Betting markets show increased likelihood of Donald Trump establishing a strategic bitcoin reserve in the US, reflecting optimism about his pro-crypto policies.
Betting Markets and Bitcoin
Betting platforms like Kalshi and Polymarket are seeing a significant increase in the odds of Donald Trump creating a bitcoin reserve after taking office. Kalshi estimates a nearly 70% chance, while Polymarket users predict a 42% chance within his first 100 days.
Trump's Potential Plans
At the Bitcoin 2024 conference in Nashville, Tennessee, Trump promised to make the USA a global crypto capital and to create a 'national strategic bitcoin reserve.' He is also considering expanding the reserve to include cryptocurrencies like USD Coin, Solana, and XRP, and plans to sign an executive order prioritizing crypto.
Impact on Crypto Market
Establishing a US BTC reserve could accelerate bitcoin adoption even more than the launch of ETFs in January 2024. A CoinShares researcher recently stated that the Bitcoin Adoption Act would have a deeper long-term impact on the market than ETFs.
The increased optimism around Trump's crypto policies could transform the global financial landscape, despite crypto not significantly aiding his election win.
