Bitcoin Rockets Higher as Donald Trump Promises to Make the US the 'Crypto Capital of the Planet'

The bitcoin price has topped $75,000 per bitcoin, setting a fresh all-time high, as serious fears emerge that the $35 trillion U.S. debt pile could trigger "cataclysmic economic collapse."

Bitcoin has rocketed higher following Donald Trump's U.S. presidential election victory this week—with traders now braced for the Federal Reserve and China to add to a "perfect storm."

The bitcoin price has topped $75,000 per bitcoin, setting a fresh all-time high, as serious fears emerge that the $35 trillion U.S. debt pile could trigger "cataclysmic economic collapse."

Now, amid wild speculation about Elon Musk's plans for the meme-based bitcoin rival dogecoin, analysts are betting on a Trump bitcoin "game-changer."

U.S. president-elect Donald Trump has previously promised to prevent the sale of bitcoin held by the ... [ ] U.S. amid calls to create a bitcoin strategic reserve—something that could catapult the bitcoin price sharply higher.

"The GOP's commitment to clear crypto regulations and making bitcoin a strategic reserve asset is set to be a game-changer for industry growth," Jean-Marie Mognetti, the chief executive of alternative asset manager CoinShares, said in emailed comments alongside a report.

"Just like with the space race or recent bitcoin mining developments, we've always believed that when America steps up in crypto adoption, it'll do so with gusto—and ultimately take the lead globally. Now, we're about to see this shift happen, making widespread U.S. crypto adoption feel more like a sure thing than ever before."

The Bitcoin Act, introduced by U.S. senator Cynthia Lummis (R-Wyo.) this year, calls for the creation of a strategic bitcoin reserve to reduce the U.S.'s spiraling, near-$36 trillion national debt by buying 1 million bitcoin over five years.

In a keynote address at a July bitcoin conference in Nashville, Tennessee, Trump promised to make the U.S. the "crypto capital of the planet" and create a bitcoin "strategic reserve" using the currency that the government holds.

The U.S. currently holds just over 200,000 bitcoin worth around $15 billion, mostly seized from criminals, making it the world's largest government holder of bitcoin, with China a close second.

"We are going to build a strategic bitcoin reserve," Lummis posted to X after Trump won this week's election.

"This proposal would establish bitcoin as a strategic reserve asset, with the U.S. government acquiring up to 5% of bitcoin's total supply," James Butterfill, head of research at CoinShares, wrote, adding it would give bitcoin a similar role to gold.

"If implemented, the Bitcoin Act could drive considerable institutional and governmental interest in bitcoin, potentially accelerating its growth and pushing its value to new heights."

David Bailey, the chief executive of Bitcoin Magazine publisher Bitcoin Inc and organizer of the bitcoin conference that Trump spoke at, has been advising the Trump campaign on bitcoin strategy and said earlier this week via X he thinks "we're just months away from a nation-state (or a few) entering the market in size (billions of dollars every month)."

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