The cryptocurrency market got a brand new look this year with Donald Trump taking over the US government. The President seems to be getting things done just days after he was sworn in. More recently, Trump signed an executive order to create the Presidential Working Group on Digital Asset Markets. To further stoke suspicions about a possible Bitcoin reserve, the working committee will also assess the establishment of a strategic Bitcoin reserve. Amidst this, the community was highlighting how several countries may soon follow suit.
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“Bitcoin Is A Better Form Of Money”
Earlier today, Coinbase’s Brian Armstrong was seen underlining the possibility of G20 nations walking in the footsteps of the US to create a strategic Bitcoin reserve. Armstrong noted how Bitcoin’s market cap currently stands around $2 trillion. This accounts for about 11% of gold’s market value of a staggering $18 trillion. Further explaining why BTC is a better option than gold, Armstrong said,
“Bitcoin is a better form of money. It has the decentralization and scarcity of gold, but better divisibility, portability, and (I think) even fungibility. It’s relatively harder to tell if gold is pure, or contains some lead in the middle of the bar.“
In light of this, the CEO of Coinbase said that any nation with gold reserves should have at least 11% of such holdings in Bitcoin. He said that Bitcoin’s market capitalization is expected to overtake gold over the next ten years. Thus, these reserves must increase to surpass gold. But for this to take place, the US has to step up its game and create a reserve. He added,
“If the US leads here with a Strategic Bitcoin Reserve, I think many of the G20 will follow. Coinbase is available to help any country that wishes to do so. Get in touch.“
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Looking Into The Current State of The Market
Bitcoin is currently the world’s largest cryptocurrency with a market cap of $2.08 trillion. Over the past 24 hours, the asset surged by 2.64%, and at press time, BTC was trading at $105,219.26. The king coin recently attained an all-time high of $109,114.88.
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