Can Your Bitcoin Be Confiscated If Trump Establishes A National Reserve? Analyst Says Government Can Employ Carrot-And-Stick Policy
The expectations of a U.S. strategic Bitcoin (CRYPTO: BTC) reserve have skyrocketed following Donald Trump’s presidential victory, with the cryptocurrency sector firmly behind the ambitious idea.
Trump called for a strategic national Bitcoin stockpile at a conference earlier this year, while also advocating against selling state-owned Bitcoin stash.
While nothing concrete has come from Trump since this advocacy, his Republican colleagues, especially Sen. Cynthia Lummis (R-Wy.), have proposed legislation, called the BITCOIN Act, to purchase one million Bitcoins over five years.
Individuals connected to the digital assets industry have given a thumbs up to the idea.
The For And Against Debate
Joe McCann, founder and CEO of cryptocurrency hedge fund Asymmetric, told Benzinga that the move could position the U.S. as a “leader in crypto.”
McCann said that if the reserve gains more buzz and moves closer to reality, it’s likely to spur Bitcoin’s increase significantly.
“The market is already somewhat anticipating the potential impact, but I don’t think a lot of people have “priced in” the idea that if this were to actually pass [BITCOIN Act], other countries would also want to acquire a percentage …
About The Author
