DAIM CEO explains how Trump’s pro-crypto stance could propel Bitcoin to new heights
July 22, 2024
During an appearance on CNBC’s “Fast Money” on July 19, 2024, Bryan Courchesne discussed the potential impact of the Trump campaign’s positive stance on cryptocurrencies, particularly Bitcoin.
Courchesne is the founder and CEO of Digital Asset Investment Management (DAIM), a company focused on providing wealth management and retirement planning services centered around digital assets and cryptocurrencies. With a background in equity derivatives and extensive experience on the New York Stock Exchange,
Courchesne transitioned to the digital finance sector to meet the growing demand for professional management of cryptocurrency investments. Since founding DAIM in 2018, he has been committed to combining traditional financial principles with innovative digital asset strategies, providing services such as Bitcoin 401k plans and comprehensive crypto asset management.
Courchesne began by noting that Bitcoin prices have risen this week due to increased expectations of a Trump victory in the U.S. presidential election in November. He attributed the optimism to expectations of a more favorable regulatory environment for cryptocurrencies under the Trump administration.
Courchesne explained that about a month ago, Trump met with several Bitcoin miners, where he was educated on the intricacies of blockchain technology and transaction verification. According to Courchesne, this newfound understanding led to Trump's planned speech at an upcoming industry conference in Nashville, where he is expected to advocate for smoother regulation in the crypto space. Courchesne stressed that the move is seen as a positive step for innovation in Bitcoin and blockchain technology.
During the interview, Courchesne talked about the possibility of Bitcoin being considered a reserve currency for the United States. He mentioned that this potential development has been discussed on social media. Courchesne noted that the U.S. Department of Justice holds about 200,000 Bitcoins, making the United States the largest holder of Bitcoin. He suggested that these holdings could be transferred to the Treasury Department, potentially putting $13 billion worth of Bitcoin on the national balance sheet. Courchesne admitted that while such a move would be challenging, it is within the realm of possibility.
Courchesne also discussed the impact of the Department of Justice’s current role as a sporadic seller of Bitcoin. He argued that if the department shifted to a long-term holding strategy, it could have a positive impact on Bitcoin prices by reducing market volatility. This, he suggested, would benefit the entire crypto space.
When asked about Trump’s comments on Bitcoin mining, Courchesne explained that Bitcoin mining tends to migrate to where energy is cheapest. He mentioned that in the pro-business environment that Trump aims to create, lower energy costs for miners could allow them to hold more Bitcoin on their balance sheets. The reduction in available supply on open exchanges could further increase Bitcoin prices.
Courchesne also humorously responded to Trump’s assertion that every Bitcoin minted during his presidency would be mined in the United States. Courchesne acknowledged that the claim was logistically impossible but stressed that increased domestic Bitcoin mining operations would still be positive for the industry.
