Bitrabo Editorial
According to a significant insider, the United States may create a dedicated Bitcoin reserve soon after President-elect Donald Trump’s administration begins. David Bailey, CEO of BTC Inc. and a key figure in influencing Trump’s views on Bitcoin, stressed the importance of this move. He raised alarms about other countries potentially advancing their Bitcoin holdings faster than the U.S.
Timeline for Establishing the Bitcoin Reserve
Today, Bailey voiced his concerns on X, mentioning that “America is at major risk of being front run on its Bitcoin agenda.” He continued, “It’s crucial that we swiftly set up the Strategic Bitcoin Reserve. With Trump in control of both the House and Senate, we have the opportunity to accomplish this within the first 100 days.”
America is at major risk of being front run on its bitcoin agenda. We must establish the Strategic Bitcoin Reserve as quickly as possible.
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.
— David Bailey
$0.85mm/btc is the floor (@DavidFBailey) November 7, 2024
His comments come in light of speculation regarding how Trump will fulfill his commitments. Following Trump’s electoral win, his son, Eric Trump, enhanced this excitement by replying to MicroStrategy’s Michael Saylor’s statement of having “a Bitcoin President,” urging that “America must lead the way!”
— Eric Trump (@EricTrump) November 6, 2024
Furthermore, US Senator Cynthia Lummis from Wyoming has recently reiterated her support for a national Bitcoin reserve. On November 6, she proclaimed on X, “WE ARE GOING TO BUILD A STRATEGIC BITCOIN RESERVE.”
WE ARE GOING TO BUILD A STRATEGIC BITCOIN RESERVE
— Senator Cynthia Lummis (@SenLummis) November 6, 2024
Earlier this year, Lummis introduced the Bitcoin Act, which suggests that the government acquire up to 200,000 BTC annually for five years, totaling 1,000,000 BTC. This legislative effort aligns with Trump’s vision. At the 2024 Bitcoin Conference, he promoted the idea of converting confiscated BTC into a national “stockpile.”
“Many countries are preparing to invest in Bitcoin,” Bailey remarked recently. Key community members have discussed the possibility of creating a US strategic BTC reserve, highlighting its importance on a global scale.
Analyst Dylan LeClair noted the urgency of action: “The U.S. Government has about three months to legislate the accumulation of BTC as a strategic reserve asset. Other countries may act before us.”
Joe Consorti, from Theya Inc., emphasized the magnitude of the proposed strategy: “The U.S. will acquire 550 BTC daily for five years, maintaining all for at least 20 years.” He expressed it as “an endless influx into a resource of limited supply.”
Travis Kling, CEO of Ikigai Asset Management, reflected on the changing possibilities, suggesting, “While the announcement at the Nashville conference seemed ambitious, recent changes have made it appear much more feasible. If so, we may truly be on a path to success.”
As of now, Bitcoin is trading at $74,640.
