential impact of using Bitcoin as a strategic reserve asset. Bailey envisions time-locking 210,000 Bitcoin held by the US for a century to secure a substantial reserve for the Treasury.
Adding to the speculation, Trump has hinted that Senator JD Vance, a strong cryptocurrency advocate, might be his running mate in the 2024 election, suggesting a potential shift towards more pro-Bitcoin policies.
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