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.

Buy Alert: $8 AI Stock - Ad

America's Defense Future Starts Underground - Ad

Metals... Not Missles... Is the New Arms Race - Ad

For San Francisco-based Cari Tuna, the most important decision a philanthropist can make is deciding . Starting Tuesday, the organization she helped found will offer making those choices.

Schwab: Half Of US Investors May Ditch Other Assets For ETFs — 4 Funds To Watch

Nearly half of ETF investors could go all-ETF within five years, Schwab says. Here's how they're building portfolios with funds like ITOT, BND, and XLK.

"Tech Prophet" Who Predicted the iPhone Now Predicts...

"Tech Prophet" Who Predicted the iPhone Now Predicts... - Ad

George Gilder - who predicted the iPhone 17 years early and gave Reagan the first microchip - is making his boldest call yet. He says an American nanotech "super-convergence" could mint more millionaires than any event in recent memory. He's found 3 stocks set to benefit before November 18's bombshell.

Trump White House Clamps Down on Press Access

White House restricts reporter access to West Wing Room 140; NSC cites sensitive material, echoing Pentagon curbs, raising press concerns.

IRS Direct File won't be available next year. Here's what that means for taxpayers

WASHINGTON (AP) — IRS Direct File, the electronic system for filing tax returns for free, will not be offered next year, the Trump administration has confirmed.

On November 18, a powerful new law signed by President Trump will trigger a radical shift in America's money system...

On November 18, a powerful new law signed by President Trump will trigger a radical shift in America's money system... - Ad

When a small group of private companies - not the Fed - will perform a major mint of a new kind of money. And those who act before this new system fully kicks in could see gains as high as 40X by 2032. But those who fail to prepare will be blindsided by this sea change to the U.S. dollar.

UPS distribution hub in Louisville has 300 flights per day. What to know

LOUISVILLE, Ky. (AP) — A at a Louisville, Kentucky airport where the company operates its largest package delivery hub.

Elon Musk Teases Two More Tesla Diner Locations After Success In California: Here Are The Future Spots

The EV company opened its first Tesla Diner in July. CEO Elon Musk hints that more locations could be coming.

Investing Legend Hints the End May Be Near for These 3 Iconic Stocks

Investing Legend Hints the End May Be Near for These 3 Iconic Stocks - Ad

Futurist Eric Fry say Amazon, Tesla and Nvidia are all on the verge of major disruption. To help protect anyone with money invested in them, he's sharing three exciting stocks to replace them with. He gives away the names and tickers completely free in his brand-new "Sell This, Buy That" broadcast.

Trump Withdraws Support For 'Wacky' Marjorie Taylor Greene In Sudden, Fiery Split: 'I Can't Take...'

President Donald Trump said he is withdrawing his endorsement of longtime ally Rep. Marjorie Taylor Greene — here's what happened.

Dave Ramsey Reveals Why Millionaires Crush Mortgages Early

Dave Ramsey advises buying a home with cash, citing his firm's survey of millionaires who often retire their mortgages in about 10 years.

The AI "End Game" Begins...

The AI "End Game" Begins... - Ad

A millionaire insider and tech visionary who recommended 24 different stocks that all went up as much as 1,000%... Now says "This could be your LAST CHANCE to capture the biggest potential AI profits." He recommended AMD at under $2 per share. Now it's $250 - as much as a 12,400% gain... But AI's "End Game" could be his most important work yet.

Jensen Huang Explains Why He Loved His Dishwashing Job — Nvidia CEO Pours Cold Water Over Popular Idea Of Finding 'Something You Love'

Nvidia CEO Jensen Huang shares his unconventional view on passion and work, emphasizing the value of commitment and dedication in creating passion.

Snowflake's CRO Mike Gannon's Instagram Interview With Influencer James Dumoulin Triggers SEC Filing

Snowflake has filed an 8-K document with the EC following an interview of its Chief Revenue Officer by a social media influencer.

Trump's Hidden Fed Agenda

Trump's Hidden Fed Agenda - Ad

Trump's latest moves show he's preparing to reshape the Federal Reserve - and the value of the U.S. dollar. With key appointees already in place, the coming monetary reset could send gold soaring like it did in the 1970s, when it climbed 24X in under a decade.

Pete Hegseth Says War Department Preparing For 'Action' In Nigeria

U.S. Defense Secretary Hegseth agrees with Trump's order to prepare for action in Nigeria to stop the killing of Christians by Islamist militants.

These are the 37 donors helping pay for Trump's $300 million White House ballroom

WASHINGTON (AP) — President Donald Trump says his $300 million White House ballroom will be paid for “100% by me and some friends of mine.”

Another Gold High? Here's the Move Wall Street Is Missing ...

Another Gold High? Here's the Move Wall Street Is Missing ... - Ad

Gold just surged past $4,200, up 45% in a year - but Sean Brodrick says $6,900 could be next. History shows when gold booms, one hidden play has delivered far bigger gains - 21x, 49x, even 1,386x. The same strategy once handed 26,000% profits. And Sean says it's back on the table now.

Asian shares are mostly lower after US stocks stumble

BANGKOK (AP) — Shares were mostly lower in Asia on Monday while U.S. futures advanced after Wall Street’s lackluster finish to last week.

