Just In: Coinbase Endorses Strategic Bitcoin Reserve
The publicly listed trading platform Coinbase Exchange has endorsed the plans of incoming US President Donald Trump to establish a strategic Bitcoin reserve in the country. As reported by Axios, the exchange’s co-founder and CEO Brian Amstrong has highlighted the economic opportunities this will have on the nation.Strategic Bitcoin Reserve: Tool for Economic FreedomThis is the first time Coinbase specifically speaks on the idea of a Bitcoin strategic reserve. According to the Axios exclusive, the Coinbase CEO believes BTC can offer much more to the country. He believes that digital currency can drive market capitalism to benefit different key players.“Economic growth comes from free market capitalism, deregulation, small government, and technological innovation,” he wrote. “If the rest of the G20 wishes to participate in economic prosperity, they would be wise to join the growing trend of embracing economic freedom and free markets.” Notably, Armstrong’s endorsement comes only a few days before the inauguration of Donald Trump as U.S President. Coinbase CEO on Ways to Protect CryptoArmstrong took his endorsement further when he outlined key steps government officials can take to protect cryptocurrency and economic freedom. The first is to pass pro-crypto regulation, a move the incoming government is already working on. It aligns with the second, which will then hinge on the official launch of the strategic Bitcoin reserve. Many industry analysts speculate that Trump will announce the strategic BTC reserve on his first day in office. For the third step, Armstrong thinks it will be wise for the Trump administration to establish special economic zones for the digital asset economy. Notably, countries like the UAE have tried out this initiative, which attracted new companies to the regionLastly, the Coinbase CEO supported the new Department of Government Efficiency (D.O.G.E), which Elon Musk will lead. He cited the new oversight department, saying we must make governments more efficient. Donald Trump Plots Crypto Advisory Council The president-elect already has a working transition team that will effectively take the American crypto landscape to a more favorable level. He already nominated Paul Atkins, a former SEC Commissioner, to replace Gary Gensler as the agency’s Chair. In the case of building these Bitcoin reserves, Donald Trump is eyeing establishing a crypto advisory council with industry leaders. With his Crypto & AI Czar David Sacks, many are optimistic in the administration rolling out the right policies to accommodate this BTC reserve. Godfrey Benjamin Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.