The United States may establish a Bitcoin depository within the first 100 days of President-elect Donald Trump’s administration, according to an insider. David Bailey, CEO of BTC Inc. and was instrumental in changing Trump’s stance on Bitcoin, emphasizing the urgency of the initiative amid concerns that other nations may overtake the US in BTC amassing.
When Will Strategic Bitcoin Reserve Be Real?
Bailey voiced his concern at X today, warning that “America is at great risk of being at the forefront of its own Bitcoin agenda.” He added, “We must establish a Strategic Bitcoin Reserve as soon as possible. President Trump owns the house and the senate. You are responsible. Nature is there for us to do this in the first 100 days. “
America is at great risk of being at the forefront of its bitcoin agenda. We should establish a Strategic Bitcoin Reserve as soon as possible.
President Trump owns the house and the senate. You are responsible. Nature is there for us to do this in the first 100 days.
— David Bailey🇵🇷 $0.85mm/btc down (@DavidFBailey) November 7, 2024
His comments come as public speculation rages about how Trump will deliver on his previous promises. After Trump’s election victory yesterday, his son Eric Trump reinforced this desire by responding to MicroStrategy Executive Chairman Michael Saylor’s announcement that “We have a Bitcoin President” with a call to action: “America must lead the way!”
America must lead the way!
— Eric Trump (@EricTrump) November 6, 2024
Notably, US Senator Cynthia Lummis of Wyoming renewed her advocacy for a national BTC reserve on November 6. She took to X yesterday to announce, “WE WILL BUILD A STRATEGIC BITCOIN RESERVE.”
WE WILL BUILD A PLACE TO STORAGE STRATEGIES 🇺🇸 🇺🇸 🇺🇸
— Senator Cynthia Lummis (@SenLummis) November 6, 2024
In July, Lummis introduced the Bitcoin Act, which proposes that the US government buy up to 200,000 BTC per year over a five-year period, for a total of 1,000,000 BTC. This push for legislation is in line with Trump’s vision. At the 2024 Bitcoin conference, he advocated turning all BTC seized by law enforcement into a national “pool.”
“More and more states are going to start getting into Bitcoin,” Bailey said yesterday. Prominent public figures have weighed in on the possible establishment of a US Strategic BTC Reserve, underscoring its global importance.
Dylan LeClair, a respected analyst, suggested that time is of the essence: “You have about three months before the US Government legalizes the active collection of BTC as a reserve asset. Some kings will be running ahead with wisdom. The clock has started.”
Joe Consorti, Head of Growth at Theya Inc., highlighted the scale of the proposed accumulation: “The US will buy 550 BTC/day for 5 years, and hold all for at least 20 years.” He described it as a “perpetual balance sheet that leads to absolute and inflexible poverty.”
Travis Kling, CEO and founder of Ikigai Asset Management, reflected on the tide and the possibility: “When this was announced at the Nashville conference, I thought it was unlikely to happen. I just felt like a bridge too far. It was almost as if it was too strong to believe. With a red tide, the chances of this happening are greatly increased. If it does, it’s official WAGMI. “
At press time, BTC traded at $74,640.
The featured image was created with UEEx, a chart from TradingView.com