Trump Media and Technology Group, which owns the Truth Social platform, has announced a major Bitcoin acquisition amidst advancing cryptocurrency legislation.
Investments in Cryptocurrency
Trump Media revealed that it currently holds around $2 billion in Bitcoin and related securities. This acquisition is part of an investment strategy announced in May, in which $1.5 billion was allocated from stock sales and $1 billion from convertible senior secured bonds.
Cryptocurrency Legislation
Recently, just a few days after the announcement of the acquisition, the U.S. House of Representatives passed three cryptocurrency-related bills, commemorated as 'crypto week'. At the beginning of the week, the price of Bitcoin briefly surged to $120,000 but has since decreased to $118,436 at the time of publication.
Future of Bitcoin Reserve
In March, Trump signed an executive order to establish a 'Strategic Bitcoin Reserve' and 'Digital Asset Stockpile' in the U.S. While it was initially suggested that this stockpile would consist of cryptocurrencies seized by authorities, Trump’s advisers have stated that alternatives are also being explored.
Trump Media continues to expand its cryptocurrency investments while legislative initiatives in this domain gain momentum. The future of the strategic Bitcoin Reserve in the U.S. remains a focal point.
