The Crypto Space Race Under Trump’s Presidency
The excitement surrounding the crypto industry in the United States during President-elect Donald Trump’s term is being compared to a space race, according to Ari Redbord, head of legal and government affairs at TRM Labs.
In an interview with CNBC’s Squawk Box, Redbord emphasized that the individuals in power shape the policies, pointing out Trump’s pro-crypto nominations for key positions such as Paul Atkins as the new Chairman of the US Securities and Exchange Commission (SEC) and David Sacks as the “crypto czar.”
Redbord mentioned, “There is this excitement, and I think sort of cadence, of almost a space race where the US is now in a position to keep up with the rest of the world, or even surpass the rest of the world.”
Bitcoin Reserve and Policy Shifts
With Bitcoin (BTC) surpassing the $100,000 price mark on Jan. 6, Redbord suggested that a positive policy shift, such as establishing a strategic BTC reserve in the US, could significantly increase the asset’s value creation. He also highlighted the growing use of blockchain technology in the US, citing fintech companies like Stripe that utilize stablecoins for payments.
While Bitcoin is widely seen as a store of value, Redbord believes that expanding the use of blockchain in financial transactions will drive growth in the crypto sector. He refrained from giving specific price targets for Bitcoin but expressed confidence in its potential to rise significantly, especially with the establishment of a strategic Bitcoin reserve in the US.
Redbord also suggested that the idea of a Bitcoin reserve in the US could spark a global trend, with other countries and even states within the US considering similar moves. This sentiment was echoed by Metaplanet CEO Simon Georvich, who believes that such a move by the US could trigger a race among nations to acquire Bitcoin reserves.
Global Movement Towards Bitcoin Reserves
Recent developments indicate a growing interest in adding Bitcoin to national reserves. The Swiss chancellery approved a proposal to include BTC in its reserves, while a lawmaker in Hong Kong has advocated for a similar move in his country. These actions suggest a broader trend towards embracing Bitcoin as a strategic asset.
Mentioned in this article:
TRM Labs, CNBC, US Securities and Exchange Commission (SEC), Bitcoin (BTC), Stripe, Metaplanet, Swiss chancellery, Hong Kong lawmaker.