Yigit Taha OZTURK 
Donald Trump’s return to the Oval Office after the 2024 elections has opened a new chapter for the cryptocurrency world. Bitcoin, memecoins, and the future of the US crypto sector became focal points at the World Economic Forum in Davos, Switzerland.
Amid the memecoin frenzy surrounding the Official Trump (TRUMP) token, industry leaders presented an optimistic outlook for the establishment of a Bitcoin strategic reserve during the forum’s sole cryptocurrency-themed session.
Coinbase CEO Brian Armstrong reaffirmed that the idea of creating a Bitcoin reserve remains alive and well, adding:
“Senator Cynthia Lummis is actively pushing for this. The US government holds reserves in assets like gold and oil. However, Bitcoin should now be seen as the new gold standard.”
Central Banks Criticize Bitcoin as a Reserve Asset
The session included one non-crypto panelist, South African Reserve Bank Governor Lesetja Kganyago, who dismissed the idea of holding Bitcoin as a reserve. Kganyago emphasized South Africa’s focus on CBDCs (Central Bank Digital Currencies) and blockchain utility over Bitcoin’s value.
He stated:
“Why Bitcoin? If we consider it as a reserve, why not platinum, coal, or even strategic reserves of beef or apples?”
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In response, Armstrong highlighted Bitcoin’s superiority over gold:
“Bitcoin is provably scarce like gold but far more portable and divisible. It was the best-performing asset of the past decade. Central banks could start by holding 1% of their reserves in Bitcoin, but over time, this could surpass gold reserves.”
The Trump Effect and New Optimism for US Crypto
SkyBridge Capital founder Anthony Scaramucci noted that Trump’s presidency brought renewed optimism to the crypto industry. Reflecting on Trump’s speech at a Bitcoin conference, Scaramucci stated:
“It was clear that if Trump won, the crypto industry would see significant changes. Meanwhile, the Democratic Party failed to adopt a clear position, which contributed to their losses in the presidency, the House, and the Senate.”
Stellar Foundation director Denelle Dixon acknowledged the challenges posed by US regulations, which have driven the crypto industry to look abroad:
“Despite the regulatory environment, the demand for the US dollar made it impossible to ignore the American market.”
Armstrong concluded by emphasizing the impact of Trump’s presidency:
“The ‘Trump effect’ cannot be denied. His administration has brought fresh optimism and opportunities for the crypto industry to thrive in the United States.”
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