The cryptocurrency industry has pushed President-elect Donald J. Trump to establish one, creating real political momentum behind the plan.The New York Times reports that the cryptocurrency industry is urging President-elect Donald J. Trump to establish a government program to buy and hold billions of dollars in Bitcoin. This plan has gained real political momentum, with discussions about the specifics taking place with Mr. Trump and his advisers, as well as talks with cabinet nominees about how to fund it. The proposal, which would have seemed unimaginable just a year ago, includes creating a federal “Bitcoin stockpile” that would serve as a permanent national asset to benefit all Americans and potentially help reduce the national debt. While the details of the plan are still under debate, industry executives have been lobbying to shape it and are hopeful that Mr. Trump will act soon after taking office. Some estimates suggest that the United States already owns $19 billion in seized Bitcoin, which the government has recently moved to sell. However, some crypto executives are calling on Mr. Trump to hold onto this Bitcoin, while others are pushing for the government to acquire even more, potentially requiring congressional approval. These discussions are taking place with David Sacks, a venture capitalist appointed by Mr. Trump to oversee crypto and artificial intelligence, and the Bitcoin stockpile is part of the conversation. According to Pete Rizzo, an editor at Bitcoin Magazine, this could be a Day 1 initiative and is an idea that has gained significant traction in a short amount of time.
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