On Thursday (November 21), Bitcoin officially broke through $97,800, hitting $97,852 to set a new historical high. The elected President Trump has been rumored 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 of Bitcoin soared to as high as 44% during the day but then retreated.
Forbes reported that now, as traders bet that Trump will become a 'game changer' for Bitcoin, there are leaked reports that Trump may appoint the first White House 'crypto czar.'
(Source: Forbes)
According to anonymous sources cited by Bloomberg, Trump's senior team is meeting with Bitcoin and cryptocurrency experts as well as industry executives to discuss creating a position in the White House dedicated to cryptocurrency policy, overseeing policies and regulations across the federal government.
The appointment of a White House cryptocurrency czar could further fuel expectations that Trump will establish a national strategic reserve of Bitcoin, fulfilling his commitment made at the Bitcoin 2024 conference in July to make the U.S. the 'crypto capital of the world.'
Speculators on the cryptocurrency-driven Polymarket prediction platform believed on Thursday that the likelihood of Trump establishing a Bitcoin strategic reserve exceeded 40%, peaking at 44%. This likelihood surged sharply after discussions about Trump's crypto czar leaked.
(Source: Polymarket)
Earlier this year, U.S. Republican Senator Cynthia Lummis of Wyoming submitted a Bitcoin bill to Congress, calling for the establishment of a strategic Bitcoin reserve, aiming to purchase 1 million Bitcoins over five years to reduce 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 cryptocurrency, with some of his high-profile cabinet appointments also being advocates of Bitcoin and cryptocurrency.
This week, Trump appointed Howard Lutnick, CEO of Cantor Fitzgerald, 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 valuable over time, gaining financing like gold and oil. The price of Bitcoin will continue to rise, sometimes even lower; you just need to have confidence," Lutnick said earlier this month. He is the U.S. custodian for the $13 billion USDT stablecoin issuer Tether, held through Cantor Fitzgerald.
Additionally, David Bailey, CEO of Bitcoin Inc, the publisher of Bitcoin Magazine and a cryptocurrency advisor to Trump, 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, backtrack and put everything you have into Bitcoin."
