Renowned Bitcoin proponent and investor, Anthony Pompliano, has shared three recommendations for President-elect Donald Trump to assist him in becoming the “Bitcoin pioneer” or “first Bitcoin president.
Renowned Bitcoin supporter and investor, Anthony Pompliano, provided three suggestions to President-elect Donald Trump with the aim of making him the “first Bitcoin-savvy president.
1. Repeal SAB 121
On January 14th, a video was shared featuring the CEO of Professional Capital Management, Pompliano, who proposed three potential steps that President Trump could implement, which might significantly boost Bitcoin (BTC) values.
In simpler terms, Pompliano suggested that getting rid of Staff Accounting Bulletin No. 121 (SAB 121) would allow banks to store cryptocurrencies like Bitcoin on their books without labeling them as liabilities. This change could lead to a surge in demand for digital currencies, as banks could offer Bitcoin storage services to their customers.
Here are 3 things Donald Trump should do for bitcoin when he gets into office.
— Anthony Pompliano 🌪 (@APompliano) January 14, 2025
2. Establish a strategic reserve
Pompliano’s second proposal suggested Trump should fulfill his previous commitment by establishing a national Bitcoin reserve. He highlighted that the U.S. government currently owns around 200,000 Bitcoins in its accounts. Establishing a reserve would entail increasing this amount instead of liquidating it.
According to Pompliano, it’s beneficial for the American economy in the long term if the U.S. possesses more Bitcoin. If Bitcoin benefits people or businesses, then it will also benefit the nation as a whole.
3. Change the tax code
Ultimately, Pompliano encouraged Trump to propose changes in tax laws regarding Bitcoin treatment. Currently, Bitcoin is categorized as property, which leads to a capital gains tax being levied whenever it’s used to buy goods or services.
As an analyst, I posit that by implementing these three strategies, we can significantly speed up the acceptance and use of Bitcoin on a grand scale. These actions could potentially elevate the U.S. to a leading role in the burgeoning global digital economy.
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2025-01-15 00:42