Just 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.
- LBank Signs Sponsorship Deal with Argentine National Team, Launches $100M Bonus
- ASTER Leads Perp DEX Volumes Despite $4.8M Wintermute Transfers
- USDH Launch Boosts Hyperliquid Amid Competitive Market Pressure
- SEC to Decide on Six Spot XRP ETF Applications in October
- Ripple Partners with Ondo Finance to Tokenize U.S. Treasuries on XRPL
- Pepe Coin Price Bounce Likely as Support Zone Aligns With Rising Social Activity
- Solana Price Set for Recovery Amid Wyckoff Accumulation and Canary Capital ETF Filing
- Avalanche Price Could Surge to $50 as Transactions Jump 200%
- CHMPZ Price Prediction:Will This Net-Zero Community Token be the Next Gem?
- Ethereum (ETH) Price Set for a rebound as Whales Accumulate $1.6B ETH and Outflows Hit $622M
- HYPE Price Prediction As Bitwise Files For Hyperliquid ETF – Is $55 In Sight?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
