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Trump Crypto Czar on Why the US Needs to Pay Attention to Bitcoin and Crypto

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Trump’s crypto czar, David Sacks, talks up the potential of Bitcoin and crypto for the U.S.

The Donald Trump administration has made crypto a centerpiece of its agenda unlike any government before, perhaps save El Salvador under Nayib Bukele and the U.K. under Rishi Sunak.

While it can be argued that one likely driver for this is the millions of dollars the president received from the industry in campaign funding, David Sacks, Trump’s appointed point man on the industry, has offered a differing view.

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Sacks Talks Bitcoin and Crypto Potential 

Trump’s crypto czar, David Sacks, has talked up the potential of Bitcoin and crypto for the U.S. Sacks did this while speaking in an interview with CNBC on Tuesday, February 4.

When asked about why the U.S. needed to pay attention to digital asset technology, he championed Bitcoin’s value proposition as a store of value, blockchain’s potential for innovation, and the ability of stablecoins to extend the dollar’s dominance and drive demand for U.S. treasuries to support the country’s debt.

“I think these are all three very exciting areas of digital asset technology,” he asserted.

Sacks’ statements follow a press conference he held with several Senate and Congressional leaders outlining plans for crypto regulation and sustained interest in evaluating the feasibility of a strategic digital asset reserve as part of efforts of a crypto working group established by Trump that he also heads.

During the press conference, it was revealed that to aid the Trump-appointed working group’s efforts, the Senate and the House would form their own working group to push crypto legislation, starting with stablecoins.

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Sacks, meanwhile, told reporters that the first point of call for his task force was to evaluate the feasibility of a Bitcoin reserve or crypto stockpile.

Speaking with CNBC after the press conference, he expressed optimism that crypto regulations could come within the year, specifically citing six months as a feasible timeline.

Sacks further addressed speculation of whether the Bitcoin reserve will be tucked into Trump’s planned sovereign wealth fund. According to the crypto czar, it will be up to Trump’s Secretary of Commerce pick, Howard Lutnick, to decide if the fund will invest in the asset, maintaining that his working group’s efforts were separate.

Notably, the working group has till July 2025 to submit recommendations on crypto legislation and a potential crypto stockpile to Trump after evaluating all existing crypto rules, orders, and guidance in the U.S.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Okoya David
Okoya David
Okoya David Kio is a crypto enthusiast passionate about understanding what makes the nascent market tick. When he's not pondering about cryptocurrencies, you might find him in a BP debate room trying to proffer solutions to age-old societal problems.

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