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Trump’s crypto advisory council sparks industry interest

Trump’s crypto advisory council sparks industry interest

GrafaGrafa2024/11/22 07:00
By:Isaac Francis

Industry leaders from firms like Coinbase, Ripple Labs, and a16z are actively pursuing positions on President-elect Donald Trump’s anticipated crypto advisory council.  

The council is expected to influence regulatory policies and facilitate the establishment of a strategic Bitcoin (CRYPTO:BTC) reserve, a proposal gaining traction among crypto advocates.  

During the North American Blockchain Summit on November 21, Dennis Porter, co-founder of the Satoshi Action Fund, highlighted the potential benefits of a Bitcoin reserve for the United States.  

“A great way for us to protect ourselves from outside influence...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,” he explained.  

Porter compared the strategic reserve to historical acquisitions such as the Louisiana Purchase and the acquisition of Alaska, underscoring the opportunity for the U.S. to adopt Bitcoin as a reserve asset before other nations.  

This sentiment aligns with comments from MicroStrategy CEO Michael Saylor, who also advocates for adopting Bitcoin as an economic hedge.  

Senator Cynthia Lummis has been a vocal proponent of the Bitcoin reserve, proposing earlier this year that the Treasury Department convert part of its gold reserves into Bitcoin to launch the initiative.  

"Get as much Bitcoin onto the balance sheet as possible," urged pro-Bitcoin investor Anthony Pompliano in a recent interview.

While enthusiasm for the reserve is strong, not all voices are optimistic.  

Galaxy Digital CEO Mike Novogratz expressed skepticism about the feasibility of such a reserve under the Trump administration.  

However, he speculated that if implemented, Bitcoin’s price could reach $500,000.

At the time of reporting, the Bitcoin price was $99,134.08. 

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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