Crypto Titans Revel In Trump's Backing Of The Industry: 'Describe To Me Your Deepest Dreams'

Titans of the crypto industry are reveling in the backing received by the Trump administration, with a longtime investor saying that the current scenario goes beyond his "deepest dreams."

Speaking to CNN, David Bailey described his mindset while pitching the benefits of embracing the industry to Trump in early 2024. And even though he expected much of his backing to end after the presidential campaign, he was surprised to see him follow through on his rhetoric.

"If a year ago you put me into hypnosis and said, 'Describe to me your deepest dreams of what could happen,' this would be straight-up fantasy," said Bailey, the owner of the Bitcoin conference where the president detailed his plans to get the government involved in crypto.

Ever since, the president signed an executive order directing the Federal Reserve to hold bitcoin and other large tokens like Ether. In fact, a recent report by Decrypt details that the administration is seeking to accumulate as much bitcoin as possible while prices are still away from their all-time high.

Bo Hines, who leads the U.S. president's crypto council, told crypto leaders during a closed-door roundtable in mid March that the Trump White House is committed to the play, the outlet reported. The meeting was attended by some of the industry's most prominent figures, including Strategy's Michael Saylor, Anchorage Digital CEO Nathan McCauley, Marathon Digital CEO Fred Thiel, and Bitcoin Magazine CEO David Bailey himself.

Based on civil and criminal features, the United States currently holds nearly 200,000 Bitcoins. It is unclear if the Treasury is planning to discuss potential budget-neutral strategies with crypto leaders and experts.

On the other hand, a new report from the Center for Political Accountability (CPA) warns of "profound risks" as Trump's crypto reserve plan accelerates deregulation and deepens industry ties to his administration. The CPA report warns that Trump's pro-crypto policies could lead to regulatory gaps, exposing investors and the broader financial system to potential instability.