The excitement around crypto in the US under newly-elected President Donald Trump is akin to a space race, according to Ari Redbord, head of legal and government affairs at TRM Labs.
During a interview Speaking to CNBC’s Squawk Box, Redbord said that “people are policy” and highlighted Trump’s pro-crypto nominations for his Cabinet so far, such as Paul Atkins as the new chairman of the US Securities and Exchange Commission (SEC) and David Sacks as the “crypto czar.”
He added:
“There is an excitement, and I think a kind of cadence, of almost a space race where the US is now able to keep up with, if not surpass, the rest of the world.”
Bitcoin reserve
When Bitcoin (BTC) crossed the $100,000 price threshold again on January 6, Redbord said a positive policy change, such as establishing a strategic BTC reserve in the US, would boost value creation of the asset.
He also expressed excitement about the widespread use of blockchain technology in the US, citing fintech companies such as Stripe that use stablecoins for payments.
While investors view Bitcoin as a consolidated store of value, Redbord stated that expanding the use of blockchain in financial transactions will fuel growth in the crypto industry.
Redbord refrained from sharing specific price targets for Bitcoin, but said he believes the price will be “significantly higher,” boosted by a strategic Bitcoin reserve in the US.
In particular, he assessed that the idea of such a reserve in the US could spark a broader movement:
“As countries around the world look at the election, look at some of the campaign promises, and now look at what the Trump administration is already doing, I think we’re starting to see more countries, and even states, [in the US].”
Metaplanet CEO Simon Georvich recently shared the same view about a potential Bitcoin reserve in the US. He said that SSuch a move by the world’s largest economy could set off a race between nations, with the last to act paying the highest price.
Last week the Swiss Chancellery approved a proposal to add BTC to its national reserves, and a lawmaker from Hong Kong advocated the same effort for his country.