Binance VIP & Institutional Lead Views the US National Bitcoin Reserve Discussion as a Positive Sign for the Crypto Market
- PHPzOriginal
- 2024-07-31 09:04:09529browse
The executive notes the growing recognition of bitcoin by politicians and industry leaders, anticipating greater regulatory clarity.
Binance Exec: US Discussion on National Bitcoin Reserve bodes well for crypto market
Binance’s head of VIP & Institutional views the U.S. discussion on a national bitcoin reserve as a positive sign for the crypto market. She notes the growing recognition of bitcoin by politicians and industry leaders, anticipating greater regulatory clarity.
The executive stressed the importance of politicians and industry leaders explicitly acknowledging bitcoin’s value in the monetary system.
Binance Exec on US National Bitcoin Reserve Discussion
Binance’s head of VIP & Institutional, Catherine Chen, has shared her thoughts on the discussion of bitcoin as a strategic reserve for the U.S. government and its impact on the crypto market. She believes the growing recognition of BTC by politicians and industry leaders highlights its increasing importance in the financial system.
“It is a positive sign for the digital assets market that bitcoin is being cited more frequently and is becoming a significant topic of discussion,” Chen said in a statement, elaborating:
Robert Francis Kennedy Jr’s pledge to create a strategic bitcoin reserve that matches U.S. gold reserves level solidifies bitcoin’s utility as digital gold.
“Some institutional investors may allocate to store-of-value assets such as bitcoin for its comparison to digital gold, while others might make a play into bitcoin based on macro environment – the bottom line is the two presidential candidates’ pledge is increasing recognition of bitcoin as a legitimate financial instrument,” she added.
Robert F. Kennedy Jr. (RFK Jr.), an independent candidate for the 2024 U.S. presidential election, has promised significant bitcoin-related changes if elected. At the Bitcoin conference in Nashville, Tennessee, on Friday, he pledged that on day one of his presidency, he will transfer 200,000 bitcoins to the U.S. Treasury and mandate the government to purchase 550 bitcoins daily until a strategic reserve of 4 million bitcoins is reached. He also promised to make Bitcoin transactions nontaxable.
At the same conference on Saturday, former U.S. President Donald Trump also expressed strong support for bitcoin. He announced his plan to establish a “strategic bitcoin stockpile” for the U.S. government, aiming to enhance financial freedom and elevate the U.S. as a leader in the crypto industry. He also promised to fire U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler and create a crypto advisory council to further support the cryptocurrency market.
What do you think about the U.S. potentially establishing a national bitcoin reserve? Let us know in the comments section below.
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