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TRM Labs executive compares enthusiasm for cryptocurrency during Trump’s era to excitement surrounding a horse race.
The enthusiasm surrounding cryptocurrency in the US during President-elect Donald Trump’s administration resembles a space race, according to Ari Redbord, head of legal and government affairs at TRM Labs.
In an interview with CNBC’s Squawk Box, Redbord noted that “people are the policy” and emphasized Trump’s pro-crypto appointments for his cabinet thus far, including Paul Atkins as the new Chairman of the US Securities and Exchange Commission (SEC) and David Sacks as the “crypto czar.”
He further remarked:
“There is this excitement, and I think kind of cadence, of almost a space race where the US is now in a position to keep pace with the rest of the world, and even exceed the rest of the world.”
Bitcoin reserve
As Bitcoin (BTC) once again exceeded the $100,000 price mark on Jan. 6, Redbord stated that a favorable policy change, such as the establishment of a strategic BTC reserve in the US, would enhance the asset’s value generation.
He also conveyed his enthusiasm regarding the widespread adoption of blockchain technology in the US, mentioning fintech companies like Stripe that utilize stablecoins for transactions.
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While investors view Bitcoin as a solid store of value, Redbord indicated that the expansion of blockchain applications in financial transactions will promote growth within the crypto sector.
Redbord refrained from providing specific price targets for Bitcoin but expressed his belief that it will rise “significantly higher,” supported by a strategic Bitcoin reserve in the US.
Importantly, he assessed that the concept of such a reserve in the US could ignite a larger movement:
“When countries around the globe look at the election, consider some of the campaign promises, and now observe what the Trump administration is already implementing, I think we’re beginning to see more countries, and even states [in the US].”
Metaplanet CEO Simon Georvich recently expressed a similar perspective regarding a potential Bitcoin reserve in the US. He stated that such an action by the world’s largest economy could trigger a competition among nations, with the last to act facing the highest cost.
Last week, the Swiss chancellery approved a proposal to include BTC in its national reserves, and a Hong Kong lawmaker supported a similar initiative for his country.
The post TRM Labs exec likens excitement about crypto under Trump to ‘space race’ hype appeared first on CryptoSlate.
