Market News

US Bitcoin Initiatives Gain Momentum with Military and Corporate Backing

In a significant move for the cryptocurrency sector, NYSE Arca has filed with the SEC to launch a spot Bitcoin ETF through Donald Trump's Truth Social.

This fund aims to track Bitcoin's price and will operate under the name Truth Social Bitcoin ETF, if approved.

The custodian for this proposed ETF is Foris DAX Trust Company, already known for its role with Crypto.com.

In parallel developments, US Senator Cynthia Lummis has revealed military support for a national Bitcoin reserve, citing concerns over economic warfare, particularly with China.

During a Bloomberg interview, she emphasized the necessity of integrating Bitcoin into the country's strategic resources.

Lummis highlighted that certain military leaders back the idea, indicating a growing recognition of Bitcoin's potential in geopolitical strategy.

Moreover, she raised concerns about the US needing to maintain its crypto leadership to safeguard against international competition, notably from China.

The connection between national security and Bitcoin investments is becoming increasingly pronounced, as evidenced by calls for the US to acquire a strategic reserve of the digital asset.

As discussions around these initiatives progress, the crypto landscape is poised for potentially transformative changes driven by institutional interest and government involvement.

This burgeoning synergy could set the stage for a new era in crypto regulation and investment dynamics within the United States.