How would a U.S. bitcoin strategic reserve work?
Live MintBy Gertrude Chavez-Dreyfuss and Lisa Pauline Mattackal WASHINGTON, Dec 16 - Bitcoin hit a record high above $107,000 on Monday after President-elect Donald Trump reiterated plans to create a U.S. bitcoin strategic reserve, stoking the enthusiasm of crypto bulls. Some have argued Trump could create the reserve via an executive order directing the U.S. Treasury's Exchange Stabilization Fund, which can be used to purchase or sell foreign currencies, and to also hold bitcoin. To do that, the government may have to issue debt, although some proponents of a bitcoin reserve say the United States could sell some of its gold reserves and use the proceeds to buy bitcoin. In his July speech, Trump suggested a bitcoin reserve would help the U.S. dominate the global bitcoin market in the face of growing competition from China.
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