Could a massive Bitcoin reserve be in the US’s future? A new report suggests that’s exactly what’s being planned by President-elect Trump’s team.
A Crypto Council Takes Shape
The plan hinges on creating a crypto advisory council. This council, made up of big names in the crypto world, will advise on US policy regarding digital assets. Companies like Ripple, Kraken, Circle, and investment firms like a16z are all reportedly vying for a seat at the table. The council might be part of the White House’s National Economic Council or a separate entity.
The Strategic Bitcoin Reserve (SBR)
The idea of a Strategic Bitcoin Reserve (SBR) is gaining traction. David Bailey, CEO of Bitcoin Magazine and a key advisor, says it’s in the works, with leading crypto executives ready to offer their expertise. Dennis Porter, CEO of the Satoshi Act Fund, even mentions a potential executive order to establish the SBR. Bailey is confident the President can create the reserve quickly, potentially acquiring billions of dollars worth of Bitcoin without needing Congressional approval. He suggests they could start with a smaller-scale purchase, similar to what MicroStrategy has done, and then seek Congressional support for larger acquisitions.
Market Reaction and Skepticism
While industry insiders are excited, the market’s a bit more cautious. A prediction market puts the chances of the SBR happening at around 42%, up from a low of 24% recently. This shows growing belief, but there’s still uncertainty. The buzz around the potential SBR has already sent Bitcoin prices soaring, pushing it closer to the coveted $100,000 mark.
Who’s on the Council?
Several key players are angling for a spot on the advisory council. Coinbase CEO Brian Armstrong recently met with Trump, and Coinbase is reportedly keen to join. Circle’s CEO, Jeremy Allaire, has also expressed interest. Former regulators, like Heath Tarbert (former CFTC Chair) and Brian Quintenz (former CFTC commissioner), are also advising the Trump team.
The Crypto Industry’s Wish List
The crypto industry wants several things from the new administration. They’re pushing for:
- Easier access to banking services: Crypto companies want to be able to easily use banks.
- Less aggressive enforcement: They feel current enforcement is too harsh.
- Clearer regulations: They need clearer rules to encourage innovation.
Many believe that a council of crypto experts is the best way to achieve these goals. They see it as a chance to reverse the current administration’s stricter approach to crypto regulation. The industry is pushing for quick action, hoping for regulatory clarity soon.
At the time of writing, Bitcoin was trading at $99,245.
