As discussions in the United States revolve around the potential establishment of a Bitcoin reserve during President Donald Trump’s tenure, the idea has garnered global attention.
Russia’s Proposal for a Bitcoin Reserve
Russia is considering the creation of a national Bitcoin reserve to counteract geopolitical uncertainties and sanctions.
Anton Tkachev, a member of the State Duma representing the Novye Lyudi party, has formally urged Finance Minister Anton Siluanov to consider establishing a Bitcoin reserve similar to traditional state reserves held in fiat currencies.
This move highlights the increasing acknowledgment of Bitcoin as a strategic financial asset on a global scale.
Highlighting the significance, Tkachev stated,
“Given the limited access to conventional international payment systems for nations facing sanctions, cryptocurrencies are evolving as a primary tool for international trade.”
Notably, Russian President Vladimir Putin acknowledged Bitcoin’s potential during his recent address at the Moscow Investment Forum, signifying a notable shift from his prior stance of opposition to a more cautious acceptance.
Is China Following the Lead of the US and Russia?
Former Binance CEO Changpeng “CZ” Zhao also contributed to the ongoing global conversation on Bitcoin reserves.
Speaking at the Bitcoin MENA conference in Abu Dhabi on December 9th, Zhao suggested that smaller nations might pioneer the adoption of Bitcoin reserves, noting that the process is likely to unfold gradually.
While hinting at the prospect of China establishing a Bitcoin reserve, Zhao highlighted the uncertainty surrounding this initiative due to the government’s ambiguous stance on cryptocurrency.
Zhao shared,
“Trump is yet to take office, and the strategic Bitcoin reserve is still inactive, so once this becomes operational, we’ll get a clearer picture of how other countries respond.”
Driving Forces Behind the Trend
The global interest in developing Bitcoin reserves resonates with the cryptocurrency’s impressive surge beyond the $100,000 milestone, briefly touching $102,000 before retracting.
Currently, Bitcoin is valued at $97,325.53, indicating a 1.65% decline over the past 24 hours, according to CoinMarketCap.
Meanwhile, in the US, market sentiments vary, with Polymarket’s prediction on the likelihood of former President Trump establishing a Bitcoin reserve within his initial 100 days dropping to 28%.