Anthony Pompliano’s Advice to President-elect Trump to Boost Bitcoin Adoption

Renowned investor and Bitcoin advocate Anthony Pompliano has shared three key suggestions with President-elect Donald Trump to increase Bitcoin adoption and potentially position the United States as a leader in the global digital economy.

Repealing SAB 121: Boosting Bank Demand for Bitcoin

Pompliano’s first recommendation is to repeal Staff Accounting Bulletin No. 121 (SAB 121), a regulation that prevents banks from holding digital assets on their balance sheets without classifying them as liabilities. By eliminating SAB 121, banks would be free to hold Bitcoin (BTC) on behalf of their customers, significantly increasing demand for the digital currency.

Establishing a Strategic Reserve: Building on Existing Holdings

Pompliano’s second suggestion is for Trump to establish a national Bitcoin reserve, building on the U.S. government’s existing holdings of approximately 200,000 BTC. This strategic reserve would involve adding to the current position rather than selling it. According to Pompliano, “It’s good for the U.S. economy over the long run—for the United States to have more Bitcoin.”

Changing the Tax Code: Simplifying Bitcoin Transactions

Pompliano’s final recommendation is to introduce tax reform to change the way Bitcoin is treated under the current tax code. Currently, Bitcoin is classified as property, triggering a capital gains tax on any purchase of goods or services using the digital currency.

By implementing these three measures, Pompliano believes that Bitcoin adoption will accelerate dramatically, positioning the United States as a leader in the global digital economy. Key takeaways from Pompliano’s advice include:

  • Repealing SAB 121 to allow banks to hold Bitcoin on behalf of customers
  • Establishing a national Bitcoin reserve to build on existing holdings
  • Changing the tax code to simplify Bitcoin transactions

As the global digital economy continues to evolve, it will be interesting to see how these suggestions are received and implemented. For more news on cryptocurrencies and digital assets, visit Global Crypto News.

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