US to Become “Crypto Capital of the Planet” with Proposed Bitcoin National Stockpile

The US government is considering creating a Bitcoin national stockpile, with President-elect Donald Trump announcing plans to ensure the US will be “the crypto capital of the planet and the Bitcoin superpower of the world.” This comes as the US government already holds approximately 203,000 Bitcoins, sourced from asset forfeitures from high-profile criminal sting operations.

Scott Bessent to Lead US Treasury Department

Trump has nominated Scott Bessent, a former George Soros macro hedge fund manager, to lead the US Treasury Department. Bessent has a history of shorting fiat currencies, including shorting the sterling out of the European Exchange Rate Mechanism in 1992.

BTC Price Surges Following US Elections

Since the US elections, the price of Bitcoin has surged 40%, reaching a record high of $99,121 on November 21. This rally has seen whales selling and guppies buying, with some BTC whales shorting MicroStrategy stock, BTC ETF shares, and BTC mining stocks.

Cryptocurrency Fraud on the Rise

According to the Cryptocurrency Fraud Report for 2023, the FBI’s Internet Crime Complaint Center received over 69,000 complaints regarding cyber-enabled crime and financial fraud involving cryptocurrencies, resulting in over $5.6 billion in reported losses.

“As the use of cryptocurrencies grows in popularity for investors, criminals are deploying increasingly complex tactics to deceive and exploit the public,” warned Wayne A. Jacobs, special agent in charge of FBI Philadelphia.

Decentralized digital identity (DDID) networks are being explored by many countries as a way to protect against identity theft and data leaks. Over 100 countries use national IDs, and the total addressable market for reusable identity is estimated to be between $133 billion and $533 billion globally by 2026.

Country-Wide Adoption of Blockchain-Based Digital Identity Systems

Many countries are adopting blockchain-based digital identity systems, including Argentina, Australia, Bhutan, Brazil, Canada, China, Denmark, Estonia, EU, Finland, Germany, India, Israel, Japan, Netherlands, Singapore, South Korea, Sweden, Switzerland, Taiwan, Turkiye, United Arab Emirates, United Kingdom, and United States.

China’s RealDID System: A Watershed Moment for Privacy-Focused Blockchain-Based Identity Solutions

China has launched the RealDID system, a national-level blockchain-based decentralized identifier system built by China’s state-backed Blockchain-based Service Network (BSN)’s Red Date Technology. The system uses real-name verification for cryptographic keys and allows users to enter Mainland China and Chinese residents to enter Hong Kong without providing physical entry documents.

“China RealDID represents a monumental shift in how government-issued digital identity is managed, and we are proud to lead its first application trials outside Mainland China,” said Yifan He, CEO of Red Date Technology.

Key Takeaways

  • The US government is considering creating a Bitcoin national stockpile to ensure the US will be “the crypto capital of the planet and the Bitcoin superpower of the world.”
  • Scott Bessent, a former George Soros macro hedge fund manager, has been nominated to lead the US Treasury Department.
  • The price of Bitcoin has surged 40% since the US elections, reaching a record high of $99,121 on November 21.
  • Cryptocurrency fraud is on the rise, with over 69,000 complaints received by the FBI’s Internet Crime Complaint Center in 2023, resulting in over $5.6 billion in reported losses.
  • Decentralized digital identity (DDID) networks are being explored by many countries as a way to protect against identity theft and data leaks.
  • China has launched the RealDID system, a national-level blockchain-based decentralized identifier system built by China’s state-backed Blockchain-based Service Network (BSN)’s Red Date Technology.

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