Leaked Policy Proposal Reveals Trump’s Bitcoin Stockpile
The cryptocurrency industry is actively advocating for President-Elect Donald Trump and his administration to invest billions of dollars in bitcoin to create a national cryptocurrency reserve, based on official policy documents and reports obtained by The New York Times. These proposals, formulated by the Bitcoin Policy Institute for Trump’s team, argue that such a reserve could protect the nation from economic instability and encourage investments in renewable energy. However, the primary focus of these proposals is on the idea that if the United States significantly invests in bitcoin, it will be able to maintain a strong position within the global economic order led by the Western world and counteract the economic and geopolitical influence of China.
One report from the Bitcoin Policy Institute, titled “A ‘Global Economic Reordering’ US-China Competition and Bitcoin as Tool of US Statecraft”, highlights how bitcoin can extend the global reach of the dollar network, especially in emerging markets where China’s digital control aims to gain influence. The report specifically targets Scott Bessent, Trump’s nominee for Treasury Secretary, outlining the urgent need for action against China and advocating for the creation of a Strategic Bitcoin Reserve consisting of 1 million coins. It also presents projections on how the U.S. could leverage this reserve politically if the value of bitcoin rises from its current rate to between $500,000 and $1.5 million per coin.
Another policy brief from the BPI delves into how a substantial investment in bitcoin could serve as a countermeasure against China while also underscoring the necessity for the U.S. to solidify its position in the cryptocurrency sector and in global affairs before authoritarian regimes in the Middle East and Asia take the lead. The BPI clarifies that its proposals do not aim to enrich existing bitcoin holders but rather focus on securing national interests, maintaining U.S. financial leadership, ensuring economic resilience, and thwarting adversaries’ actions.
Reports suggest that the BPI’s calls for a strategic bitcoin reserve have been supplemented by personal lobbying efforts from cryptocurrency executives and Senator Cynthia Lummis (R-WY). Donald Trump has previously discussed the idea of creating a significant bitcoin reserve during his campaign and has committed to positioning the U.S. as a dominant force in the realm of cryptocurrency. His nominations of cryptocurrency proponents to key government roles, such as Paul Atkins for the chair of the Securities and Exchange Commission, affirm his dedication to advancing bitcoin adoption. Most recently, the Department of Justice received approval to sell off seized bitcoin valued at $6.5 billion from criminal activities.
