Strategic Bitcoin Reserve token surges as Polymarket odds rise
The odds that Donald Trump will approve a Strategic Bitcoin Reserve in his first 100 days have jumped to 56% ahead of his inauguration.
A Polymarket poll with over $2.6 million in assets revealed that these odds have reached their highest level since Nov. 7, climbing from this month’s low of 23%.
These rising odds have pushed the Strategic Bitcoin Reserve (SBR) token to $2.25, giving it a market cap of over $50 million.
Trump and several of his advisors have embraced the idea of creating such a reserve, citing the need to position the U.S. as the crypto capital of the world. Part of the strategy involves converting seized coins into the reserve. According to BitcoinTreasuries, the U.S. holds 198,109 Bitcoin, valued at over $21 billion.
According to media reports, Trump has also suggested creating a strategic reserve made up of Bitcoin (BTC) and other American coins like Solana, Cardano, and Ripple. His administration has reportedly indicated that making crypto a key priority is part of its broader agenda.
However, there is a risk that Congress will not approve the creation of such a reserve. Historically, establishing and managing strategic reserves has required both executive and legislative action. Congressional approval could be complicated by the Republicans’ slim majority in both the Senate and the House of Representatives.
The Strategic Bitcoin Reserve token also rose after Coinbase made the case for such a fund. In a note, the company said that crypto would help unleash capitalism’s next chapter by enhancing economic freedom.
Brian Armstrong, Coinbase’s CEO, further recommended that the U.S. and other nations support special economic zones, pass laws that foster crypto growth, and use blockchain technology to make government more efficient.
