As President-elect Donald Trump
Bitcoin touched the epic milestone after Donald Trump won the presidential elections and touched the ATH of $108,000 in December. Trump’s biggest plan to create the US Bitcoin Strategic Reserve has been buzzing since he announced the plan during his campaign. Here’s an insider scoop on Trump’s larger-than-life plans to make the US a Bitcoin powerhouse.
Industry experts are urging Trump to cement the U.S.’s role as a global leader in cryptocurrency by creating a national Bitcoin reserve. Reports suggest that this initiative could be managed by the Treasury Department, though some believe it might require Congressional approval. Supporters argue that such a reserve could strengthen the nation’s economic position and act as a hedge against market instability.
At the same time, crypto firms are pushing for easier access to banking services. Many companies have struggled to work with traditional financial institutions due to regulatory hurdles. Improved banking relationships could significantly accelerate the growth of the cryptocurrency sector.
Trump’s team is reportedly considering establishing a crypto industry council to shape policy and offer structured guidance for the sector. This council could provide a unified approach to addressing the unique challenges faced by cryptocurrencies. Additionally, Trump is expected to advocate for a review of existing crypto regulations to ensure they align with the industry’s rapidly evolving needs.
While the Biden administration has been more cautious, with regulatory crackdowns on crypto companies, Trump has promised to reverse these policies. His crypto-friendly appointments, such as SEC Chair Paul Atkins and White House crypto czar David Sacks, signal a shift towards a more supportive environment for digital assets.
Bitcoin’s price surged to new highs, surpassing $107,000, after Trump announced his plans for a Bitcoin Reserve. While it has since dipped below $100,000, the promise of a national stockpile has sparked optimism in the market. Despite the bullish call, Bitcoin has reacted negatively to the recent events Fed’s hawkish comments, and the DOJ’s court approval to sell the seized Bitcoins. Following the news, Bitcoin drastically fell to the $94,471 level.
Overall, the crypto insiders are highly charged as they expect Trump to go aggressive on his crypto plans while crypto OG like Arthur Hayes
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