DAIM CEO and founder Brian Korshain voiced strong optimism about the potential impact of former President Donald Trump’s support for Bitcoin and said his rumored plan to make it a strategic reserve asset for the US is “possible” but could be “very difficult to get it done.”
During a CNBC interview, Korshain highlighted Trump’s anticipated keynote at an upcoming industry conference in Nashville and its potential to create a more favorable regulatory environment for crypto.
Strategic reserve
Recent speculation has hinted that Trump might endorse Bitcoin as a strategic reserve asset for the US government at the Bitcoin conference in Nashville this week. According to Korshain:
“It could be something that’s very difficult to get done, but it is possible.”
Korshain pointed out that the US Department of Justice holds approximately 200,000 units of Bitcoin, making it the largest government holder of the flagship crypto. This significant holding could be transferred to the Department of Treasury, potentially adding $13 billion worth of Bitcoin to its coffers.
Korshain said:
“The Justice Department has been a random seller in the space, which could push Bitcoin prices down. If they move to being a long-term holder, that could really push prices up.”
Favorable regulatory environment
Korshain also revealed that Trump “really got educated” about the technology and industry during his recent meeting with Bitcoin miners.
He added that the former President’s speech at the upcoming conference will address some of the regulatory challenges that have plagued the sector under SEC Chair Gary Gensler.
He said:
“There’s been a lot of headwinds in the space, a lot of roadblocks. You’re going to see him come out and say, ‘Let’s help innovation here. Let’s help Bitcoin and blockchain progress.’”
Korshain also shared his thoughts about Trump’s recent comments on making the US a Bitcoin mining powerhouse by lowering energy costs for miners. He said such a move could reduce the supply available on open exchanges and reinforce Bitcoin’s price.
According to Korshain:
“In a pro-business environment, if Trump is able to lower these energy costs, miners will be able to hold more Bitcoin on their balance sheet.”
However, he also tempered expectations about the feasibility of mining all Bitcoin domestically, adding that:
“It would be impossible to mine all Bitcoin in the United States. There’s a wide diversification of miners spread across the world, going where energy is cheapest.”