Russian lawmakers approve tax hike bill to boost economy as the war with Ukraine nears 4 years

Russian lawmakers endorsed new tax hikes on Tuesday as Moscow looks for new revenue sources to boost its economy during its nearly four-year .

Elon's $25 Trillion Confession

Elon's $25 Trillion Confession - Ad

Elon Musk: "Tesla will become a $25 trillion company." That would make Tesla 8x bigger than Apple today. How is that possible? He admits it's all thanks to this one AI breakthrough that will take AI out of our computer screens and manifest a 250x boom here in the real world.

OpenAI and Amazon sign $38B deal for AI computing power

SEATTLE (AP) — OpenAI and Amazon have signed a $38 billion deal that enables the ChatGPT maker to run its artificial intelligence systems on Amazon's cloud computing services.

Coeur Mining's $7 Billion Deal For New Gold Creates $20 Billion Powerhouse

Coeur Mining Inc. (CDE) announced acquisition of New Gold Inc. (NGD) in all-stock deal valued at $7 billion.

Buy Alert: $8 AI Stock

Buy Alert: $8 AI Stock - Ad

This building contains one of the most innovative AI-powered companies in Silicon Valley. In this video, famous tech analyst Luke Lango goes on location to share the name, ticker symbol, and full analysis what he believes will be his next big AI winner.

Japan's Toyota, hurt by President Trump's tariffs, reports a drop in profit

TOKYO (AP) — Toyota reported a 7% year-on-year drop in its profit for April-September on Wednesday, as President Donald Trump’s tariffs slammed Japanese automakers, but it raised its forecast for the full fiscal year.

Consumer Tech News (Oct 27-31): Nvidia Surpasses $5T Market Cap, Trump-Xi Meeting Concludes, Big Tech Report Earnings & More

Apple, Amazon, Microsoft, and Alphabet beat Q3 estimates with revenue and earnings growth. Trump and Xi conclude high-stakes meeting with trade, soybean, and resource agreements, potentially impacting U.S.-China economic relations and global markets.

America's Defense Future Starts Underground

America's Defense Future Starts Underground - Ad

A N. American metals project just caught the attention of Rio Tinto - a mining giant. With four projects in key regions, this firm is aligned with Washington's push to rebuild the defense-metal supply chain.

Elon Musk Hints SpaceX Could Go Public Despite Downsides: 'I Do Want Supporters To…'

Elon Musk hints at possibility of SpaceX going public in the future, allowing Tesla shareholders to invest.

Bitcoin's Crash Below $100,000 Isn't The End: Wall Street Vet Says: 'We Have To Get Through This'

For the first time since July, Bitcoin (CRYPTO: BTC) fell below $100,000 on Tuesday as the crypto sell-off saw $1.7 billion in liquidations in 24 hours.

Metals... Not Missles... Is the New Arms Race

Metals... Not Missles... Is the New Arms Race - Ad

China and Russia control 70% of the world's critical minerals, giving them leverage over the West. One N. American discovery could help shift that balance by developing the metals essential for defense systems.

Japanese game maker Nintendo reports zooming sales and profit on its hit Switch 2 machine

TOKYO (AP) — Japanese video-game maker Nintendo’s net profit jumped 85% in April-September from the year before, as its sales more than doubled following the launch of its hit Switch 2 console in June, the company said Tuesday.

Taylor Swift, Elon Musk, Donald Trump, MrBeast — Robinhood Just Made Their Mojo Tradable

Robinhood has new prediction markets for its customers, with a focus on the entertainment sector. Here are some of the new markets.

"Tech Prophet" Who Predicted the iPhone Now Predicts...

"Tech Prophet" Who Predicted the iPhone Now Predicts... - Ad

Indians who fled a Myanmar cyberscam center are being flown home from Thailand

MAE SOT, Thailand (AP) — is repatriating on Thursday the first batch of hundreds of its nationals who last month fled to Thailand from Myanmar, where most had been working at a .

Sarepta Shares Jump After FDA Approves Updated Elevidys Label

Sarepta Therapeutics shares jumped after the FDA issued a new boxed warning for Elevidys.

On November 18, a powerful new law signed by President Trump will trigger a radical shift in America's money system...

On November 18, a powerful new law signed by President Trump will trigger a radical shift in America's money system... - Ad

Rivian Automotive CEO Gets An Elon Musk-Style Pay Raise

Rivian CEO's new pay plan could be worth up to $4.6 billion over the next ten years.

The shutdown has disrupted air travel. Will that drive a surge in car rentals and train bookings?

NEW YORK (AP) — The U.S. has rattled air travel — most recently with an unprecedented effort from the Federal Aviation Administration at airports nationwide. And the disruptions are causing some to instead hit the road or buy a train ticket.

Investing Legend Hints the End May Be Near for These 3 Iconic Stocks

Investing Legend Hints the End May Be Near for These 3 Iconic Stocks - Ad

Peloton Stock Rallies After Q1 Earnings: Here's Why

Peloton stock climbs after the company released its first-quarter earnings report after Thursday's closing bell.

Trending Now