Entrepreneur and Bitcoin enthusiast, Anthony Pompliano, expressed his belief that the incoming U.S. President, Donald Trump, could significantly contribute to the widespread acceptance and increase in value of Bitcoin.
In a concise video about topic X, Pompliano outlined three pivotal steps that President Trump could implement to substantially boost Bitcoin’s role in the American economy.
3 Ways Donald Trump Could Help Bitcoin Soar
The initial request made by Pompliano was to overturn a contentious financial regulation, specifically SAB-121, which mandates that banks categorize digital assets such as Bitcoin as liabilities in their financial statements at the present moment.
In simpler terms, if you’re a bank, it’s not desirable to hold assets that are considered debts on your balance sheet, according to Pompliano.
Eliminating this regulation might prompt banks to invest in Bitcoin, thereby enhancing its security and allure for institutional investment.
Pompliano’s second proposal was the creation of a National Bitcoin Strategic Reserve.
As an analyst, I’m sharing an observation: The U.S. government may be accumulating more Bitcoin, given the existing $200,000 worth already secured on its balance sheet.
He proposed that America might consider increasing its holdings of Bitcoin, viewing it as a strategic long-term financial investment.
For the future growth of the U.S. economy, it’s beneficial if the country increases its involvement with Bitcoin,” he noted.
Pompliano underscores how Bitcoin offers advantages for both individuals and corporations, which in turn could be beneficial for the country at large. Notably, there’s growing international discussion on Bitcoin serving as a national reserve asset. Intriguingly, it has been reported that 13 U.S. states are actively pursuing plans to establish Bitcoin Reserves.
To conclude, Pompliano proposed changing the way Bitcoin is taxed. At present, Bitcoin is categorized as property, which means that using it to buy goods or services results in capital gains tax. However, he believes this classification is unjust.
“That’s crazy, You don’t do that with dollars,” Pompliano said.
Instead, he suggested viewing Bitcoin as a standard currency, exempting transactions from capital gains tax. This approach would make it more convenient for everyday usage.
According to Pompliano, if Trump carries out these three actions, Bitcoin’s value could surge significantly.
The ideas proposed are part of a larger effort to establish more transparent rules that may boost the expansion of Bitcoin. Pompliano thinks that by abolishing SAB-121, creating a strategic Bitcoin reserve, and modifying its taxation, Bitcoin might experience substantial growth in value.
Pompliano’s remarks arrive at a time when the cryptocurrency community is buzzing in anticipation of the first-ever “Crypto Ball,” scheduled for January 17th. Despite Trump not being present, crypto magnate David Sacks is set to host this historic event.
Additionally, it’s anticipated that Trump will issue a significant pro-cryptocurrency executive order during the early days of his presidency.
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2025-01-15 10:15