The US Crypto Space Race Under President Donald Trump’s Term
The excitement surrounding crypto in the US during President-elect Donald Trump’s term is being compared to a space race by Ari Redbord, head of legal and government affairs at TRM Labs.
In an interview with CNBC’s Squawk Box, Redbord highlighted Trump’s pro-crypto nominations for his cabinet, such as Paul Atkins as the new Chairman of the US Securities and Exchange Commission (SEC) and David Sacks as the “crypto czar.” He emphasized that “people are the policy” in shaping the future of crypto in the US.
Redbord likened the current scenario to a space race, where the US has the opportunity to lead and excel in the crypto industry globally.
Bitcoin Reserve and Policy Shifts
With Bitcoin surpassing the $100,000 price mark on Jan. 6, Redbord discussed the potential impact of establishing a strategic Bitcoin reserve in the US. He believes that such a move could significantly enhance the value creation of the asset.
Redbord also expressed optimism about the increasing adoption of blockchain technology in the US, citing examples of fintech companies like Stripe leveraging stablecoins for payments.
While Bitcoin is often seen as a secure store of value, Redbord noted that the integration of blockchain in financial transactions will drive further growth in the crypto sector.
Although he refrained from providing specific price predictions for Bitcoin, Redbord is confident that the asset will see substantial growth, especially if a strategic Bitcoin reserve is established in the US.
He suggested that the concept of a Bitcoin reserve in the US could inspire other countries and even states within the US to consider similar initiatives.
Global Response and Potential Reserves
Metaplanet CEO Simon Georvich recently echoed Redbord’s sentiments about the possibility of a Bitcoin reserve in the US. Georvich suggested that such a move by the largest economy in the world could trigger a race among nations, with those delaying action facing higher costs.
Last week, Switzerland approved a proposal to include BTC in its national reserves, and a lawmaker in Hong Kong advocated for a similar approach in their country.
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Original Article Source: CryptoSlate