Musk Fuels Speculation On US Bitcoin Reserve As Crypto Surges

Bibhu Pattnaik

December 07, 2024

Elon Musk has ignited speculation regarding the potential creation of a U.S. Bitcoin (CRYPTO: BTC) strategic reserve. This comes as Bitcoin’s value soars past the $100,000 mark, following the victory of President-elect Donald Trump.

What Happened: According to a report Musk’s hints at a significant shift in the Bitcoin and crypto market have led traders and analysts to speculate on the possibility of a U.S. Bitcoin strategic reserve.

Musk, who has emerged as an influential advisor to Trump after the election, is viewed as a crucial figure in the pro-cryptocurrency administration.

According to the report by Forbes, despite distancing himself from the sector following the 2021 bull run, Musk’s company, Tesla, continues to hold approximately 10,000 Bitcoin, valued at nearly $1 billion.

Cryptocurrency and financial markets analyst Richard Ptardio told the outlet, “With Bitcoin and crypto’s most famous cheerleader in Elon Musk at Trump’s side, we can expect the most pro-cryptocurrency administration to date.”

Also Read: Musk’s Net Worth Tops One-Third of a Trillion Dollars

As the price of Bitcoin crossed the $100,000 threshold, Musk commended El Salvador’s Bitcoin investment profits, further fueling speculation about the establishment of a U.S. Bitcoin strategic reserve.

However, many Bitcoin and crypto observers still consider the creation of a U.S. Bitcoin strategic reserve as unlikely, with the Polymarket prediction platform forecasting a 25% chance.

Why It Matters: The establishment of a U.S. Bitcoin strategic reserve could significantly impact the cryptocurrency market. It would not only legitimize Bitcoin as a strategic asset but also potentially stabilize its price.

Musk’s influence in the Trump administration and his company’s significant Bitcoin holdings make his support for such a move noteworthy.

However, the skepticism among Bitcoin and crypto watchers indicates that the establishment of a U.S. Bitcoin strategic reserve is far from a done deal.

The market will closely watch Musk’s actions and statements in the coming months.

Better Than Bitcoin? (Top Crypto for Less Than $1) - Ad

Weiss Gold Veteran Makes Shocking New Call - Ad

Generate up to $5,000/month with 10X less money? - Ad

Investor Kevin O'Leary calls Trump's tariff rebate checks out on X, saying it is a "quick band-aid" in a tough economy.

Why Is Occidental Petroleum Stock Gaining Tuesday?

Analysts highlight OXY's robust earnings, production guidance, and expanded resource base as key growth drivers.

Jensen Huang's Secret Masterplan Revealed

Jensen Huang's Secret Masterplan Revealed - Ad

NVIDIA's revolutionary new invention just solved the #1 chokepoint that's been strangling big AI companies. And Tech legend Jeff Brown - the Silicon Valley insider who called NVIDIA before it skyrocketed more than 30,000%... says a shocking announcement by NVIDIA CEO Jensen Huang could make a lot of early investors rich.

Japan's SoftBank says it has sold its shares in Nvidia for $5.8 billion

TOKYO (AP) — Japanese technology company SoftBank Group Corp. said Tuesday that it has sold all the Nvidia Corp. shares that it owned for $5.83 billion, while it reported higher than expected profit in the first half of this fiscal year.

16 Stocks To Buy If You Want To Escape The AI Hype

Bank of America is pointing investors toward 16 overlooked stocks with strong fundamentals and no direct ties to the AI boom—offering a safer path beyond the hype.

Legally "Skim" $6,361 Into Your Account?

Legally "Skim" $6,361 Into Your Account? - Ad

A former hedge fund manager is now sharing his "Skim Codes" with regular people. They're not stocks. They're not crypto. They're 18-character codes designed to profit from recent market conditions. All you have to do is punch them into an ordinary brokerage account. 84% of these codes have given people the chance to generate cash payouts so far... and his next code is going out any day now.

Joan Branson, wife of British billionaire Richard Branson, dies at 80

Joan Branson, the wife of British billionaire Richard Branson, has died at age 80.

Steve Jobs Once Explained How He Invests Employees Into The Company And Gives Them A Sense Of Ownership: Finance Doesn't 'Drive' People At Apple

Steve Jobs believed in making employees owners by giving stock options and creating an ownership culture to foster loyalty and attract top talent.

