According to reports, the Republican presidential nominee and former president Trump may announce at the Bitcoin 2024 conference in Nashville this week that Bitcoin will be a strategic reserve asset of the U.S. government.

Ran Neuner, founder and host of Crypto Banter, shared his thoughts on these reports and their significance for the U.S. and Bitcoin.

Dennis Porter, co-founder of the non-profit organization Satoshi Act, is one of the sources on social media reporting this.

According to insider information cited by Porter, Bitcoin being designated as a strategic reserve asset has been included in Trump's agenda for the Bitcoin 2024 conference scheduled from July 25th to 27th.

Neuner also told Michelle Makori, Kitco News' anchor and editor, "We've heard very similar things from various sources. What we're hearing is that Trump could get Bitcoin and make it part of the U.S. strategic reserve." He explained that strategic reserves usually refer to reserves held by the U.S. in times of crisis.

"As far as Bitcoin is concerned, there is no real reason to hold it other than as a store of value. If there is a reason, it is that Bitcoin and gold are similar assets," he said. "(Holding Bitcoin) is like keeping gold on the U.S. balance sheet for reserve diversification or as a hard asset. I think that makes the most sense."

Another important aspect is that the amount of Bitcoin held by the U.S. in sovereign nations is far ahead due to the large amount of Bitcoin confiscated from illegal traders.

According to data from BitcoinTreasuries, the U.S. government holds more than 200,000 Bitcoins, worth about $13.44 billion at current prices.

Neuner pointed out, "This is a big number. We believe that Trump may announce that Bitcoin will be a part of the strategic reserves, which means the potential cloud of selling pressure may really dissipate."

In fact, he believes that there will be a "radical" Bitcoin bull market in the second half of this year and early 2025.

Former Republican presidential candidate Vivek Ramaswamy has been advising Trump on Bitcoin and cryptocurrency issues, and has previously proposed using a basket of commodities including Bitcoin to support the dollar to counter inflation and maintain the value of the dollar in the long term.

Similarly, independent non-partisan candidate Robert F. Kennedy Jr. suggested supporting part of the U.S. Treasury bonds with hard currency, including Bitcoin.

"My plan is to start with a very, very small amount, perhaps 1% of the Treasury bonds issued supported by hard assets such as gold, silver, platinum or Bitcoin," Kennedy said at a political action committee (PAC) event in July 2023. "Supporting the dollar and U.S. debt with hard assets can help restore the dollar, curb inflation, and usher in a new era of financial stability, peace and prosperity in the United States."

Trump, Ramaswamy, and Kennedy will all speak at the Bitcoin 2024 conference in Nashville this week.

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