Donald Trump, the US president-elect, has embraced Bitcoin and cryptocurrencies over the past year, driving massive bets on the cryptocurrency that some fear are “illusory. “

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Bitcoin surpassed $100,000 against Bitcoin after his election victory in November, helped by Trump’s confirmation that he needs to create a US Bitcoin fund for his oil reserves.

Now, as billionaire Trump’s advisor Elon Musk continues to wreak havoc on cryptocurrency markets, fears have arisen that China has gotten ahead of Donald Trump and the United States by creating a Bitcoin reserve.

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“China is already getting [bitcoins],” Anthony Scaramucci, a hedge fund manager and former Trump communications director, said on the Bankless podcast.

“[China] knows that Trump will be in favor and long-term with Bitcoin,” Scaramucci said, pointing to Bitcoin mining activity that continues in China despite the 2021 ban on Bitcoin and cryptocurrency mining that caused an exodus from the country.

In December, Trump showed his goal of creating a strategic Bitcoin reserve in the United States.

“We’re going to do something wonderful with crypto because we don’t need China, or else . . . others are adopting them and we need to get ahead of it,” Trump told CNBC.

“Yes, I think so,” Trump said in response to a question about whether the U.S. will create a bitcoin strategic reserve similar to its oil reserve.

China and the United States own around 200,000 bitcoins as a result of seizures made through criminals; The United States would eventually have to auction off its bitcoins, which Trump has said does not need to happen.

In July, then-Republican candidate Donald Trump promised to create a “strategic national bitcoin reserve” and predicted that bitcoin could eclipse gold’s $16 trillion market capitalization in dollar terms, in an appearance at the Bitcoin 2024 conference.

Republican Senator Cynthia Lummis introduced a bill to Congress called Boosting Innovation, Technology, and Competitiveness through Domestically Optimized Investment (BITCOIN), which proposes that the United States acquire 1 million bitcoins over five years to increase the US national debt spiral of 35 trillion dollars.

However, the United States and China are not the only ones seeking to create a bitcoin reserve. Last month he revealed that Russian lawmakers were pressuring the country to create a strategic bitcoin reserve after Russian President Vladimir Putin praised bitcoin as an option for foreign currency reserves after its budget was seized by governments. Westerners in reaction to the invasion of Ukraine.

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The value of Bitcoin reached an all-time high of over $100,000, coinciding with the election of Donald Trump.

If Trump stands firm on his plan to create a US bitcoin reserve, Japan and other Asian countries will hold firm, according to Simon Gerovich, a leading executive at Tokyo-based investment company Metaplanet, which has attached to MicroStrategy’s bitcoin buying strategy.

“Slowly but surely, we are seeing Bitcoin as a topic of discussion at the highest levels of government, and businesses around the world are beginning to adopt it as the Bitcoin standard,” Gerovich said at an occasion hosted by Michael Saylor, CEO of MicroStrategy.

Meanwhile, an organization of 10 other people in Switzerland has put forward a proposal for the Swiss National Bank (SNB) to hold bitcoin and gold, which they now want to gather 100,000 signatures over the next 18 months before submitting them to a public referendum.

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