Famed investor and Bitcoin advocate Anthony Pompliano has recently offered three pieces of advice to President-elect Donald Trump in order to help him become the “first Bitcoin president.” In a video posted on January 14, Pompliano, who is the CEO of Professional Capital Management, outlined three actions that Trump could take to push Bitcoin prices “much, much higher.”
The first recommendation that Pompliano made was to repeal Staff Accounting Bulletin No. 121 (SAB 121), which currently prevents banks from holding digital assets on their balance sheets without classifying them as liabilities. According to Pompliano, eliminating SAB 121 would allow banks to hold Bitcoin on behalf of their customers, potentially leading to a significant increase in demand for the digital currency.
Pompliano’s second suggestion to Trump was to fulfill a prior promise to establish a national Bitcoin reserve. He highlighted that the U.S. government already holds approximately 200,000 BTC on its balance sheet and creating a reserve would involve adding to that position rather than selling it. Pompliano emphasized that having more Bitcoin in reserve would be beneficial for the U.S. economy in the long run, as it could potentially benefit individuals, corporations, and the country as a whole.
Lastly, Pompliano urged Trump to introduce tax reform to change the way Bitcoin is treated under the current tax code. Currently, Bitcoin is classified as property, which means that any purchase of goods or services using the digital currency triggers a capital gains tax. Pompliano believes that implementing these three recommendations could lead to a dramatic acceleration in Bitcoin adoption and position the United States as a leader in the global digital economy.
Overall, Pompliano’s advice to Trump reflects his belief in the potential of Bitcoin to positively impact the U.S. economy in the long term. By taking these actions, Trump could potentially solidify his legacy as the “first Bitcoin president” and contribute to the growth and adoption of cryptocurrency in the country.