Challenging President Trump’s Digital Asset Stockpile Plan
Bitcoin figures, including Max Keiser, Cory Klippsten, and American Hodl, are pushing back against President Trump’s plan for a national digital asset stockpile, advocating for a focus solely on Bitcoin.
Executive Order and Response
Their comments come after an executive order establishing a Presidential Working Group on Digital Asset Markets, chaired by David Sacks. The group is tasked with considering a strategic reserve derived from lawfully seized cryptocurrencies.
Keiser, a supporter of El Salvador’s Bitcoin-centric approach, took to Twitter to express his views, calling for any federal stockpile to exclude other tokens. He emphasized the importance of keeping the stockpile “Bitcoin only” to maintain the initiative’s intended message.
“If this stockpile isn’t Bitcoin only, we need to come out strong against it and make it toxic going forward politically.” – American Hodl
Concerns and Opposition
American Hodl also raised concerns, warning that including assets beyond Bitcoin could dilute the policy’s message and invite criticism over potential “crony capitalism.” Cory Klippsten of Swan Bitcoin agreed, highlighting the risk of political opponents using alternative tokens to discredit the initiative.
Regulatory Framework and Speculations
The working group’s mandate involves developing a regulatory framework for digital assets, with stablecoins currently under review. While officials have not confirmed the composition of the stockpile, speculations before the election suggested a focus on US-made crypto tokens.
Some critics argue that mixing assets could cloud the government’s stance, while supporters believe a diversified approach could effectively capture seized digital property.
Market Response
Bitcoin saw a modest increase of around 2.5% following the executive order, reaching approximately $105,000. Despite the fluctuation, the cryptocurrency has maintained this price level consistently.
The stance of ‘Bitcoin only or no stockpile’ reflects the frustration of Bitcoin advocates towards the proposed digital asset reserve plans.