The US President-elect Donald Trump has outlined an ambitious cryptocurrency strategy during a visit to the New York Stock Exchange (NYSE).
Speaking to Jim Cramer, Trump declared, “We’re gonna do something great with crypto,” with a desire to make the United States a global leader in the sector.
Trump said he wants a US crypto reserve like the Strategic Petroleum Reserve, in order to better situate the country with a view toward cryptocurrency. He also underlined the big investment in infrastructure supporting his plan due to the necessity of electricity for this to take shape.
To get this thing rolling, Trump has already named David Sacks, a former executive at PayPal who is sympathetic to cryptocurrency, as the ‘White House A.I. & Crypto Czar.’
Additionally, Washington attorney Paul Atkins, known for his crypto-friendly attitude, will lead the Securities and Exchange Commission (SEC). The appointments are viewed as part of Trump’s effort to keep his promise of becoming a “crypto president.”
“We don’t want China, or anybody else, others are taking it, and we want to be the ones in control,” Trump said, while adding to his interest in making the United States the leader of the world not just in cryptocurrency but also in artificial intelligence (AI).
Some industry leaders feel hopeful about new appointments and their chance to change strict policies during the Biden administration. However, some analysts in Washington are worried that having a “crypto czar” could cause disagreements in making policies and confusion about who’s in charge of the sector.
Trump did not give exact dates or details about his plans but said he will hold talks with industry leaders and lawmakers over the coming few weeks.
However, this came shortly after Trump’s backed Defi project, World Liberty Financial (WLFI), went on a buying spree purchasing 41,335 LINK tokens for $1 million, paying an average of $24.2 per token. This led to more investment from other crypto whales with one buying over $4.94 million worth of LINK at an average price of $28.18, which pushed LINK’s price higher to $28.
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