The recent surge in interest around cryptocurrency in the U.S., under the forthcoming term of President-elect Donald Trump, has been likened to a space race by Ari Redbord, the head of legal and government affairs at TRM Labs.
During a recent interview on CNBC’s Squawk Box, Redbord emphasized his belief that “people are the policy”. He pointed out President-elect Trump’s pro-crypto nominations for his cabinet, such as Paul Atkins who is set to be the new Chairman of the U.S. Securities and Exchange Commission (SEC) and David Sacks who has been tapped as the “crypto czar.”
Redbord went on to say, “There is this excitement, and I think sort of cadence, of almost a space race where the US is now in a position to keep up with the rest of the world, or even surpass the rest of the world.”
On January 6th, Bitcoin (BTC) once again surpassed the $100,000 price threshold. Redbord suggested that a positive policy shift, such as establishing a strategic BTC reserve in the U.S., would significantly boost the asset’s value creation.
Redbord further expressed his excitement about the increasing use of blockchain technology in the U.S., making reference to fintech companies like Stripe that are employing stablecoins for payments.
Despite Bitcoin being seen by investors as a consolidated store of value, Redbord argued that the expansion of blockchain technology’s usage in financial transactions will result in growth within the cryptocurrency industry.
While Redbord did not share specific price targets for Bitcoin, he expressed his belief that it will go “significantly higher,” driven by the establishment of a strategic Bitcoin reserve in the U.S.
Importantly, he suggested that the prospect of such a reserve in the U.S. could inspire a wider movement: “When 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 are starting to see more countries, and even states [in the U.S.].”
Echoing Redbord’s sentiments, Simon Georvich, CEO of Metaplanet, recently shared a similar viewpoint regarding a potential Bitcoin reserve in the U.S. He suggested that such a move by the world’s largest economy could initiate a race among 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, while a lawmaker from Hong Kong has advocated for a similar effort in his country. This wave of interest in cryptocurrency, and the potential for a strategic Bitcoin reserve, marks a new era in financial policy and international competition, akin to a new space race.
