Trump Posts Praise for Bitcoin 'Explanation' Testimony, Suggesting the U.S. May Strengthen Cryptocurrency Strategic Reserves?
President Trump shared a significant Bitcoin video on the Truth Social platform on July 21, sparking widespread speculation about his cryptocurrency policy.
This video features testimony by Coin Center Research Director Peter Van Valkenburgh during a Senate hearing in 2018, which Trump hailed as "the greatest Bitcoin explanation of all time."
In the video, Valkenburgh defines Bitcoin as "the world's first public digital payment infrastructure," emphasizing its importance as a breakthrough in computer science and its impact on human freedom comparable to the birth of the internet.
This statement comes just after a critical timeline established by Executive Order 14178, signed by Trump earlier this year. The executive order requires the Digital Assets Working Group to submit cryptocurrency legislative proposals within 180 days, with the final report set to be released on July 22.
Additionally, according to circulating news on the X platform, the upcoming document will disclose the federal government's Bitcoin holdings and include them in the strategic reserves mandated by the Executive Order from March 7. The document is also expected to propose a "budget-neutral" plan to expand reserves without imposing additional tax burdens on taxpayers.
Moreover, the Trump administration has been active in the cryptocurrency space recently. Not only did it sign the first federal regulation on stablecoins, the "GENIUS Act," but the House is also advancing the "CLARITY Act" and the "Anti-CBDC Surveillance State Act," initiatives aimed at collectively shaping a new framework for U.S. cryptocurrency regulation.
In summary, Trump’s high-profile endorsement of classic Bitcoin discourse just before the release of key policy reports is no coincidence. It is both a continuation of his March policy to "prohibit the sale of strategic reserves" and suggests that the U.S. may incorporate Bitcoin into the top-level design of the national digital financial infrastructure.
Meanwhile, with the implementation of the "GENIUS Act" and the expansion of CFTC authority, a blueprint for U.S. cryptocurrency dominance consisting of a "Bitcoin reserve + stablecoin system" is gradually becoming clear.
However, whether the U.S. government will hold Bitcoin long-term or merely use it as a transitional tool will also impact the global digital currency competitive landscape.