Key Points
- Anthony Pompliano has suggested strategies for President-elect Donald Trump to bolster Bitcoin adoption in the United States.
- These include repealing SAB-121, creating a National Bitcoin Strategic Reserve, and reforming Bitcoin’s tax classification.
Renowned Bitcoin advocate and investor, Anthony Pompliano, has put forth a bold strategy for President-elect Donald Trump to accelerate Bitcoin adoption in the United States.
In a recent video, Pompliano outlined three critical strategies that could position Trump as a pioneer in the digital currency revolution.
Pompliano’s Three Keys to Crypto Success
Pompliano’s first proposal was to repeal SAB-121, a controversial accounting rule that currently classifies digital assets like Bitcoin as liabilities on bank balance sheets.
“If you’re a bank, you don’t want to custody an asset that counts as a liability,” explained Pompliano.
Eliminating this rule would incentivize banks to hold Bitcoin, making it more secure and appealing for institutional investment.
The second proposal by the investor was the creation of a National Bitcoin Strategic Reserve.
“The US government is going to hold more Bitcoin,” he asserted, emphasizing the importance of the U.S. acquiring additional Bitcoin.
Pompliano also highlighted Bitcoin’s transformative potential for individuals, corporations, and even nations, amid increasing debates about its role as a national reserve asset.
Bitcoin’s Adoption Status
This trend is mirrored globally, with countries like El Salvador integrating Bitcoin into their national strategies and Bhutan’s Gelephu Mindfulness City planning to hold Bitcoin, Ethereum, and BNB in strategic reserves.
Corporate adoption is also on the rise, with Genius Group recently approving a $33 million rights offering to expand its Bitcoin Treasury to $86 million.
Pompliano’s third proposal was to reform Bitcoin’s tax classification, which currently treats it as property, subjecting transactions involving goods or services to capital gains tax.
Pompliano suggested reclassifying Bitcoin as a currency to exempt transactions from capital gains tax, enhancing its practicality for daily use.
“If Trump does these three things, all of a sudden Bitcoin’s going much, much higher,” said Pompliano.
Trump’s Second Term and Crypto Boom
As the world awaits Trump’s second inauguration, the cryptocurrency market is rife with speculation about potential shifts in the political and financial landscapes.
With Pompliano’s strategic proposals, the upcoming “Crypto Ball,” and talks of a pro-crypto executive order on Trump’s first day, the crypto community is filled with optimism.
These developments signal a pivotal moment for the crypto sector, with the inauguration set to influence market dynamics and shape the future of digital assets.
