Brian Korshain, CEO and founder of DAIM, expressed strong optimism about the potential impact of former President Donald Trump’s support for Bitcoin, stating that his rumored plan to make it a strategic reserve asset for the U.S. is “possible” but might be “very difficult to implement.”
In an interview with CNBC, Korshain emphasized the significance of Trump’s upcoming keynote speech at a Bitcoin conference in Nashville and its potential to create a more favorable regulatory environment for cryptocurrencies.
Strategic Reserve for Trump’s Plan to Make Bitcoin a Reserve Asset
There has been recent speculation that Trump might endorse Bitcoin as a strategic reserve asset for the U.S. government at the BTC conference in Nashville this week. According to Korshain:
“This might be very difficult to implement, but it is possible.”
Korshain pointed out that the U.S. Department of Justice currently holds around 200,000 BTC, making it the largest government holder of the cryptocurrency. This significant holding could be transferred to the Treasury Department, potentially adding $13 billion worth of BTC to the reserves.
Korshain stated:
“The Department of Justice has unexpectedly sold BTC in the past, which has pushed Bitcoin’s price down [in the short term]. If they switch to holding it long term, this could really push the price up.”
Favorable Regulatory Environment
Korshain also revealed that Trump “has been well-educated” about the technology and industry in a recent meeting with BTC miners.
He added that the former President’s speech at the upcoming conference will address some of the regulatory challenges the industry has faced under SEC Chairman Gary Gensler.
He said:
“There have been a lot of hurdles in this space, a lot of barriers. You’re going to see him come out and say, ‘Let’s help innovation here. Let’s help BTC and blockchain move forward.’”
Korshain also shared his thoughts on Trump’s recent comments about making the U.S. a BTC mining powerhouse by reducing energy costs for miners. He said this move could reduce supply on open exchanges and bolster Bitcoin’s price.
According to Korshain:
“In a business-friendly environment, if Trump can reduce these energy costs, miners will be able to keep more Bitcoin on their balance sheets.”
However, he tempered expectations about the possibility of all BTC mining happening domestically, adding:
“It would be impossible to mine all the Bitcoin in the U.S. There’s a vast diversity of miners spread around the world, going to where the cheapest energy is.”
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