Binance’s head of VIP & Institutional views the U.S. discussion on a national bitcoin reserve as a positive sign for the crypto market. The executive notes the growing recognition of bitcoin by politicians and industry leaders, anticipating greater regulatory clarity. She stressed the importance of politicians and industry leaders explicitly acknowledging bitcoin’s value in the monetary system.
US National Bitcoin Reserve Discussion Gains Momentum
Catherine Chen, Binance’s head of VIP & Institutional, has shared her view regarding the discussion of bitcoin as a strategic reserve for the U.S. government and its impact on the crypto market. She believes the growing recognition of BTC by politicians and industry leaders underscores its rising significance in the financial system.
“It is a positive sign for the digital assets market that bitcoin is being cited more frequently and is becoming a significant topic of discussion. Robert Francis Kennedy Jr’s pledge to create a strategic bitcoin reserve that matches U.S. gold reserves level solidifies bitcoin’s utility as digital gold,” she said in a statement, adding:
Implementation of a U.S. strategic bitcoin reserve will require legislative and technical processes but what is clearly meaningful is that politicians and prominent industry leaders are explicitly stating their positions, recognizing the value of bitcoin in the monetary system, and making it clear that crypto is important on their agenda.
“This likely means more regulatory clarity as governments need to make their stance clear,” she noted.
“Some institutional investors may allocate to store-of-value assets such as bitcoin for its comparison to digital gold, while others might make a play into bitcoin based on macro environment – the bottom line is the two presidential candidates’ pledge is increasing recognition of bitcoin as a legitimate financial instrument,” Chen continued.
Robert F. Kennedy Jr. (RFK Jr.), an independent candidate for the 2024 U.S. presidential election, has promised significant bitcoin-related changes if elected. At the Bitcoin conference in Nashville, Tennessee, on Friday, he pledged that on day one of his presidency, he will transfer 200,000 bitcoins to the U.S. Treasury and mandate the government to purchase 550 bitcoins daily until a strategic reserve of 4 million bitcoins is reached. He also pledged to make Bitcoin transactions nontaxable.
At the same conference on Saturday, former U.S. President Donald Trump also expressed strong support for bitcoin. He announced his plan to establish a “strategic bitcoin stockpile” for the U.S. government, aiming to enhance financial freedom and elevate the U.S. as a leader in the crypto industry. He also promised to fire U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler and create a crypto advisory council to further support the cryptocurrency market.
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