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Bloods & Crypto Bros

The crypto faithful believe the new consensus in Washington—a $Trump-empowered, zero-regulation, free-for-all—will make all their dreams come true, starting with a plan to create a Bitcoin Fort Knox.

Michael Saylor
Michael Saylor's basically of the view that Trump’s road to Damascus conversion on the merits of Bitcoin is one of the seminal events of our time. Photo: Chris Kleponis/CNP/Bloomberg/Getty Images
William D. Cohan
March 9, 2025

Even among the crypto industry’s biggest cheerleaders, there are questions about Donald Trump’s announcement last Thursday that the United States is creating a Strategic Bitcoin Reserve. Is this akin to the strategic gold reserve we have had for generations at Fort Knox, or the Strategic Petroleum Reserve, an emergency supply of crude oil? Is it just another of Trump’s many self-serving business stunts, akin to the launch of his $TRUMP memecoin, from which he’s already made more than $300 million; or his SPAC, Trump Media & Technology Group, his stake in which is worth a ridiculous $2.6 billion? Or is there some real substance behind what Trump and David Sacks—the investor, All In podcaster, alt-right intellectual celebrity, and his newly anointed “crypto czar”—have created with their so-called Digital Asset Stockpile?