Donald Trump Presidency Can Trigger ‘Global Hash War’ With BTC Reserves, Says Bitcoin Maxi
Amid the massive Bitcoin support extended by former President Donald Trump, there have been talks in Satoshi Street about the chances of making Bitcoin a reserve asset under Trump’s Presidency. Bitcoin maxi Max Keiser stated that if this happens, there would be a ‘Global Hash Rate’ with top economies competing to get a pie of the Bitcoin hash power.
Will Donald Trump Initiate Bitcoin Reserves As Part of Treasury
Donald Trump‘s recent support of Bitcoin highlights the asset class’s geopolitical significance while warning that policies against it can benefit China and Russia. Currently, the United States is the largest nation-state holder of Bitcoin giving it an edge over the others. Former President Trump understands this and seeks to capitalize on it.
These discussions are gaining traction thanks to Bitcoin-friendly leaders. Former presidential candidate Vivek Ramaswamy has been advising Trump on bitcoin since January and proposed backing the dollar with commodities, including bitcoin. Similarly, Independent candidate Robert F. Kennedy, Jr. suggested backing US Treasury bills with assets like gold, silver, platinum, or bitcoin to curb inflation.
Also Read: Democrat Ro Khanna Seeks to Prevent the Trump Takeover of $2 Trillion Crypto Industry
The “Crypto queen” of Congress, Senator Cynthia Lummis has extended her support for Bitcoin for national finances. After Trump’s post, Lummis affirmed her support, calling Bitcoin an “incredible store of value” and advocating for diversifying the nation’s investments with it.
Alex Thorn, the head of firmwide research at Galaxy Digital said that Bitcoin can have an extensive impact on the global financial system. Thus, he sees merit in having Bitcoin as a strategic reserve asset for the country. Speaking to Forbes, Thorn said:
“As a global decentralized commodity money with sound properties, Bitcoin will undoubtedly play a growing role in geopolitics and international trade”.
Can US Trigger Global Hash Rate War
Over the last decade, the US has built its Bitcoin stack from illicit crossover across the globe. It also has the lion’s share in the Bitcoin hash rate, boasts the most network nodes, and also the Bitcoin mindshare of any country in the world. He would probably be the first pro-Bitcoin President if he wins the upcoming US elections.
Max Keiser, a prominent Bitcoin advocate, said that he had already predicted the arrival of the ‘Global Hash War’ back in 2019 and we could see that becoming a reality very soon. This would be a massive shift from nation-states looking to ban Bitcoin, to actually adopting the asset class.
As Alex Thorn explained, “Simple game theory dictates that adoption by one nation necessitates that other nations consider the same, whether friend or foe.”
As predicted back in 2019 when I coined the the term ‘Global Hash War’ to describe nations switching from trying to ban #Bitcoin to hoarding BTC as a strategic reserve.
I was the lone voice at the time, now it’s common knowledge.
Note: Jason Lowery plagiarized the idea some… https://t.co/dWKTBsF0Du
— Max Keiser (@maxkeiser) July 3, 2024
Also Read: Here’s When Bitcoin (BTC) Price Recovery Will Start This Year
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