Anthony Pompliano, the famous investor and Bitcoin advocate, gave President-elect Donald Trump three pieces of advice to help him become the “first Bitcoin president.”

Famed investor and Bitcoin advocate Anthony Pompliano has three pieces of advice for President-elect Donald Trump to help him become the “first Bitcoin president.”

1. Cancellation of SAB 121

In a video posted on January 14, Pompliano, CEO of Professional Capital Management, outlined three actions Trump could take to push Bitcoin (BTC) prices “much higher.”

Its first recommendation was to repeal Staff Accounting Bulletin 121 (SAB 121), which prohibits banks from holding digital assets on their balance sheets without classifying them as liabilities. According to Pompliano, repealing SAB 121 would free banks from holding Bitcoin on behalf of their clients, which could significantly increase demand for the digital currency.

2. Establish a strategic reserve

Pompliano's second suggestion was for Trump to fulfill his previous promise to create a national bitcoin reserve. He noted that the US government already owns nearly 200,000 Bitcoins on its balance sheet. Creating a reserve may involve adding to this position rather than selling it,

“It's good for the US economy in the long run for the US to get more bitcoin,” Pompliano said. “If Bitcoin is good for individuals or businesses, it will be good for the country as well.”

3. Change the tax code

Finally, Pompliano urged Trump to introduce tax reform to change the way Bitcoin is treated under current tax law. Nowadays, Bitcoin is classified as property, meaning that any purchase of goods or services using the digital currency triggers capital gains tax.

“If we do these three things, we will see a significant acceleration in Bitcoin adoption,” Pompliano said, adding that these steps could position the United States as a leader in the global digital economy.