As President Donald Trump celebrates his first 100 days back in office with a rally hosted by Securing American Greatness, people are excited to see if he will make history by officially adding Bitcoin to the U.S. financial reserves. According to the prediction market Polymarket, there is presently a 6% possibility that Trump will launch a Bitcoin reserve before the 100-day period ends tomorrow.
This assumption follows current comments from the U.S. Secretary of Commerce Howard Lutnick, who appeared in Bitcoin Magazine to talk about the administration’s changing position on digital assets. Lutnick revealed a strong change away from the last administration’s limiting strategy to cryptocurrency, saying, “Under Biden, it was handled the same way as if you were doing something wrong… That’s the end now.”
Handling Bitcoin Like Gold
Lutnick said that the Trump administration views Bitcoin not as a currency, but as an asset, equivalent to gold or oil. He explained, “There’s a limited amount of it. To me, Bitcoin is like gold… It should be treated as a product.”
He also said that once the U.S. officially recognises Bitcoin as a commodity, it could lead to more people using it, like buying, selling, and holding it as an asset, just like gold. “No one stops anyone from selling oil or gold,” he said. “Bitcoin should be treated the same way.”
Bitcoin’s Potential Contribution to Trade and GDP Growth
Lutnick also disclosed that the Bureau of Economic Review is investigating the idea of handling Bitcoin similarly to gold in economic data, like trade balances and GDP. While he did not say any official strategy, he said it is “a brilliant concept” that is being evaluated.
The Commerce Secretary said it’s important to make government data clearer. He suggested that new ways of labelling information might be created to help people understand how Bitcoin is part of the country’s economy.
The Case for a Strategic Bitcoin Reserve
Lutnick did not say for sure if the U.S. already has Bitcoin in a strategic reserve, but he did say people are still talking about it. “When the government is ready to share those answers, we will,” he said, but he did not give any details about how much is held or who is in charge of it.
He repeated that the government is still focused on Bitcoin and praised Trump for helping the crypto community. “Trump said he would support Bitcoin, and he has,” Lutnick said. “After dealing with trade and global peace, Bitcoin will be a priority again.”
Read also:- Crypto-Friendly Laws Approved by Arizona Lawmakers
Disclaimer: We at Bitcoinik.com present you with the latest information in the crypto market. However, this information should not be regarded as financial advice, and viewers should consult their financial advisors before investing.
Other Articles
No Comment! Be the first one.