President-elect Donald Trump made Bitcoin and cryptocurrency adoption a major focal point of his campaign in 2024, promising greater investment in Bitcoin as a strategic reserve; with some of his allies and others in his circle of compatriots touting the possibility of selling gold reserves to buy Bitcoin instead.
SEE: Trump Nominates Paul Atkins As SEC Chair Paving The Way For Tokenization
As first reported by Bloomberg: (excerpts)
President-elect Donald Trump is planning to release an executive order elevating crypto as a policy priority and giving industry insiders a voice within his administration, according to people familiar with the plans.
The order is expected to name crypto as a national imperative or priority — strategic wording intended to guide government agencies to work with the industry, according to people familiar with the matter. It is also slated to create a crypto advisory council to advocate for the industry’s policy priorities, said the people who requested anonymity to discuss an executive order that is not yet public.
Trump has enjoyed strong support from the crypto industry, which has a powerful presence in Washington, backed by well-funded political action committees. A slew of companies, including Coinbase and Ripple, have donated to Trump’s inaugural committee in recent months. On Friday, days before the inauguration, the industry is hosting an “Inaugural Crypto Ball” in support of Trump.
Still under discussion for inclusion in the executive order is a directive for all government agencies to review policies about digital assets and possibly pause any litigation involving crypto, the people said. Stopping legal actions that have targeted a range of companies from Binance Holdings Ltd., the world’s biggest crypto exchange, to startup Ripple Labs Inc. is a top priority for the industry.
Also under consideration is the creation of a national Bitcoin stockpile, which would encompass the government’s existing holdings of the world’s biggest cryptocurrency, the people said. The US government currently holds nearly $20 billion worth of Bitcoin, confiscated as part of various investigations, according to analytics company Arkham. Bitcoin has rallied more than 50% since the November election in part on hopes that such a stockpile would be created. The token more than doubled in price in 2024. It was trading up almost 5% at $104,691 as of 11:20 a.m. Friday morning New York time.
The people cautioned that the executive order, which could come as soon as Monday, is not final and could change before it is made public. A representative for Trump did not immediately respond to a request to comment.
“What I think Donald Trump is going to do is signal that the United States is back and we are ready to lead in this industry,” said Kara Calvert, vice president for US policy at Coinbase Global Inc., the country’s biggest cryptocurrency exchange. “What it’s signaling to other countries is be careful, or you won’t keep up.”
On the back of this news, BlackRock is predicting another historic year for Bitcoin.
CNBC reported:
Bitcoin should rip higher under President-elect Donald Trump, according to BlackRock’s ETF chief.
Samara Cohen, the firm’s ETF and index instruments chief investment officer, thinks cryptocurrency deregulation will “absolutely” propel bitcoin to another historic year.
“There will be progress made on… FIT21 [“Financial Innovation and Technology for the 21st Century Act.] There will be progress made on stable coins. There will be progress made just on definitions in taxonomy,” she told CNBC’s “ETF Edge” this week.
Cohen is behind the firm’s iShares Bitcoin Trust (IBIT) – which is up 114% since its January 2024 debut and up almost 8% year to date. It comes as bitcoin briefly traded above $100,000 this week.
Despite the strong performance, she suggests cryptocurrency investors need an iron stomach.
“Bitcoin is a risky asset. So, 15% in the context of Bitcoin is not an enormous move. Investors should expect volatility,” said Cohen. “But in the long term, the price of bitcoin is really going to be determined by the level and pace of adoption.”
On Monday, BlackRock announced the official launch of its iShares Bitcoin ETF on CBOE Canada.
And, it’s not the only firm making an early year push deeper into cryptocurrency. Calamos Investments plans to launch its Bitcoin Structured Alt Protection ETF next Wednesday – two days after Trump’s inauguration. According to the press release, it’s the “world’s first 100% downside protected bitcoin ETF.”
AUTHOR COMMENTARY
As discussed in great detail in my essay and expose on tokenization last year, Bitcoin is being used as the ‘great enabler’ of sorts to bridge the United States and the world into cryptocurrencies and tokenized assets as new official means of exchange and “money.” That is where it is clearly headed.
Tokenization: The New World Order Monetary System To Digitize All Assets And Nature, Including You
Earlier this week, I reported how Biden quietly signed a bill that would allow for greater implementation of digital IDs; which are needed to properly facilitate CBDCs and tokenized assets. Without digital IDs, the broader, commercial and private acceptance of these new currencies cannot function properly.
SEE: Biden Signs ‘GSA Technology Accountability Act,’ Paving The Way For Digital ID Adoption
It’s a revolving door: one puppet administration sets in motion new legislation, and the next administration carries it over and expands it one way or another. It’s a revolving door. Faces change, the rhetoric is articulated differently, but the agenda is still ultimately unilateral.
Ecclesiastes 10:19 A feast is made for laughter, and wine maketh merry: but money answereth all things.
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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