A Worldwide Gold Lockdown Is Now Underway

A Worldwide Gold Lockdown Is Now Underway - Ad

Gold is being stockpiled worldwide - banks, nations, billionaires. This isn't "just gold." A detailed plan could impact savings, investments and even mortgages. The free broadcast breaks it down and shows what to do before it's too late.

Shutdown to leave mark on US economy from lost paychecks, canceled flights

WASHINGTON (AP) — The longest federal government shutdown in U.S. history appears to be nearing an end, but not without leaving a mark on an already-struggling economy.

Silver Soars To Record Highs: It's Up 95% In 2025, The Best Year Since 1979

Silver prices surge over 5% as investors rush to secure metal amid tight supplies and global shortage concerns, driving up stocks and mining equities.

Is This Elon's Worst Nightmare?

Is This Elon's Worst Nightmare? - Ad

Elon's empire looks doomed - crashing sales, lost tax credits, and media backlash. But behind the scenes, Tesla is about to unleash a breakthrough Forbes calls a "multi-trillion-dollar opportunity." It's not the end - it's the start of a 25,000% AI comeback.

AT&T reached a $177M data breach settlement. What consumers should know about claiming their money

NEW YORK (AP) — AT&T has reached a combined $177 million settlement over two . And impacted consumers have a little over a month left to file a claim for their chunk of the money.

Full blackout hits the Dominican Republic as crews scramble to restore power

SANTO DOMINGO, Dominican Republic (AP) — A rare blackout hit the entire on Tuesday, snarling traffic and paralyzing businesses in the country of nearly 11 million people.

The Market Just Crossed a Dangerous Line

The Market Just Crossed a Dangerous Line - Ad

The man who predicted the 2008 crash and 2020 says today's soaring markets are NOT a bubble - they're something far stranger and more dangerous. He says it's about to change everything you know about money.

Sweden promises action against illegal sex doll sales

BERLIN (AP) — The Swedish government promised on Friday to fight the sale of childlike sex dolls online after instances of such commerce had been reported earlier in the country.

Paramount Skydance Stock Climbs After Q3 Report: Here's Why

Here's a look at the Q3 earnings report from Paramount Skydance.

Elon's Optimus to Mint New "Musk Millionaires" as Soon as Jan 26?

Elon's Optimus to Mint New "Musk Millionaires" as Soon as Jan 26? - Ad

Elon Musk may be set to create more "Musk Millionaires" as soon as January 26... Because on that day, he's expected to officially launch his Optimus robot... An AI-powered robot that Elon himself says will be capable of "doing anything bar nothing". Now, it's important to point out that Elon hasn't released it to the public yet... But ahead of the launch, one Silicon Valley insider has identified a "backdoor way" for any American to invest in Optimus with a regular brokerage account...

Lawsuit challenges TSA's ban on transgender officers conducting pat-downs

A Virginia transportation security officer is accusing the U.S. Department of Homeland Security of sex discrimination over a policy that bars transgender officers from performing security screening pat-downs, according to a federal lawsuit.

Cathie Wood Dumps $2.4 Million Worth Of Tesla Stock, Doubles Down On These AI Stocks

Cathie Wood-led Ark Invest made significant trades involving Tesla, Pony AI, TSMC, and Baidu, highlighting their strategic positioning in tech & AI sectors.

Trump Signs Law to Launch Dollar 2.0

Trump Signs Law to Launch Dollar 2.0 - Ad

Trump just signed law S.1582, unleashing the biggest money shift in 100+ years. For the first time since 1913, private firms - not the Fed - can mint a "Dollar 2.0." Treasury says it could drain $6.6T from banks and pay 10X current savings rates. Early investors in minting firms could see 40X returns by 2032.

Michael Burry Not Alone: Peter Andersen Dumped Nvidia Months Ago, Anticipating 'Accounting Questions'

Michael Burry isn't alone: Peter Andersen dumped Nvidia months ago, citing "accounting questions" and calling the AI boom a "fantasy."

Canada's prime minister and Alberta's premier sign pipeline deal that could reverse oil tanker ban

TORONTO (AP) — and the premier of Canada’s oil rich province of Alberta agreed Thursday to work toward building a pipeline to the Pacific Coast to diversify the country’s oil exports beyond the United States, in a move that has caused turmoil in Carney's inner circle.

