Will Bitcoin Become a Corporate Treasury Staple?

Last week, White House crypto czar David Sacks held his first press conference to discuss the future of crypto policy coming out of the Trump administration.

The Trump administration is considering creating a bitcoin reserve or some other type of digital asset stockpile, White House crypto czar David Sacks said Monday.

Speaking to CNBC, Sacks said that evaluating the feasibility of a bitcoin reserve is a “top agenda” item for the administration as it considers the future of crypto policy.

“We're going to be evaluating stablecoin legislation, digital asset regulation, and a top agenda item is evaluating whether it's feasible to create either a bitcoin reserve or some sort of digital asset stockpile.”

The bitcoin reserve concept has been championed by some crypto proponents, who argue that governments should hold the leading cryptocurrency as part of their foreign exchange reserves. Proponents of the idea have included MicroStrategy CEO Michael Saylor, who has argued that bitcoin is a superior store of value to fiat currencies or gold.

“The world needs a bitcoin reserve standard,” Saylor said in April. “The U.S. government should lead the way.”

The Biden administration has taken steps to evaluate crypto regulation, with the White House Office of Science and Technology Policy releasing a report in September that called for a whole-of-government approach to digital assets.

However, the administration has also taken a hawkish stance on crypto regulation, with Treasury Secretary Janet Yellen saying in December that crypto assets are “a particular concern” due to their use in illicit finance.

“Crypto assets continue to be a particular concern, as they're a preferred vehicle for money laundering and illicit finance,” Yellen said at the time. “We need to work very hard on that.”