updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131Bitcoin advocate Anthony Pompliano has called for the United States to allocate $250 billion for a Bitcoin Strategic Reserve. He proposed printing this amount and using it entirely to purchase Bitcoin as a financial safeguard against the devaluation of the dollar. This announcement comes as Bitcoin recently surged to an all-time high of over $94,000.
Anthony Pompliano has outlined his vision for the United States to take a leading role in adopting Bitcoin as a national financial asset. He suggested that $250 billion be printed and directly invested in Bitcoin, which he referred to as a “technology product built to protect against currency debasement.”
According to him, Bitcoin’s limited supply of 21 million coins makes it a powerful hedge against inflation. The Bitcoin advocate had also recently opined that Donald Trump needed to create the Bitcoin reserve seeing as other countries like El Salvador and Bhutan are warming up to it.
In his recent statement, Pompliano highlighted the growing interest among corporations in holding Bitcoin on their balance sheets. He cited MicroStrategy’s performance in 2024 as an example of how Bitcoin ownership could benefit entities facing currency devaluation. He argued that nation-states should follow suit, emphasizing that early adoption would allow the U.S. to secure a substantial share of the finite digital currency.
Bitcoin advocate Anthony Pompliano estimated that allocating $250 billion to Bitcoin could enable the United States to acquire approximately 1.6 million BTC, assuming an average purchase price of $150,000 per Bitcoin. Combined with the reported 200,000 BTC already in U.S. possession, this move would make the United States the largest Bitcoin holder globally, with a reserve of 1.8 million BTC.
The call for action comes amid increasing discussions among policymakers and financial leaders about Bitcoin’s role in national reserves. Senator Cynthia Lummis has already proposed the creation of a Bitcoin Strategic Reserve, while President-elect Donald Trump has expressed support for starting with existing government-owned Bitcoin.
Prominent figures, including Robert F. Kennedy Jr., have also endorsed daily Bitcoin purchases as part of broader financial strategies alongside MicroStrategy Chairman Michael Saylor.
While the idea of a Bitcoin Strategic Reserve has garnered support from some quarters, it has also faced skepticism. Sources close to BlackRock, one of the world’s largest asset managers, told Fox Business that the firm does not currently endorse the concept.
Meanwhile, VanEck, another major financial institution, has publicly backed the idea, signaling growing institutional interest in Bitcoin.
FOR IMMEDIATE RELEASE:
VanEck Endorses Strategic Bitcoin Reserve.
No need for ‘sources’—we’ll just tell you ourselves. https://t.co/ZO28dqiBqC
— matthew sigel, recovering CFA (@matthew_sigel) November 19, 2024
Pompliano’s proposal also aligns with global trends as other nations explore similar strategies. In Poland, presidential candidate Slawomir Mentzen has advocated for a Bitcoin reserve, citing Bitcoin’s growing value and adoption as reasons to integrate it into national policy. These discussions are taking place against the backdrop of Bitcoin’s price rise tally to an ATH above $94,000, which has attracted increased attention from investors and policymakers worldwide.
Subsequently, Bitcoin advocate Anthony Pompliano has framed Bitcoin as a tool to address the challenges of dollar devaluation and rising national debt. He argued that the U.S. must act quickly to secure a dominant position in Bitcoin ownership before other nations do.
“This is the type of action that would cost us very little financially but could have a profound impact on our financial health in the future,” Pompliano stated.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The group is suggesting a coordinated international push to tax billionaires.
As governments of the world continue to tackle tax evasion, a new study has hinted at what might be their next line of action. This follows after an EU Tax Observatory group said that a global minimum tax on billionaires could help raise $250 billion annually, per a report from ChannelNewsAsia.
The research group asserts that if the so-called minimum tax is levied, only about 2% of the combined wealth ($13 trillion) of the world’s billionaires would have been taxed.
In its 2024 Global Tax Evasion Report, the group cites how billionaires currently pay far less tax than people of even more modest means. According to the group director Gabriel Zucman, this situation presents two major issues. He said in a statement:
“In our view, this is difficult to justify because it risks undermining the sustainability of tax systems and the social acceptability of taxation.”
The Observatory estimates that the personal tax of billionaires in the United States, for instance, is at around 0.5 percent. Whereas, in other places such as high-tax France, billionaires may not even pay a dime in tax.
To this end, the group is suggesting a coordinated international push to tax billionaires. Although it admits that that may take years, the Observatory believes that it is achievable.
It recalls how many thought the government couldn’t end bank secrecy or stop multinationals from shifting profits to low-tax countries. However, an automatic sharing of account information, which was launched against secrecy in 2018, has recorded huge success, the group observed. Similarly, a global 15 percent floor tag has now been placed on corporate taxation to stop multinationals from boycotting tax. However, that will only take effect next year.
Zucman concludes that the same logic that was applied to multinational companies may now be extended to billionaires. However, he also admitted that all hands must be on deck for the minimum tax on billionaires to take effect. In the absence of this concerted effort, Zucman says a “coalition of willing countries” might start the movement.
Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this.
He’s a reader, a researcher, an astute speaker, and also a budding entrepreneur.
Away from crypto however, Mayowa’s fancied distractions include soccer or discussing world politics.
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