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This week, Jack Mallers, the CEO and founder of Strike, dished on President-elect Donald Trump’s plan to establish a strategic bitcoin reserve on his very first day in office via an executive order.
Jack Mallers Stuns Timcast Host Tim Pool
The buzz around a strategic bitcoin reserve for the U.S. has picked up steam lately, especially with new laws and nods from politicians. One standout proposal is from U.S. Senator Cynthia Lummis with her Bitcoin Act of 2024. This bill recommends that the U.S. Treasury and Federal Reserve snap up 200,000 bitcoins each year for five years, leading to a stash of one million bitcoins, which would make up approximately 5% of the world’s bitcoin hoard.
On Timcast, the show run by American commentator and journalist Tim Pool, Strike’s founder Jack Mallers discussed Trump‘s plan to sign an executive order to kick off a strategic bitcoin reserve right from day one. “Trump is looking at in a day one executive order,” Mallers quipped. Pool, taken aback, responded, “Sorry. You said a day one executive order for a bitcoin reserve for the United States?”
“ Yeah,” Mallers replied. “I know there’s people looking at the dollar stabilization act as it gives the president wide discrepancy to protect the dollar and, um there’s potential to use a day one executive order to purchase bitcoin.”
Mallers added:
It wouldn’t be at the size and scale of a million coins, but it would be a significant position and it’d be a message that the United States.
Whether Mallers’ claims hold water is still up in the air. But, when Trump hit the bell at the New York Stock Exchange last week, he told CNBC, “We’re gonna do something great with crypto.” When quizzed on whether the U.S. would set up a bitcoin strategic reserve akin to its oil stash, Trump answered, “Yes, I think so.”
The idea of a strategic bitcoin reserve might just be the game-changer that crypto enthusiasts have been waiting for. With Trump’s apparent enthusiasm and legislative backing from figures like Senator Lummis, the U.S. could see a new era where digital assets become part of national policy, potentially reshaping the financial system’s approach to currency reserves.
The implications of such a move are vast and intriguing. If Trump follows through, it could signal a shift in how governments perceive and utilize cryptocurrencies, possibly encouraging global adoption and validation of bitcoin as more than just a speculative asset but as a fundamental component of economic strategy.