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Industry executives are reportedly seeking seats on United States President-elect Donald Trump’s highly-anticipated crypto advisory council, which will be responsible for crafting regulatory policy and is expected to help establish a Bitcoin strategic reserve.
According to a Reuters <a data-ct-non-breakable="null" href="https://www.reuters.com/technology/crypto-industry-jockeys-seats-trumps-promised-council-2024-11-21/" rel="nofollow noopener" target="_blank" text="null" title="https://www.reuters.com/technology/crypto-industry-jockeys-seats-trumps-promised-council-2024-11-21/">report</a>, Coinbase, Ripple Labs and venture capital firm a16z are among the companies looking to join the council, which may be nestled under the White House’s National Economic Council or operate as a standalone entity.
Speaking at the North American Blockchain Summit on Nov. 21, Bitcoin advocate and co-founder of the Satoshi Action Fund Dennis Porter explained the importance of establishing a Bitcoin strategic reserve in the United States:
<blockquote>
 "A great way for us to protect ourselves from outside influence — undue influence from our foreign adversaries — is to be in the market buying and selling Bitcoin, acting as a shock absorber for all the incredible Bitcoin miners that we have here in this country."
</blockquote>
Porter continued by comparing the establishment of a Bitcoin strategic reserve to the Louisiana Purchase in 1803 and the US government’s acquisition of Alaska in 1867 — a point <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/michael-saylor-btc-strategic-reserve-louisiana-purchase-moment-us" rel="null" target="null" text="null" title="null">previously made by MicroStrategy CEO Michael Saylor</a>.
“We bought these things for pennies on the dollar,” Porter said, adding that the US has a similar option today in adopting Bitcoin as a reserve asset before other countries beat it to the punch.
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 <img alt="Bitcoin Price, Bitcoin Regulation, United States, White House, Donald Trump" src="https://s3.cointelegraph.com/uploads/2024-11/019350aa-d8f9-70da-93ef-eb509484155a" title="">
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 US government assets and liabilities. Source: <a data-ct-non-breakable="null" href="https://fiscal.treasury.gov/reports-statements/financial-report/where-we-are-now.html" rel="nofollow noopener" target="_blank" text="null" title="https://fiscal.treasury.gov/reports-statements/financial-report/where-we-are-now.html">United States Treasury Department</a>
 </figcaption>
</figure>
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/us-strategic-bitcoin-reserve-trump-presidency-1-m-btc-signal" rel="null" target="null" text="null" title="null">US Bitcoin reserve during Trump presidency could pump BTC to $1M</a>
<h2 id="the-race-is-on-for-a-bitcoin-strategic-reserve">The race is on for a Bitcoin strategic reserve</h2>
Senator Cynthia Lummis — who <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/sen-lummis-introduces-bitcoin-strategic-reserve-bill-senate" rel="null" target="null" text="null" title="null">introduced the Bitcoin strategic reserve bill</a> to the Senate earlier in 2024 — recently argued that the Treasury Department should <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/senator-lummis-says-treasury-should-convert-gold-bitcoin-reserve" rel="null" target="null" text="null" title="null">convert some of its gold to Bitcoin</a> to seed the strategic reserve with assets.
Pro-Bitcoin investor and asset manager Anthony Pompliano said that the <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/global-race-underway-bitcoin-anthony-pompliano" rel="null" target="null" text="null" title="null">Bitcoin race between sovereign powers is underway</a> in a Nov. 16 <a data-ct-non-breakable="null" href="https://x.com/APompliano/status/1857786689105666519" rel="null" target="null" text="null" title="null">appearance</a> on Yahoo Finance, and urged the US government to “get as much Bitcoin onto the balance sheet as possible.”
Still, not all industry participants are optimistic about a Bitcoin strategic reserve being established under the incoming Trump administration.
Galaxy Digital CEO Mike Novogratz said that a Bitcoin strategic reserve is <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-strategic-reserve-low-probability-under-trump-mike-novogratz" rel="null" target="null" text="null" title="null">unlikely under a Trump administration</a>, while also predicting a $500,000 Bitcoin price tag if the strategic reserve is founded in the near term.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/bitcoin-price-ethereum-etf-thomas-fahrer/" rel="null" target="null" text="null" title="null">Bitcoin $500K prediction, spot Ether ETF ‘staking issue’— Thomas Fahrer, X Hall of Flame</a>

Industry execs seek positions on Trump’s crypto advisory council

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