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Equity fund manager Grant Cardone expresses support for President-elect Donald Trump’s proposal to establish a Bitcoin reserve for the United States.
Cardone, who oversees Cardone Capital, a firm that manages approximately $4.5 billion in assets, believes the Bitcoin reserve initiative could cement the nation’s global financial leadership.
Cardone Endorses Trump’s Bitcoin Reserve Plan
In a recent post on X, Cardone drew a parallel between Trump’s Bitcoin strategy and President John F. Kennedy’s ambitious space program in the 1960s.
Donald Trump will propose putting BTC on the our balance sheet in an”huge” way. USA is in a world race for monetary domination. and Trump will sell the American people that BTC is VITAL to our continued leadership role in the world, like Kennedy did when he sold USA on being…
— Grant Cardone (@GrantCardone) December 26, 2024
The real estate investor suggested that just as Kennedy rallied the American public to support the moon landing, Trump could similarly advocate for Bitcoin adoption to maintain the country’s economic dominance.
According to Cardone, the United States is currently racing to bolster its global currency dominance. This comes as other countries, such as BRICS nations, look to de-dollarize their economies amid currency devaluation.
As this race heats up, Cardone believes Trump’s Bitcoin reserve idea could be a game-changer. “Trump will sell the American people that BTC is VITAL to our continued leadership role in the world,” he remarked.
Supporters and Critics
Trump’s proposal involves creating a national Bitcoin reserve, looking to position the U.S. as the leader in the crypto industry. He first disclosed the idea during the Bitcoin 2024 Conference in Nashville, as he looked to court the crypto community during his presidential campaign.
So far, the plan has gained attention, especially as Bitcoin’s value recently surpassed $100,000 amid sustained capital inflows from institutions. Leading asset manager VanEck has endorsed the plan, even suggesting it could help offset a portion of the U.S. national debt.
Some like Tyler Cowen, a George Mason University professor and Bloomberg columnist, argue that if the U.S. adopts Bitcoin, it could strengthen the dollar and sustain the country’s global finance dominance.
Interestingly, Senator Cynthia Lummis has been a vocal advocate for the Bitcoin integration. She proposed acquiring 1 million Bitcoin over the next five years, viewing it as a move to strengthen the nation’s financial position.
However, BlackRock has refused to support the plan. Notably, critics caution against the volatility associated with cryptocurrencies. Larry Summers, a former US Treasury Secretary, argued earlier this month that the plan was “crazy,” contending that it serves no clear purpose other than political.
States and Countries Eyeing the Bitcoin Reserve Plan
Despite the concerns, several states in the United States are already exploring the establishment of their own Bitcoin reserves. Pennsylvania, Texas, and Ohio are considering frameworks to incorporate Bitcoin into their state treasuries.
Internationally, personalities in countries such as Brazil, Poland, and Russia, have proposed the idea of creating national Bitcoin reserves. For instance, in Brazil, a lawmaker suggested allocating 5% of international reserves to Bitcoin.