Now that Donald Trump is set to be the next president of the United States, a strategic Bitcoin reserve could become a reality soon. Interestingly, Dogecoin creator Billy Markus (also known as Shibetoshi Nakamoto on X) has suggested that the OG meme coin should follow Bitcoin’s lead and become a strategic national reserve asset.
“Why not national Dogecoin reserve tho [sic],” Markus said in a Nov. 15 post.
why not national dogecoin reserve tho https://t.co/jRh0b3rG7j
— Shibetoshi Nakamoto (@BillyM2k) November 15, 2024
Shibetoshi was reacting to a post by Kalshi, a prediction market platform, regarding bettors seeing a soaring probability of President-elect Trump establishing a strategic Bitcoin reserve.
Earlier this year, Trump declared that he would authorize the U.S. government to buy up Bitcoin as a reserve asset when he gets into office. The U.S. currently has assets like Treasuries and gold in its reserves.
As Bitcoin closes in on the $100,000 level, being turned into a strategic reserve asset is not such a crazy idea. With a market capitalization of around $1.8 trillion, the preeminent crypto is currently the seventh-largest asset on the planet after surpassing silver and oil behemoth Saudi Aramco this month.
If Bitcoin becomes a strategic reserve, it could spur significant institutional and governmental interest in the orange coin, potentially accelerating its growth and propelling its value to new heights.
A Dogecoin Strategic Reserve?
As for Dogecoin, the leading meme cryptocurrency boasts a market cap of $54.7 billion, and it’s the seventh-biggest on the crypto leaderboard after being flipped by on-fire Ripple’s XRP.
DOGE started as a joke cryptocurrency in 2013, but the canine-themed cryptocurrency has since gained traction, thanks in large part to the world’s richest man, Elon Musk. Musk labeled himself the “Dogefather” ahead of his May 2021 SNL skit about DOGE — sending the asset’s price soaring to a record high price of $0.7316.
Dogecoin’s price zoomed further to a three-year high price of about $0.43 earlier this week amid renewed trading interest owing to the fact that its abbreviation has now become part of Trump’s administration.
On late Tuesday, the new president made it official that Dogecoin fanatic Musk, along with pro-Bitcoin entrepreneur Vivek Ramaswamy, would lead the new Department of Government Efficiency agency, abbreviated as D.O.G.E., which seeks to downsize the government.
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