Better Than Bitcoin? (Top Crypto for Less Than $1)

Better Than Bitcoin? (Top Crypto for Less Than $1) - Ad

Over the past 15 years, Bitcoin has outperformed stocks, bonds, and every other asset you could've bought. 2025 is already shaping up to be another banner year, with Bitcoin recently hitting a new all-time high. But there's a better way to profit from this new crypto rally. Most people don't know about it... and yet it's returned over 1,000% in 4 months. This could be the #1 way to invest in crypto right now.

Space forecasters say severe solar storms could hit Earth and trigger auroras

NEW YORK (AP) — Space weather forecasters issued an alert on Tuesday for incoming severe that could produce and temporarily disrupt communications.

All 14 victims identified from fiery UPS cargo plane crash in Louisville

LOUISVILLE, Ky. (AP) — A grandfather and his young granddaughter. An electrician with two young children. A woman standing in line at a scrap metal business.

Weiss Gold Veteran Makes Shocking New Call

Weiss Gold Veteran Makes Shocking New Call - Ad

Weiss expert Sean Brodrick went out on a limb last year and declared a historic event would send the yellow metal to $3,150. People laughed at him at the time, but he was off by just two days. Now, Sean has a shocking new prediction for gold ... and reveals a little-known way to get ahead of this bull market.

Armani fashion group appoints new board to guide company after designer's death

ROME (AP) — Italy’s fashion house Armani said on Friday that it has appointed a new board whose role will be to guide the company at a time of transition following of its founder Giorgio Armani earlier this year.

Dogecoin Fakes A Rally Then Dumps 3%—But Why?

Dogecoin (CRYPTO: DOGE) fell close to 3% on Tuesday, as large holders shifted roughly $32 million worth of DOGE to exchanges, putting sellers back in control.

Generate up to $5,000/month with 10X less money?

Generate up to $5,000/month with 10X less money? - Ad

Most people think they need $1.5 million to generate $5,000 per month in retirement. That's what every financial advisor tells you. But I just discovered a new way to do it with 10X less money. Now, anyone can hit their retirement goals with thousands, not millions.

Donald Trump Fueled Bitcoin's Rise Beyond $100,000 — Can BTC Survive His 2028 Exit?

Bitcoin (CRYPTO: BTC) may face its biggest political stress test yet in 2028 when President Donald Trump leaves office and the pro-crypto admin

Trump's China Tariff U-Turn, Ray Dalio's 'Melt-Up' Warning And More: This Week In Economy

Weekend roundup: Trump's China tariff shift, $17T investment claim, Dalio warns of market melt-up, shutdown hits GDP, Schiff weighs in on Supreme Court review.

Jensen Huang's Secret Masterplan Revealed

Jensen Huang's Secret Masterplan Revealed - Ad

DOJ Greenlights Strikes on Drug Boats, Citing Fentanyl as Potential Chemical Weapon

The DOJ has classified Fentanyl as a potential chemical weapon. This classification has led to the authorization of strikes on drug-smuggling boats.

Bitcoin Holds $105,000 As Ethereum, XRP, Dogecoin Drop On Tuesday

Bitcoin is trading around $105,000 on Tuesday morning, after the U.S. Senate released the long-awaited draft of the crypto market structure bill.

Legally "Skim" $6,361 Into Your Account?

Legally "Skim" $6,361 Into Your Account? - Ad

Trump's 50-Year Mortgage Plan, Sanders Critiques Musk, Trump Backs Crypto And More: This Week In Politics

Weekend headlines: Trump's 50-year mortgage plan, Sanders criticizes Musk, Trump backs crypto, Scaramucci on NYC mayor, Mamdani challenges Trump.

Apple Announces Major Changes: New iPhone Models and Altered Release Schedule

Apple has announced plans to roll out three new iPhone models within the next three years, marking a major transformation in the history of the device.

A Worldwide Gold Lockdown Is Now Underway

A Worldwide Gold Lockdown Is Now Underway - Ad

What's Going On With Home Depot Shares Monday?

Home Depot, Inc. (NYSE:HD) shares are bouncing around Monday ahead of earnings later this week. Here's what you need to know.

Trending Now