The CEO and founder of DAIM, Brian Korshain, recently expressed a high level of optimism regarding the potential impact of former President Donald Trump’s support for Bitcoin. Korshain mentioned Trump’s rumored plan to make Bitcoin a strategic reserve asset for the US government, stating that while it is “possible,” the process could be “very difficult to get done.” This sentiment was shared during a CNBC interview where Korshain also highlighted Trump’s expected keynote at an upcoming industry conference in Nashville.
There has been speculation that Trump might endorse Bitcoin as a strategic reserve asset for the US at the Bitcoin conference in Nashville. Korshain believes that this move could lead to a more favorable regulatory environment for the crypto industry. He pointed out that the US Department of Justice currently holds around 200,000 units of Bitcoin, making it the largest government holder of the cryptocurrency. Transferring this significant holding to the Department of Treasury could potentially add $13 billion worth of Bitcoin to its reserves.
Korshain also mentioned that the Justice Department’s current practice of sporadically selling Bitcoin could be impacting prices negatively. However, if they were to become long-term holders of the cryptocurrency, it could significantly boost Bitcoin prices. Trump, after meeting with Bitcoin miners, has reportedly gained a better understanding of the technology and industry. Korshain believes that Trump’s speech at the conference will address some of the regulatory challenges faced by the sector under SEC Chair Gary Gensler.
Additionally, Trump has discussed the idea of making the US a Bitcoin mining powerhouse by reducing energy costs for miners. Korshain sees this as a positive move that could lead to a reduction in Bitcoin supply available on exchanges, thereby strengthening the cryptocurrency’s price. He mentioned that in a pro-business environment, lower energy costs would enable miners to hold more Bitcoin on their balance sheets. However, Korshain also acknowledged the challenges of attempting to mine all Bitcoin domestically in the United States.
The potential impact of Donald Trump’s support for Bitcoin is significant and could lead to positive developments in the crypto industry. While there are obstacles to implementing some of these ideas, the overall sentiment remains optimistic about the future of Bitcoin under Trump’s endorsement.