Bitcoin supporter Anthony Pompliano has put forward three key strategies for former President Donald Trump to consider in promoting Bitcoin adoption. Pompliano’s recommendations aim to establish Trump as a key figure in the digital currency landscape.
Should SAB 121 Be Repealed?
Pompliano advocates for the repeal of regulation SAB 121, which currently prevents banks from holding digital currencies, categorizing them as liabilities. By eliminating this restriction, banks could manage Bitcoin for their clients, potentially spurring institutional interest in cryptocurrency.
What About a National Bitcoin Reserve?
The establishment of a national Bitcoin reserve is another of Pompliano’s proposals. He noted that the U.S. government possesses around 200,000 Bitcoins, which could form the basis for such a reserve. By increasing its Bitcoin holdings, the government could enhance economic growth in the long run.
Pompliano also emphasized the necessity of tax reforms to change Bitcoin’s current classification as property, which complicates transactions through capital gains tax. He believes these adjustments could help the U.S. take a leading role in the digital currency sector.
- Repeal of SAB 121 to allow banks to hold Bitcoin.
- Creation of a national Bitcoin reserve from government holdings.
- Tax reforms to simplify Bitcoin transactions.
While countries like El Salvador embrace Bitcoin, others, including Bhutan’s Gelephu Mindfulness City, are also considering digital assets for their strategic reserves. Companies like Genius Group are actively expanding their Bitcoin holdings, demonstrating a growing trend in the industry.
