President-elect Donald Trump embraced cryptocurrency during his 2024 campaign and has even made noises about creating a "Bitcoin reserve" in which the United States would hoard a stash of cryptocurrency much in the same way it keeps reserves of key resources such as gold and petroleum.
However, Forbes is reporting that China may have already beaten Trump to the punch by creating its own reserve, which Forbes describes as the president-elect's "nightmare."
As evidence, Forbes points to recent comments made by one-time Trump official Anthony Scaramucci on a recent podcast appearance.
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"I think China is already acquiring [bitcoin]," Scaramucci recently told on the Bankless Podcast. "[China] knows Trump is going to be pro and long bitcoin."
Forbes also notes that "China and the U.S. both have around 200,000 bitcoin as a result of seizures from criminals, though the U.S. is expected to eventually sell its bitcoin at auction—something Trump said he doesn't want to happen."