NewsletterJust In: Crypto Czar David Sacks Reveals The US Is Evaluating A Bitcoin Reserve
Highlights
- Crypto Czar David Sacks revealed that he and his team are weighing the possibility of creating a Strategic Bitcoin Reserve.
- Sacks mentioned that this is one of the first things he and his team are looking into.
- The Crypto Czar also mentioned that stablecoins can ensure US dominance.
Donald Trump’s Crypto Czar, David Sacks, has provided some optimism for the crypto community as he revealed that his team is already evaluating the creation of a Strategic Bitcoin Reserve. This came following his press conference, in which he also mentioned the progress made by his team so far.
Crypto Czar David Sacks Reveals His Team Is Evaluating A Bitcoin Reserve
In a press conference, Crypto Czar David Sacks revealed that his team is already evaluating the creation of a Bitcoin Reserve. He remarked that this is one of the first things he and his team are looking into as part of the internal working group of this administration.
He noted that they are still in the early stages of the evaluation as they are waiting on the US Senate to confirm some cabinet members. However, he assured that it is one of the first things on their agenda, having been instructed by US President Donald Trump to look into the feasibility of creating this reserve.
This provides some optimism regarding the creation of a Strategic Bitcoin Reserve. It is worth mentioning that Trump had initially signed an executive order that established the working group on digital assets. The order only revealed that the working group, headed by David Sacks, was to look into the possibility of creating a national digital asset stockpile.
Stablecoins Can Ensure The US Dollar Dominance
During the press conference, David Sacks also made a case for stablecoins, stating that they have the potential to ensure the US dollar dominance internationally.
He added that it could also increase the usage of the dollar digitally and, in the process, create trillions of dollars of demand for the US treasuries, which could lower long-term interest rates.
This comes just as Senator Bill Hagerty introduced the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act to regulate stablecoins in the United States. If passed, the legislation would mandate USD-backed reserves, audited reports, and Federal/State oversight.
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