Countries eye Bitcoin reserves as prices hit $106,000

Bitcoin's (CRYPTO:BTC) price surge above $106,000 has prompted discussions among countries about the possibility of establishing Bitcoin reserves.

The U.S. has become a key player in these discussions, with former President Donald Trump suggesting that Bitcoin should be considered a strategic reserve asset.

“The future of Bitcoin is very bright. It can be used as a reserve,” stated Trump during a CNBC interview.

His remarks have fueled interest in the potential of Bitcoin as a financial reserve.

Senator Cynthia Lummis has also shown support for this idea, advocating for Congress to consider Bitcoin in order to drive innovation and competitiveness.

In Japan, lawmaker Satoshi Hamada raised concerns about the country falling behind as the U.S. moves forward with its Bitcoin reserve plans.

Hamada proposed that Japan allocate a portion of its foreign reserves to digital assets like Bitcoin, a suggestion that has led to discussions in the National Diet about the feasibility of Bitcoin reserves.

Meanwhile, Thailand is focusing on research and understanding of cryptocurrencies rather than immediate acquisitions.

Former Prime Minister Thaksin Shinawatra emphasized the importance of educating the public about Bitcoin and the broader cryptocurrency ecosystem.

“Acquiring Bitcoin is not important; first, our people must understand this system,” remarked Shinawatra, signaling a cautious approach towards cryptocurrency adoption.

In line with this, the Thailand Securities and Exchange Commission (SEC) has set up a regulatory sandbox to test cryptocurrency innovations.

“This project is designed for testing innovative ideas. It will run for one year,” explained officials from the SEC, as they continue to evaluate potential applications in the country.

At the time of reporting, the Bitcoin price was $104,697.