Bitcoin and crypto prices, after swinging wildly along with stocks, are braced for an epic showdown between U.S. president Donald Trump and Federal Reserve chair Jerome Powell.
Front-run Donald Trump, the White House and Wall Street by subscribing now to Forbes’ CryptoAsset & Blockchain Advisor where you can “uncover blockchain blockbusters poised for 1,000% plus gains!”
The bitcoin price has held up better than the tech-heavy Nasdaq as tariff turmoil rocks crypto and equity markets, with billionaire Ray Dalio warning of “monetary order breakdown” that could spell something worse than 2008.
Now, as Treasury secretary Scott Bessent issues a surprising bitcoin price prediction, the chief executive of the world’s largest crypto exchange has said Binance is advising countries on following the U.S. in adopting bitcoin as a strategy reserve asset.
Sign up now for the free CryptoCodex—A daily five-minute newsletter for traders, investors and the crypto-curious that will get you up to date and keep you ahead of the bitcoin and crypto market bull run
U.S. president Donald Trump has kick started a race for countries around the world to begin adopting … More
“We have actually received quite a number of approaches by a few governments and sovereign wealth funds on the establishment of their own crypto reserves,” Richard Teng, who took over the top job at Binance after founder Changpeng “CZ” Zhao was ousted when he and the company plead guilty to failing to prevent money laundering in 2023, told the Financial Times without naming the countries.
Binance has also “been approached by quite a lot” of countries to “[help] them with formulating their regulatory framework to govern crypto,” Teng added.
Trump has made passing long-awaited crypto legislation a priority for his second administration, as well as signing an executive order that calls for the creation of a bitcoin strategic reserve and crypto stockpile.
“Compared to many other jurisdictions, [the U.S. is] way ahead on that front,” Teng said, adding it’s spurred countries into action.
In March, Standard Chartered Bank’s head of crypto research Geoff Kendrick predicted the bitcoin price could surge to $500,000 per bitcoin within three years due to the creation of a U.S. bitcoin and crypto reserve.
Earlier this month, Pakistan and Kyrgyzstan revealed CZ, who still holds a majority stake in Binance, had begun advising them on developing crypto regulations and adoption of bitcoin and crypto.
“It makes sense that countries would reach out to industry players to ensure they have informed views on policy,” Anthony Pompliano, the chief executive of Professional Capital Management, said in an emailed note.
“This is the game theory that bitcoiners have been talking about for decades. Once one large nation starts to acquire bitcoin, all countries are incentivized to compete to acquire bitcoin … it is not possible to ignore the United States of America—the greatest economy ever constructed in human history. If America says bitcoin is strategically important, then other countries will start seeing the asset that way as well.”
This month, Bo Hines, executive director of the presidential council of advisers for digital assets, said the U.S. is exploring many ways to increase its bitcoin reserve without using additional taxpayer dollars, including through tariff revenue and revaluing the government’s gold certificates.
Sign up now for CryptoCodex—A free, daily newsletter for the crypto-curious
The bitcoin price has dropped back from its all-time high of almost $110,000 per bitcoin but remains … More
“We’re looking at many creative ways, whether it be from tariffs, there’s literally countless ways in which you can do this,” Hines said in an interview with Pompliano.
“Bitcoin is experiencing unprecedented recognition at the highest levels of government, but it’s not happening in a silo,” David Bailey, the chief executive of Bitcoin Magazine publisher BTC Inc, which also organizes the bitcoin conference at which Trump first proposed the creation of a U.S. bitcoin strategic reserve, said in a statement teasing the upcoming Las Vegas Bitcoin 2025 conference.
“President Trump’s establishment of a strategic bitcoin reserve is one of many steps he’s taken to promote American innovation,” Bailey said.
In January, BlackRock chief executive Larry Fink revealed he’s had discussions with sovereign wealth funds about buying bitcoin and predicted such conversations could catapult the bitcoin price to $700,000 per bitcoin.
Last year, BlackRock’s head of bitcoin and crypto said sovereign wealth funds are showing interest in bitcoin alongside wild speculation that Qatar’s sovereign wealth fund was exploring buying bitcoin.
