“Something Great About Crypto:” Trump Affirms Bitcoin Reserve

President-elect Donald Trump has reiterated his call for the United States to become an active investor in the crypto industry.

During an interview with CNBC's Jim Cramer, Trump confirmed his intention to create something akin to the country's strategic oil reserve for cryptocurrencies, adding that he sees innovation in this area as a question of international competition.

“We’re going to do something big with crypto,” he said. “Because we don’t want China, and not just China, others are adopting it and we want to be the leader.”

Trump first endorsed the idea of ​​a strategic reserve of crypto assets over the summer, during a speech at the Bitcoin 2024 conference. At the time, he suggested that the government could build the reserve over time by retaining assets seized from criminals rather than selling them at auction.

Others have argued that the United States should actively purchase and maintain a supply of bitcoins comparable to the national gold reserve. Sen. Cynthia Lummis, R-Wyo., presented such a proposal at the same conference, arguing that the government should seek to hold 5% of the world's cryptocurrency supply then valued at $70 billion.

Since then, the price of bitcoin has nearly doubled, with the value of the digital asset rising from less than $70,000 per coin on Election Day to well over $100,000 per coin today.

Trump did not provide further details about his crypto ambitions during his interview with Cramer. But as a candidate and since the election, he has made clear that his administration will take a very different approach to digital asset policy than the federal government did under President Joe Biden.

Earlier this month, Trump tapped PayPal co-founder David Sacks to become his crypto and artificial intelligence policy “czar.” Sacks has sincerely believed in digital assets, particularly bitcoin, for years. In 2017, he said the cryptocurrency “fulfilled PayPal's original vision of creating the new global currency.”

While a looser or at least more formalized set of policies around crypto engagement could be beneficial for banks looking to enter this sector, greater legitimacy of the sector could pose challenges for banks and traditional financing models . One of the fundamental principles of crypto innovation is the pursuit of disintermediation.

But some in the crypto industry say it's essential that the worlds of crypto and traditional banking come together not only to drive innovation, but also to preserve free market ideals in the booming world of digital finance.

Paul Neuner, CEO of digital assets company Telcoin, Inc., sees bank-issued stablecoins as a counterweight to state-issued central bank digital currencies. His company is seeking a banking license in Nebraska and hopes to eventually gain access to the national payments system under the Trump administration.

“We apply the free world model, which maintains that a bank is an intermediary between citizens and the government, and I think that is very important. I think that is the model that will prevail in the majority countries,” Neuner said. said. “But yeah, it’s definitely a philosophical competition that’s emerging, so we’re trying to be the first to present this model in the United States.”

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