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- The US Justice Department’s 200,000 BTC could boost the Treasury’s balance by $13 billion.
- Transitioning Bitcoin holdings to Treasury could stabilize and enhance BTC market value.
A recent CNBC discussion explored the possibility of the US government using Bitcoin as a reserve currency if Donald Trump were elected president.
Collin Brown, a blockchain researcher, raised this prospect in a tweet, claiming that the Justice Department now possesses about 200,000 units of Bitcoin (BTC), making the United States the world’s largest holder.
These holdings might be simply moved to the Department of the Treasury, adding an astonishing $13 billion in BTC to the US balance sheets.
🚨Massive for #Bitcoin and #XRP! 🚨
CNBC explores the possibility of Bitcoin being used as a reserve currency by the US government if Trump becomes president: "The Justice Department holds about 200,000 units of Bitcoin, making the United States the largest holder of Bitcoin.… pic.twitter.com/aAhHKYi4Iw
— Collin Brown (@CollinBrownXRP) July 23, 2024
Exploring Bitcoin’s Potential as a US Reserve Currency
This topic was further developed in a CNBC interview with Bryan Courchesne, Chief Executive Officer of DAIM, who agreed that Bitcoin might act as a reserve currency. Courchesne said that this possibility was discussed on X. He admitted that, while it may be difficult to implement, it is certainly possible.
The Treasury might keep the Justice Department’s current Bitcoin holdings for a long time, which could help stabilize and raise BTC prices.
Furthermore, Courchesne noted that the Justice Department’s shift from irregular Bitcoin sellers to long-term holders could benefit the market. This shift may alleviate negative pressure on Bitcoin prices and provide a more conducive atmosphere for growth.
Meanwhile, BTC is currently trading around $66,908.77, down 0.46% over the last 24 hours but up 6.29% in the last week.
No coins selectedDavid Bailey’s Proposal for Enhancing US Financial Stability
Previously, David Bailey, a Trump advisor, stated that the US could establish a sizable Bitcoin reserve for the Department of the Treasury by timelocking 210,000 BTC for 10 years. This policy would ensure the long-term stability and security of the United States’ financial system.
In the middle of this political and financial turbulence, Bitcoin’s market position is evolving. Bitcoin’s recent performance, combined with increased interest from institutional investors, demonstrates its growing relevance.
For example, as we previously reported, the BlackRock Bitcoin ETF (IBIT) has amassed almost $1.3 billion in BTC over the last ten trading sessions, indicating strong institutional interest in Bitcoin’s future.
