The victory of President-Elect Donald Trump at the polls has made the cryptocurrency community delve into the many bitcoin and crypto-related promises he made while still in the campaign.
David Bailey, one of the aides to Trump’s campaign, has recently raised concerns about the necessity of quickly organizing a so-called ‘strategic’ bitcoin reserve, as other countries might adopt the idea and front-run the U.S. While not revolutionary—since countries like El Salvador and Bhutan have already established a bitcoin stockpiling strategy—this move would change the perception many have of Bitcoin, with a superpower like the U.S. designating it as a reserve asset.
Bailey stated:
America is at major risk of being front run on its bitcoin agenda. We must establish the Strategic Bitcoin Reserve as quickly as possible.
Furthermore, Bailey assessed that President-Elect Trump had the power due to the Republican Party’s favorable results in the recent election, where it achieved a majority in the Senate. “President Trump has the House and Senate. He has a mandate. The environment is there for us to get this done in first 100 days,” he stressed.
While Trump has not openly discussed a bitcoin reserve, this idea has been floating for quite some time in cryptocurrency and government circles. Trump has disagreed with the U.S. government’s bitcoin sales before. “For too long our government has violated the cardinal rule that every bitcoiner knows by heart: Never sell your bitcoin,” he declared while delivering a keynote speech at the Bitcoin 2024 conference.
In the same way, he promised that no more bitcoin would be sold if he was elected president. “It will be the policy of my administration, United States of America, to keep 100% of all the bitcoin the U.S. government currently holds or acquires into the future,” Trump detailed at that time.
Read more: Trump at Bitcoin 2024: Vows to Make US the Bitcoin Superpower, Plans to Fire SEC Chair Gensler
Read more: Republican Senator Lummis Pushes for BTC Reserve as Trump Returns to the White House
