As a seasoned crypto investor with over a decade of experience navigating the volatile and dynamic digital asset landscape, I can’t help but feel a sense of anticipation and excitement about the potential establishment of a Bitcoin strategic reserve under the incoming Trump administration.
It appears that business leaders in the industry are said to be eager to join Donald Trump’s upcoming crypto advisory panel, a group tasked with creating regulatory guidelines and potentially setting up a strategic Bitcoin (BTC) reserve.
Based on a Reuters article, it’s indicated that Coinbase, Ripple Labs, and venture capital firm a16z are potential members of a council. The council could potentially fall under the umbrella of the White House’s National Economic Council, although this has not been confirmed. It is also possible that the council may operate independently as its own separate entity.
At the North American Blockchain Summit held on November 21st, I myself emphasized the significance of setting up a strategic Bitcoin reserve within the United States. As a crypto investor, I strongly believe this move could be instrumental in bolstering the nation’s financial stability and technological leadership in the digital currency space.
“A great way for us to protect ourselves from outside influence — undue influence from our foreign adversaries — is to be in the market buying and selling Bitcoin, acting as a shock absorber for all the incredible Bitcoin miners that we have here in this country.”
Further along, Porter drew an analogy between creating a Bitcoin strategic reserve and the U.S. government’s acquisitions such as the Louisiana Purchase in 1803 and the purchase of Alaska in 1867, a comparison that was initially made by MicroStrategy CEO Michael Saylor.
Porter commented, ‘We acquired these items at a fraction of their actual value.’ He further suggested that America could follow suit by embracing Bitcoin as a reserve currency now, before other nations take advantage and leave us behind.
The race is on for a Bitcoin strategic reserve
As a forward-thinking crypto investor, I wholeheartedly agree with Senator Cynthia Lummis’ proposition from 2024, suggesting that the U.S. Treasury Department might consider swapping a portion of its gold reserves for Bitcoin to enrich our nation’s strategic reserve with modern assets.
In simpler terms, financial expert Anthony Pompliano, who supports Bitcoin, recently stated on Yahoo Finance that the competition among governments regarding Bitcoin is already happening, and he strongly advised the U.S. government to acquire as much Bitcoin as they can for their assets.
Nevertheless, not every player within the industry is hopeful that a Bitcoin strategic reserve will be established under the incoming Trump administration.
Mike Novogratz, the CEO of Galaxy Digital, earlier expressed his viewpoint that it’s improbable to establish a Bitcoin strategic reserve under the Trump administration. However, he predicted that if such a reserve were established soon, Bitcoin could potentially reach a price of $500,000.
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2024-11-22 01:14