CEO and founder of DAIM, Brian Korshain, expressed strong optimism about the potential impact of former President Donald Trump’s support for Bitcoin, saying his rumored plan to make it a strategic reserve for the US is “possible,” but “ could be very difficult to pull off. .”
During a CNBC interview, Korshain highlighted Trump’s expected keynote at an upcoming industry conference in Nashville and its potential to create a more favorable regulatory environment for crypto.
Strategic reserve
Recent speculation has suggested that Trump could endorse Bitcoin at the Bitcoin Conference in Nashville this week as a strategic reserve for the US government. According to Korshain:
“It may be something that is very difficult to achieve, but it is possible.”
Korshain pointed out that the US Department of Justice owns approximately 200,000 Bitcoin units, making it the largest government holder of the flagship crypto. This significant holding could be transferred to the Treasury Department, potentially adding $13 billion worth of Bitcoin to the treasury.
Korshain said:
“The Department of Justice has been a random seller in the space, which could depress Bitcoin prices. If they become a long-term holder, that could really drive up prices.”
Favorable regulatory environment
Korshain also revealed that Trump was “really educated” about the technology and industry during his recent meeting with Bitcoin miners.
He added that the former president’s speech at the upcoming conference will address some of the regulatory challenges that have plagued the industry under SEC Chairman Gary Gensler.
He said:
“There were a lot of headwinds in the room, a lot of roadblocks. You’ll see him come out and say, ‘Let’s help innovation here. Let’s help the advancement of Bitcoin and blockchain.”
Korshain also shared his thoughts on Trump’s recent comments about making the US a Bitcoin mining powerhouse by lowering energy costs for miners. He said such a move could reduce the available supply on open exchanges and strengthen Bitcoin’s price.
According to Korshain:
“If Trump can lower these energy costs in a pro-business environment, miners will be able to keep more Bitcoin on their balance sheets.”
However, he also tempered expectations about the feasibility of mining all Bitcoin domestically, adding:
“It would be impossible to mine all the Bitcoin in the United States. There is a great diversification of miners around the world, going where energy is cheapest.”