As the CEO and founder of DAIM, Brian Korshain expressed strong optimism regarding the potential impact of former President Donald Trump’s support for Bitcoin. He noted the rumors about Trump’s plan to make Bitcoin a strategic reserve asset for the US, describing it as “possible” but also acknowledging that it could be “very difficult to get it done.”
Korshain highlighted the fact that the US Department of Justice currently holds approximately 200,000 units of Bitcoin, making it the largest government holder of the flagship cryptocurrency. He suggested that transferring this substantial holding to the Department of Treasury could potentially add $13 billion worth of Bitcoin to the government’s coffers. Korshain also pointed out that the Justice Department’s previous selling of Bitcoin could have pushed prices down, but becoming a long-term holder could have the opposite effect.
According to Korshain, Trump recently became more educated about Bitcoin and the industry during a meeting with Bitcoin miners. He mentioned that Trump’s upcoming speech at an industry conference in Nashville will likely address some of the regulatory challenges faced by the sector under SEC Chair Gary Gensler. Korshain suggested that Trump may advocate for helping innovation and progress in the Bitcoin and blockchain space.
Korshain also commented on Trump’s recent remarks about potentially making the US a Bitcoin mining powerhouse by lowering energy costs for miners. He believed that decreasing energy costs could result in miners holding more Bitcoin on their balance sheets, ultimately impacting the cryptocurrency’s price. However, Korshain also noted the practical limitations of mining all Bitcoin domestically, stating that it would be impossible to do so in the United States.
Overall, Korshain’s discussion of Trump’s potential support for Bitcoin paints a picture of cautious optimism. While there are clear benefits to having the former President endorse Bitcoin as a strategic reserve asset and advocate for a more favorable regulatory environment, there are also significant challenges and limitations that need to be addressed. It remains to be seen how Trump’s involvement in the cryptocurrency space will unfold and what impact it will have on the industry as a whole.
