30s Summary

Cryptocurrency firms including Coinbase, Ripple Labs, and a16z are vying for spots on Donald Trump’s forthcoming cryptocurrency advisory council. In a recent Blockchain Summit, Bitcoin advocate Dennis Porter stressed the importance of the US establishing a strategic Bitcoin reserve. Senator Cynthia Lummis has introduced a bill for such a reserve and urged the Treasury Department to trade some of its gold for Bitcoin. But Mike Novogratz, CEO of Galaxy Digital, questioned whether Trump’s team would even set up a Bitcoin reserve.

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Big names in the crypto world are trying hard to grab a spot in Donald Trump’s upcoming advisory council all about cryptocurrency. This group’s main job? shaping guidelines and rules, and possibly setting up a Bitcoin reserve.

Firms including Coinbase, Ripple Labs, and venture capital company a16z are all throwing their hats in the ring to be part of this council. There’s some guesswork going on about where this council will land. It might end up being a section of the White House’s National Economic Council; or, it could very well stand alone.

In a chat at the North American Blockchain Summit, Dennis Porter, a firm supporter of Bitcoin and founder of the Satoshi Action Fund stressed just how crucial it is to establish this strategic Bitcoin reserve in the US. In his words, being active in the Bitcoin market would shield us from unwanted influence from outside the nation. Plus, it would be a real boost for the many Bitcoin miners here in the US.

He equated the creation of this Bitcoin reserve with the time US bought Louisiana in 1803, and Alaska in 1867 for dirt cheap. Basically, Porter firmly believes we should grab Bitcoin as a reserve asset before other nations swoop in.

US senator Cynthia Lummis, who brought in the Bitcoin reserve bill, argued that the Treasury Dept should swap some of its gold for Bitcoin in order to get this reserve going.

Anthony Pompliano, a Bitcoin enthusiast and asset manager, agreed on this urgency; his advice to the US government was to sock away as much Bitcoin as they reasonably can.

There are dissenting views though- Mike Novogratz, CEO of Galaxy Digital, questioned whether Trump’s administration will even establish a Bitcoin reserve. But he did say that, if it does happen relatively soon, Bitcoin’s price could shoot up to a whopping $500,000.