On Thursday (November 21), Bitcoin officially broke through $97,800, reaching $97,852, setting a new historic high again. News has emerged that U.S. President-elect Donald Trump is expected to appoint the first "crypto czar" in the White House. Data from major cryptocurrency betting platform Polymarket showed that bets on Trump establishing a national strategic reserve for Bitcoin surged to a high of 44% during the day, but then retreated.
Forbes reported that now, as traders bet on Trump becoming a "game changer" for Bitcoin, leaked information indicates that Trump may appoint the first White House "crypto czar."
According to Bloomberg, citing anonymous sources, Trump’s senior team is meeting with Bitcoin and cryptocurrency experts and industry executives to discuss establishing a position in the White House specifically responsible for cryptocurrency policy to oversee policies and regulations across the federal government.
The appointment of a White House cryptocurrency czar may further fuel expectations that Trump will establish a national strategic reserve for Bitcoin to fulfill his promise made at the Bitcoin 2024 conference in July to make the U.S. the "capital of cryptocurrency on Earth."
Speculators on the cryptocurrency-driven Polymarket prediction platform on Thursday believed that the likelihood of Trump establishing a strategic Bitcoin reserve exceeded 40%, peaking at 44%. This probability surged sharply after discussions of Trump's crypto czar leaked.
Earlier this year, U.S. Republican Senator Cynthia Lummis from Wyoming submitted a (Bitcoin bill) to Congress, calling for the establishment of a strategic Bitcoin reserve by purchasing one million Bitcoins over five years, aimed at reducing the U.S. national debt, which has risen to nearly $36 trillion.
By 2024, Trump will be surrounded by advisors who strongly support Bitcoin and cryptocurrencies, including some of his high-profile cabinet appointments who are also supporters of Bitcoin and cryptocurrencies.
This week, Trump appointed Cantor Fitzgerald CEO Howard Lutnick as his Secretary of Commerce; Lutnick claims to have invested hundreds of millions of dollars in Bitcoin.
"Bitcoin is both rare and special; it will become increasingly rare and more valuable over time, it will gain financing like gold and oil. The price of Bitcoin will go up and sometimes even down; you just need to have confidence," Lutnick said earlier this month, as he is the U.S. custodian for Tether, a stablecoin issuer with $130 billion in USDT, through Cantor Fitzgerald.
Moreover, David Bailey, CEO of Bitcoin Inc, the publisher of Bitcoin Magazine, and Trump's Bitcoin strategy advisor, stated that he believes Trump may appoint Bitcoin and cryptocurrency advocate Senator Bill Hagerty as his Secretary of the Treasury.
Bailey posted: "If that happens, back off and put everything you have into Bitcoin."
