Trump’s Crypto Council Sparks Interest from Industry Giants

President-elect Donald Trump’s plans to form a crypto council have sparked widespread interest among key players in the cryptocurrency sector. The crypto council is expected to focus on regulatory issues and the development of a Bitcoin strategic reserve.

Push for a Bitcoin Reserve Gains Traction

According to Reuters, top firms like Coinbase, Ripple Labs, and venture capital group Andreessen Horowitz (a16z) are keen to secure seats on the advisory body

https://twitter.com/WuBlockchain/status/1859687416657039430

While it remains unclear whether the advisory body will operate under the National Economic Council or as an independent entity, the initiative signals a bold step toward formalizing cryptocurrency policy in the U.S.

At the Bitcoin 2024 event in Nashville, President-elect Trump revealed his administration’s goal of establishing a strategic Bitcoin stockpile.

Industry advocates like Dennis Porter, co-founder of the Satoshi Action Fund, have further amplified this idea, describing the move as vital for national security.

“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,” Porter said.

Porter likened the potential Bitcoin reserve to landmark U.S. acquisitions like the Louisiana Purchase and the acquisition of Alaska, arguing that the U.S. can gain a financial advantage by adopting Bitcoin early.

In addition, Senator Cynthia Lummis, who introduced the Bitcoin reserve bill, suggested that the Treasury Department convert some gold reserves into Bitcoin to jumpstart the initiative.

The urgency to secure a strategic Bitcoin reserve was also echoed by Greg Cipolaro, NYDIG’s global head of research, who spoke about the risks of overlooking Bitcoin ownership.

According to Cipolaro,
“Not owning the asset is going to become a liability in the future,” highlighting the growing importance of Bitcoin in the global financial landscape.

Skepticism Amid Optimism

While many industry participants are enthusiastic about Trump’s crypto council, others remain skeptical about its implementation. Mike Novogratz, CEO of Galaxy Digital, previously expressed doubt about the strategic Bitcoin reserve becoming a reality under the incoming administration.

However, Novogratz predicted that Bitcoin’s price could surge to $500,000 if the reserve is established soon.

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Anthony Pompliano, a prominent Bitcoin advocate, stressed the urgency of action, warning that other nations are rapidly building their Bitcoin holdings, urging the U.S. government to “get as much Bitcoin onto the balance sheet as possible.”

https://twitter.com/apompliano/status/1857786689105666519?s=46

Despite differing opinions, the discussion around Bitcoin’s role in U.S. economic strategy is gaining momentum. Trump’s upcoming term could mark a pivotal moment in integrating cryptocurrency into national policy frameworks.