Donald Trump took over as president of the United States in 2017. This gave the crypto market a whole new outlook. It seems that the President has been able to get things done in just a few days since he took office. Trump also recently signed an executive directive to form the Presidential Working Group on Digital Asset Markets. The working committee, in order to further fuel suspicions of an alleged Bitcoin reserve by assessing the creation of a Bitcoin strategic reserve will be tasked with evaluating this. In the midst of this, community members highlighted how other countries could soon be following suit.
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“Bitcoin Is A Better Form Of Money”
Brian Armstrong of Coinbase was spotted earlier today highlighting that G20 countries could follow in the US’ footsteps and create a Bitcoin-based strategic reserve. Armstrong noted that Bitcoin’s market cap is currently around $2 trillion. About 11% of the staggering market value for gold of $18 trillion is represented by this figure. Armstrong explained why BTC was a superior option to gold.
“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.“
The CEO of Coinbase stated that, in light of these facts, any country with gold holdings should hold at least 11 percent of their total reserves as Bitcoin. Bitcoin’s capitalization will overtake gold in the next 10 years, he said. This means that these reserves need to grow in order to exceed gold. To achieve this, however, the US must step up and build a reserve. He said,
“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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Look at the current state of the market
Bitcoin has a current market capitalization of $2.008 trillion. BTC’s value increased by 2.6% in the past day. At the time of this article, BTC stood at $105,219.26. Recently, the king coin hit a record high of $105,114.88.
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Source: watcher.guru
