During his 2024 presidential campaign, Donald Trump emerged as a champion for cryptocurrency.

At the Bitcoin 2024 conference in Nashville, for instance, Trump unveiled an ambitious vision to transform the United States into the “crypto capital of the planet” and a “Bitcoin superpower.”

And a key element of Trump's crypto strategy includes…

A Strategic National Bitcoin Stockpile

• To retain 100% of government-held Bitcoin
• To create a national Bitcoin reserve (similar to a Fort Knox for gold reserves)
• To use Bitcoin, potentially, to offset national debt

President-elect Trump is also moving forward with his plan to establish a presidential crypto advisory council.

The council would advise on crypto policy, work with Congress on legislation and help set up the promised strategic Bitcoin reserve.

So far, the President-elect hasn’t appointed anyone to lead this advisory body, but he has chosen a “White House AI & Crypto Czar” — former PayPal COO, David Sacks.

All told, signs point to Trump embracing innovation and making good on his crypto campaign promises.

With fewer than 50 days until Inauguration Day, the Biden administration has been in a blind panic to cement spending, pet policies as well as the judiciary in order to thwart Trump’s initiatives.

It’s some political engineering called “Trump-proofing”...

Your Rundown for Monday, December 9, 2024...

BITCOIN Act: Trump’s First 100 Days in Office

Could Team Biden also attempt to Trump-proof a Bitcoin stockpile?

As Bitcoin’s consolidated near its all-time high this month — just over $100,000 — the U.S. government recently transferred about 10,000 Bitcoin (worth almost $2 billion) to institutional crypto platform, Coinbase Prime.

And the federal government has a history of seizing and selling Bitcoin (BTC):

• In 2014 and 2015, the government sold 173,991 BTC seized from the dark web’s Silk Road in four separate auctions.

• Since 2020, the feds have seized at least 215,000 BTC in various operations, including the shutdown of the Silk Road marketplace.

• In 2022, the government sold 9,800 BTC, with plans to divest an additional 41,500 Bitcoin.

This history raises concerns that the latest transfer could lead to a similar outcome.

Thus, the incoming Trump administration faces an uphill battle in realizing its vision for a national Bitcoin stockpile… includingTrump’s pledge NOT to sell government-held Bitcoin.

But legislation introduced by Senator Cynthia Lummis (R-WY) this year, the BITCOIN Act, likewise proposes the establishment of a U.S. strategic Bitcoin reserve.

And it has a groundswell of bipartisan support.

Advocates argue a Bitcoin stockpile could strengthen U.S. influence in industries including artificial intelligence and decentralized finance.

Plus, Senator Lummis believes the bill could pass within the first 100 days of Trump’s second term.

With recent data suggesting the U.S. government still holds around 203,000 BTC, valued at $18 billion, Team Biden — and Democrats — would have to go scorched earth, amounting to a Bitcoin fire sale.

Which, in turn, would go scorched earth on crypto investors… which would backfire stupendously on the Democratic party.

Biden’s petty efforts to stymie Trump then, in all likelihood, would be stymied by Biden’s own party.

As the crypto set says: HODL on.

Market Rundown for Monday, Dec. 9, 2024

S&P 500 futures are slightly in the red at 6,095.

Oil is up 1.40% to $68.13 for a barrel of West Texas crude.

Gold is up 0.70% to $2,679.10 per ounce.

And Bitcoin’s pulled back over 1% to $98,900.