Macro guru Luke Gromen thinks it would serve America’s best interest if President-elect Donald Trump delays signing an executive order to establish a Bitcoin (BTC) reserve.
In a new interview with venture capitalist Preston Pysh, Gromen says it wouldn’t make sense for Trump to announce plans to accumulate Bitcoin right after being sworn into office.
[adinserter block="1"]According to Gromen, investors would likely jump in to front-run the US government, sending Bitcoin higher before it has a chance to establish a position.
Instead, the macro guru says it would be better for Trump to accumulate BTC behind the scenes while expressing his optimism for the largest crypto asset by market cap. Gromen also says that Trump should announce the reserve after the US builds its position as the tactic would inspire Bitcoin rallies and immediately enrich the government’s coffers.
“From an optics and narrative perspective, it makes more sense to not announce it on day one, continue to talk positively about it, buy it in the background and manage the chart as you talk positively about it.
And then after the fact say, ‘Hey, by the way, I have established the Bitcoin reserve,’ because then the market’s going to run away from you versus doing it on day one.”
Donald Trump, once a vocal critic of the asset class, has pivoted and is now seen as a pro-crypto president. While speaking at the Bitcoin2024 Conference, Trump said that he would keep the government from unloading its seized BTC on the open market and instruct officials to hold the trove as an investment.
He also said he could use crypto to pay off the country’s rapidly growing national debt but didn’t elaborate on how. His words have sparked rumblings that his administration may establish a Bitcoin reserve.
At time of writing, Bitcoin is trading for $99,147.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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